Filing for bankruptcy is usually a regrettable situation, but in many cases, there’s no other option. However, simply deciding to file for bankruptcy isn’t all that is entailed in the process. What you will need to do first is speak with bankruptcy Attorneys in Chandler AZ in order to determine which type of bankruptcy is going to be right for you. There are many different nuances between the bankruptcy options, known as Chapter 7 and Chapter 13, and it’s important to work with someone who understands what the differences are between these two options for individuals.
One of the things that you’ll notice when you speak with an attorney is that your financial situation may dictate a certain type of bankruptcy filing. For example, if you have no verifiable assets, and you have very little to no disposable income, the best type of filing for you is going to be chapter 7. If you make too much money, or you have too many assets, you typically won’t be allowed to file for Chapter 7. In chapter 7, especially if you meet certain financial requirements, you can have your debt wiped out completely without having to pay back any money.
If you do have verifiable assets, and you do make it certain amount of money, you will have to file for Chapter 13. Chapter 13 can discharge many debts, but it will typically be based on a repayment program or restructuring of debts. This may allow you to get caught up on certain debts, such as a credit card bill or mortgage payment. While it may reduce the amount of money you have to repay, you will have to pay back some of the debt. In some cases, if you have verifiable assets, you may be required to sell some of those in order to repay your creditors.
With all the complications that go into filing for Chapter 13 or Chapter 7, it’s important that bankruptcy Attorneys in Chandler AZ are consulted with. They can help you understand the different nuances of the different bankruptcy filings and they can help you determine which one is going to be in your best interest. If you want more information on the type of services that these bankruptcy attorneys provide you can simply Click Here.