If you have been up to your neck in debt and are looking for a way out, then you may be interested in filing for bankruptcy. If this sounds like you, then you may want to consult with a Phoenix Arizona Chapter 13 Bankruptcy Attorney who has the experience and knowledge of the law needed to help you through this difficult process.
You will need to complete credit counseling and meet certain income requirements before you can file for bankruptcy. You also must show that you can afford to pay your creditors a portion of what they owe. This is known as the means test.
Your debts, assets and expenses will all be evaluated by your bankruptcy attorney to determine the best repayment plan for you. This plan will determine how much you can pay to your creditors each month, and whether you can keep your property.
It is important to choose a lawyer who will work hard to protect your interests and get the best results possible. A good lawyer will make sure you understand all of the laws and requirements involved in bankruptcy and ensure that your plan is filed on time.
Chapter 13 is a reorganization bankruptcy that allows you to keep your assets and repay your creditors over three to five years. It can also eliminate certain liens and reduce your principal balance on secured debts, such as a mortgage or home equity line of credit (HELOC).
A Chapter 13 lawyer will create a plan that meets the requirements of the court and works for you. This plan may include a payment schedule that will allow you to catch up on missed payments and avoid the threat of foreclosure or repossession.
The bankruptcy attorneys at Ascend Bankruptcy Help in Phoenix are experienced and knowledgeable. They will take the time to listen to your needs and provide you with information and advice. They will also explain the legal processes and help you understand how the bankruptcy process will affect your life.
They are committed to helping you regain control of your finances and live a life free from debt. They have a proven track record of helping their clients find the best solution for their financial situation.
We know that dealing with financial stress is a major concern for most people, and we are here to help you through this difficult process. Call our office today for a free consultation and see if you qualify for Chapter 13 bankruptcy.
You can learn more about this type of bankruptcy by reading the Bankruptcy Code, talking to an experienced Phoenix Arizona bankruptcy attorney, or visiting our website. We have a full library of articles that can help you decide if this is the right option for you.
How Much Can I Save in a Chapter 13 Case?
A Chapter 13 case is a long-term debt relief process that can be successful for many debtors. However, it is not for everyone. You must have enough disposable income to repay your creditors and make monthly payments on your new plan. You must also have sufficient assets to cover the costs of filing and administering your new plan.