If you are struggling financially and are considering bankruptcy, hiring a bankruptcy attorney is a good idea. This person can help you navigate the legal process and make sure that your case is filed correctly.
Bankruptcy can be a life-changing decision, and you need to make sure that you are dealing with a reputable attorney. The #1 Chapter 7 Bankruptcy Attorney in Phoenix will have years of experience and will be able to provide you with the guidance you need.
The best bankruptcy lawyer will understand your circumstances and know when filing is the right move. They will also be able to offer advice on what other options you might have for getting out of debt without bankruptcy.
Your Credit Score Will Be Impacted
Filing bankruptcy will cause some negative changes to your credit, which can make it more difficult for you to get new credit. Your credit score will be affected for up to ten years, and it is important to be aware of this before you file.
A Chapter 7 Bankruptcy Will Discharge Most of Your Debts
The most common type of bankruptcy is Chapter 7, and this is a great option for many people who are struggling to pay their bills. This type of bankruptcy allows you to eliminate most of your debts, including credit card balances, medical bills, and other unsecured obligations.
It will stop creditors from calling you or garnishing your wages. It will also prevent foreclosure actions on your home and repossessions of your car.
During the bankruptcy process, your assets will be frozen and protected by an “automatic stay.” This means that your creditors cannot pursue collections or other collection activities against you while your case is pending.
In addition, your debts will be discharged at the end of your case. This is a big relief for you and your family, as it will relieve you from the stress of debt and let you focus on your financial future.
A Good Phoenix Bankruptcy Lawyer Will Have You in the Best Position to Win Your Case
The first step in filing for bankruptcy is to gather all of your information and prepare a petition. This will include details about your income, expenses, property, and debts. You can then submit this information to the court and pay a fee for filing.
Once your paperwork is in the court, you will need to attend a creditor meeting with a bankruptcy trustee. This is an important part of the process, as it will allow the trustee to examine your financial situation and determine whether your assets are exempt.
Your Phoenix bankruptcy attorney will be able to explain this process in detail, so make sure that you understand what will happen and what you can expect. They will also be able to offer tips on how to protect your assets while you are in the process.
Once your case is filed, it will take about four months for the bankruptcy to be processed. While your attorney is waiting for this to happen, he or she will be working with your creditors on your behalf to get everything completed. They will help you negotiate with your creditors, if necessary, to lower your overall payments. They will also help you to get a discharge, which means that most of your debts are gone and you have a fresh start in life.