{"id":3262,"date":"2020-02-05T00:08:05","date_gmt":"2020-02-05T00:08:05","guid":{"rendered":"https:\/\/phoenixfreshstartbankruptcy.com\/?p=3262"},"modified":"2021-01-14T08:06:41","modified_gmt":"2021-01-14T08:06:41","slug":"arizona-bankruptcy-basics","status":"publish","type":"post","link":"https:\/\/phoenixfreshstartbankruptcy.com\/arizona-bankruptcy-basics\/","title":{"rendered":"Arizona Bankruptcy Basics"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Many credit card companies promote the myth that people go bankrupt because they have no control over their spending, hence, their misuse of their credit cards, but this isn\u2019t really the case. Bankruptcy lawyers know for a fact that overspending isn\u2019t always the reason people have filed for bankruptcy with bankruptcy courts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Debtors have filed bankruptcy because of different financial problems. Many people file for bankruptcy because of circumstances that have no relation to their spending. For instance, many bankruptcy filings have stemmed from job loss, business failure, divorce, accident, or illness. Many filers have struggled to stay afloat, only declaring bankruptcy as a last resort to get out of debt.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"_Bankruptcy_Act\"><\/span><b>\u00a0<\/b><b>Bankruptcy Act<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-662c51459863b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-662c51459863b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/arizona-bankruptcy-basics\/#_Bankruptcy_Act\" title=\"\u00a0Bankruptcy Act\">\u00a0Bankruptcy Act<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/arizona-bankruptcy-basics\/#_Bankruptcy_Chapters\" title=\"\u00a0Bankruptcy Chapters\">\u00a0Bankruptcy Chapters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/arizona-bankruptcy-basics\/#Bankruptcy_Proceedings\" title=\"Bankruptcy Proceedings\">Bankruptcy Proceedings<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/arizona-bankruptcy-basics\/#Bankruptcy_Basics_in_Arizona_Contact_an_Arizona_Bankruptcy_Attorney_Today\" title=\" Bankruptcy Basics in Arizona! Contact an Arizona Bankruptcy Attorney Today!\"> Bankruptcy Basics in Arizona! Contact an Arizona Bankruptcy Attorney Today!<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><img decoding=\"async\" class=\"alignright size-medium wp-image-3264\" src=\"https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-300x182.jpg\" alt=\"Arizona Bankruptcy Basics\" width=\"300\" height=\"182\" srcset=\"https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-200x121.jpg 200w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-300x182.jpg 300w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-400x243.jpg 400w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-600x364.jpg 600w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-768x466.jpg 768w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-800x486.jpg 800w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-1024x622.jpg 1024w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-1200x728.jpg 1200w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2020\/02\/bankruptcy-frustrated-black-businessman-depressed-YW36MLK-min-1536x932.jpg 1536w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Bankruptcies involve a federal law that provides a means for people and businesses to have a fresh start by reducing, if not altogether removing debt. The bankruptcy law has the bankruptcy process starting with the filing of a bankruptcy petition and ending with a bankruptcy discharge. The bankruptcy case may not end up eliminating all debts. There are certain debts that are just not <a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/debts-that-cant-be-discharged-in-bankruptcy-part-2\/\">dischargeable<\/a>, e.g. child support.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To declare bankruptcy, filers must refer to the bankruptcy code to choose which bankruptcy chapter to file under among the different types of bankruptcy it presents. For personal bankruptcy, however, the two main options are Chapter 7 and <a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/chapter-13\/\">Chapter 13<\/a>.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"_Bankruptcy_Chapters\"><\/span><span style=\"font-weight: 400;\">\u00a0<\/span><b>Bankruptcy Chapters<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Often called a \u201cBig Eraser,\u201d Chapter 7 involves a shorter process. It focuses on liquidation of your non-exempt assets if there are any, but a debtor must take and pass a means test to qualify for it. Chapter 13, on the other hand, involves debt reorganization and is a much longer process carrying out a repayment plan. Chapter 13 bankruptcy cases include a super discharge as well as provisions for filers to be able to keep their property. Take note, however, that filers have to faithfully make payments for three to five years. The payment plan is based on what the debtors can afford to pay and not on the actual amount of their debt.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bankruptcy_Proceedings\"><\/span><b>Bankruptcy Proceedings<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">One of the benefits debtors look forward to when filing for bankruptcy is the automatic stay or automatic stop. An important element of bankruptcy protection, it stops creditors and collection agencies from pursuing their debt collection efforts. When somebody successfully files for bankruptcy court protection, a creditor may no longer attempt wage garnishment, foreclosure, tax levy, or other forms of collection.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Filing bankruptcy is an involved process. Filers have to consider many details in making their choices. For instance, a secured debt attached to a collateral property as in the case of a car loan or mortgage has to be paid continuously to avoid having the property turned over as per court order. Bankruptcy exemptions are another important consideration. States vary in their exemptions and even in their bankruptcy laws, so it\u2019s prudent to consult a local bankruptcy lawyer in Arizona regarding your bankruptcy case.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bankruptcy_Basics_in_Arizona_Contact_an_Arizona_Bankruptcy_Attorney_Today\"><\/span><b> Bankruptcy Basics in Arizona! <\/b><b>Contact an <a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/\">Arizona Bankruptcy Attorney<\/a> Today!<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you\u2019re considering bankruptcy, it\u2019s best to go to a lawyer for accurate bankruptcy information and legal advice. Once you\u2019ve consulted regarding your situation and have been guided toward the fitting debt relief solution, you can then get legal assistance with filling out bankruptcy forms and other requirements in starting the petition. The services of bankruptcy lawyers are invaluable from the time before filing to the time after bankruptcy. If you need help to wipe out your debt, give us a <a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/contact\/\">Call US<\/a> at Phoenix Fresh Start Bankruptcy Attorneys.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many credit card companies promote the myth that people go bankrupt because they have no control over their spending, hence, their misuse of their credit cards, but this isn\u2019t really the case. Bankruptcy lawyers know for a fact that overspending isn\u2019t always the reason people have filed for bankruptcy with bankruptcy courts. Debtors have filed bankruptcy because of different financial problems. Many people file for bankruptcy because of circumstances that have no relation to their spending. For instance, many bankruptcy [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/3262"}],"collection":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/comments?post=3262"}],"version-history":[{"count":0,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/3262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/media\/3265"}],"wp:attachment":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/media?parent=3262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/categories?post=3262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/tags?post=3262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}