Surprise, AZ’s Leading Chapter 7 Bankruptcy Attorney
Financial hardship can fall on anyone, rich or poor, for a number of reasons. Partnering with a chapter 7 lawyer can be a great way to reverse the inertia of a financial pinch and position yourself for success in the future. We leverage our experience and knowledge of the law to bring the results you need to do just that.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is the kind of bankruptcy most people are familiar with. It involves keeping a certain amount of protected property, losing unprotected property, and wiping away nearly all of your debt.
Despite the stigma of filing for bankruptcy being what it is — that is, that it is a bad thing that makes the individual filing for it a bad person for not paying their debts — the truth is that the government understands that people sometimes simply need a fresh start and to get out from under horrific amounts of debt. So it created this program intending to help people be able to do this and create a more prosperous society overall.
Although this “fresh start” in your financial life generally has some required income qualifications you must meet in order be able to file for this kind of bankruptcy, with proper planning and an accurate understanding of your finances, you will be able to meet those qualifications like most people going through financial distress.
Each chapter 7 lawsuit and case brings with it many complex and interconnected concepts that can have significant consequences if not properly understood or planned. Considering the array of realities that may be the case for their situation is absolutely imperative. Consulting an attorney with a thorough understanding of Chapter 7 bankruptcy law is a great way to mitigate these risks and move in the right direction with a filing.
Navigating Chapter 7 Bankruptcy
Chapter 7 bankruptcy is an extremely complicated and demanding process.
Typically, chapter 7 cases start when the debtor files a petition with the bankruptcy court in their area, whether it is an individual or a business. What is important is that the location is the principal place of business or assets.
In addition, you must file disclosure of assets and liabilities, current income and expenditures, a statement of financial affairs, and executory contracts and unexpired leases. Debtors must also include a copy of the tax return or transcripts from your most recent tax year, as well as tax returns filed during the case.
If the debt is mostly consumer debt, additional documents must be filed, including a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling. Other things like evidence of payment from employers received 60 days before filing, a statement of monthly net income and any anticipated increase in income or expenses after filing, and a record of any interest from federal or state-qualified education or tuition accounts must also be submitted.
We Can Help
Failure to submit any of this information on time or in the correct way may jeopardize your case, in totality or in the time in which it will be processed.
There are many fees you will have to pay when filing for chapter 7 bankruptcy. You will additionally have to work with a case trustee. We have vast experience with all of these matters and ensure they are handled with the utmost care and efficiency for your case.
As well, there are many exemptions under chapter 7 bankruptcy law that you may be able to take advantage of and use to turn your situation around with. Partnering with a chapter 7 bankruptcy lawyer is absolutely critical to do when looking to make these determinations.