Bankruptcy Attorney in Phoenix, Arizona

Filing for bankruptcy is a large undertaking that necessitates strict adherence. To resolve your debt problems, you must put in a lot of effort. If you are having problems with your personal debt and have exhausted all other alternatives, filing for bankruptcy may be a good option for you to consider. In reality, each year, over 750,000 people file for bankruptcy in order to settle financial problems. Undoubtedly, there are lots of benefits that you can get from filing bankruptcy. If you want to learn more and discover solutions for your unsecured debts, consult a knowledgeable bankruptcy attorney in Phoenix. At, Phoenix Fresh Start Bankruptcy, our legal team will enumerate the benefits of bankruptcy, advise you on which bankruptcy chapter best applies to your situation, and help you every step of the way when you file your petition. 

What are the Benefits of Bankruptcy?

Struggling with debt may be extremely frustrating, not just for the creditor but also for you as the debtor. Filing a bankruptcy petition might assist you in resolving your debts. It gives you a fresh start in restoring your credit in a more financially sound manner. Below are the benefits of bankruptcy:

  • A petition for bankruptcy can prevent debt collectors from initiating legal action against you. Filing bankruptcy also stops collection agencies from repossessing your other items, such as automobiles and other transportable assets. You are also safeguarded from any debtor harassment.
  • Bankruptcy filings can prevent you from wage garnishment, foreclosure, eviction, unwanted power outages from the creditors. 
  • You can dispense your personal obligation to repay your dischargeable debts.
  • Your credit score will be optimized and improved. After bankruptcy is processed,  your median income will increase which will help you in rebuilding credit. 
  • People who have filed for bankruptcy protection have effectively wiped-out the constraints and quandaries that have risen as a result of dealing with debt. If you are debt-free, you will be able to perform better in your career.
  • If you do not have credit cards, you may enjoy your life by avoiding financial troubles in the future.
  • After you’ve filed bankruptcy, you’ll have access to a debtor education course, which will give you a plethora of comprehensive tools to help you manage your debt and your life better in the future.
  • In declaring bankruptcy, you can retain your jurisdiction on your assets and manage your payment plan more efficiently. 

What Factors Should You Consider in Bankruptcy Filing?

Filing of a bankruptcy petition is a crucial one. Before you file a bankruptcy case, below are the important things that you need to consider.

  • The effect on your future credit transactions, lender, or lower interest rates.
  • The effect on your credit report
  • Whether your assets could be wiped out (if you filed Chapter 7)
  • The distinction in the expense and time of each bankruptcy form
  • Whether you are qualified for each bankruptcy options
  • Whether you are able to keep the specific worth of assets from home foreclosures.

It is also worth noting that some effects on other bankruptcies shall be considered as well. Some bankruptcies may:

  • Not discharge credit card debt
  • Affect your other assets and liabilities or pension plan
  • Create conflicts financially for co-signers
  • Not stop foreclosure
  • Be similar to intrusion on your personal-property or privacy with the bankruptcy trustee and bankruptcy court

Any of these factors might have a significant influence on your desire for debt-relief. They are all remarkable, and none of them will worsen your debt problems. Bankruptcy is a debt settlement solution that can help you get to where you want to be. 

Would There Be a Possibility for Bankruptcy Cases to Be Denied?

Personal bankruptcy cases can always be denied if the conditions are favorable. It is always reliant on the amount of your unsecured debt to determine whether or not your application will be authorized. Debtors frequently make the error of lying about the cost of assets and failing to disclose the actual amount of money earned throughout the year. Chances of case denial is higher once the debtor is caught lying on the necessary information being provided. Remember that the major reason for bankruptcy code is to be truthful about your financial situation and other pertinent information.

Aside from honesty, bankruptcy proceedings may also be dismissed for technical reasons. For instance, if the paperwork was not filed correctly and on time, and conditions thereon are not met, it can be declared fraudulent and be denied. For these reasons, it is absolutely necessary to be honest and be accurate on your financial and technical aspects upon filing. Consumer bankruptcy is beneficial if you will use it with due diligence.

Solving Bankruptcy Problems

Reorganizing your bankruptcy reports is the first step. To do this, you must call and negotiate with the credit bureau. This includes contacting your previous creditors for validation of the total debt. Albeit the necessary steps are undertaken, you still need to follow these steps after completing a bankruptcy case:

  • Make bigger down payments.
  • Pay bigger interest rates on credit.
  • When applying for new credit, you must provide a co-signer.

How Long Do Bankruptcy Proceedings Take?

A Chapter 7 bankruptcy case might run three to four months from the date of filing. In contrast, Chapter 13 requires you to pay off part of your obligations over time through a repayment plan that might last three to five years. At the conclusion of your bankruptcy filing, you will receive a discharge from the bankruptcy court.

How Do I Find a Bankruptcy Attorney?

It is certain that the process and requirements for filing a bankruptcy is confusing. There are lots of legal terminologies and conditions that only bankruptcy lawyers can understand. Struggling financially because of debt needs legal help. Personal bankruptcies shall be settled and accomplished with a court-order.

We can undoubtedly assist you if you are looking for competent bankruptcy attorneys. You are entitled to legal redress as well as mental serenity. Your financial problems will be resolved. You don’t need to seek any farther since Phoenix Fresh Start Bankruptcy can help you! Call our office or send us an email today to schedule a free consultation.