When To Consider Filing For Bankruptcy?
If you are facing creditor harassment, repossession, foreclosure, wage garnishment or other legal action, it may be time to consider filing for bankruptcy. It is a financial relief option for people with significant debt, and a Chapter 13 Bankruptcy Attorney can help you get your finances back on track and stop any other debt-related legal action from happening. Check out https://www.phoenixfamilylawyers.net/chapter-13-bankruptcy-attorney/ to find the best bankruptcy lawyer to help you.
The Best Chapter 13 Bankruptcy Attorney in Phoenix Arizona
There are many different types of bankruptcy available, but they all have one thing in common — you must file to be eligible for a debt relief program. The two most popular are Chapter 7 and Chapter 13.
Both chapters are designed to reorganize your debt and provide you with a fresh financial start. But whereas Chapter 7 bankruptcy requires asset liquidation, Chapter 13 bankruptcy focuses on paying your debts over a period of time.
It’s a great option for people who have steady income, but want to take some time out of their lives to reorganize and pay off some or all of their debts. A Chapter 13 lawyer will examine your current income and expenses to design a repayment plan that will work for you.
Repayment plans are the most important part of a Chapter 13 bankruptcy case, as they are the main way your creditors will be paid back over a three to five-year time frame. Your lawyer will make sure your repayment plan is approved by the court, and that all of your unsecured creditors receive their full payments.
Debt evaluations are also an important part of a bankruptcy strategy. Your Tucson bankruptcy lawyer will evaluate your current debt, and look for opportunities to reduce your debt burden by paying less than your total amount.
You’ll need to provide a lot of information about your income, expenses and assets before filing for bankruptcy. Your lawyer will also help you prepare a detailed budget and draft a Chapter 13 bankruptcy plan.
Getting an experienced and qualified Phoenix bankruptcy lawyer is critical for a successful outcome in your bankruptcy case. Choosing a bad lawyer could lead to problems with your case, including failure to pay debts or even filing the wrong type of bankruptcy.
Filing for bankruptcy can affect your credit report, and it will stay on your report for seven years. However, your credit score will improve after your Chapter 13 is filed and you’ve completed your payment schedule.
A Chapter 13 bankruptcy can give you peace of mind and a fresh financial start, but it’s not an easy process to go through on your own. There are many complex steps that need to be taken, and a little carelessness or misstep can cost you your bankruptcy.
The most effective way to find the right bankruptcy lawyer is to read online reviews. A top lawyer should have a high rating from past clients and have experience handling a variety of bankruptcy cases.
If you live in the Phoenix area, you can reach out to our office today for a free consultation. We have been helping families in Arizona for over 40 years, and can provide you with the bankruptcy assistance you need to get out of debt and build your future. Visit Dodge and Vega PLC today for guidance and free consultation.