Phoenix Bankruptcy Attorneys – Bankruptcy Lawyer Phoenix
Phoenix Bankruptcy Attorneys of Ariano & Associates, PLLC
There are many reasons why a person may need to file for bankruptcy. Individuals who have experienced a job loss, divorce, or medical emergency may have accrued significant debt and lack the means to pay it down with the other financial obligations that they shoulder. Many times, high-interest credit cards are used during times of economic crisis and the required payments are more than a person or family can manage. A bankruptcy action is a valuable means of obtaining a fresh start for many people who find themselves in these circumstances. The simple act of filing the case in bankruptcy court will put a stop to the harassment of creditor calls. By working with the credit counselors, a person can obtain the skills necessary to create a stable financial foundation from which to move forward. The conclusion of the bankruptcy case can provide a fresh start. The right bankruptcy attorney can assist with every step of the process.
A person who has bills that he cannot pay and obligations that he cannot meet may have several options with a bankruptcy action to eliminate some debt and restructure other financial obligations. If the person does not have a lot of secured debt, which includes property such as a residence with a mortgage or a vehicle purchased through a car loan, then a Chapter 7 bankruptcy case may be the appropriate solution. People who have a lot of credit card debt, but not other property, often choose this option if they qualify. This provides the means to eliminate a lot of debt completely. However, it is important to realize that certain obligations, such as student debt and child support payments, are not eligible for discharge through a bankruptcy case. In addition, there are income requirements/limits that must be met to qualify to file this type of case, which is why sitting down with an experienced bankruptcy attorney is so critical before making the decision about whether to pursue a bankruptcy case and what type of case to file.
For an individual facing overwhelming debt, there is an option other than Chapter 7. When a person is facing a home foreclosure or car repossession, a Chapter 13 bankruptcy filing may provide the right path for future financial solvency. By filing a Chapter 13 legal action, a person may negotiate a repayment plan that enables him to pay-off delinquent debt while being able to meet current financial obligations. Any pending foreclosure or repossession actions will be stayed while the bankruptcy case proceeds. This provides an individual with the opportunity to achieve financial stability with manageable payments while easing the pressure of creditors demanding money that a person simply does not have at present. One of the most important things that a bankruptcy action can do is wipe the slate clean while preserving assets to the extent possible.
There are people who attempt to navigate the bankruptcy process on their own, but changes to the bankruptcy rules have made this a difficult challenge. If the action is not pursued in the right way, then a case may be dismissed, leaving a person facing the crushing debt and harassing calls that prompted the initial filing, along with a loss of the filing fees and other costs. An experienced bankruptcy attorney knows how easily a person can experience financial devastation. At Ariano & Associates, PLLC, our attorneys will offer practical solutions without making a person feel ashamed that this happened.
If you live in the Phoenix area, a skilled Phoenix bankruptcy attorney is ready to assist you with the bankruptcy filing that is right for you. Often, we can answer many of your questions over the telephone. Call us today to discuss your case or schedule an initial appointment.