Chapter 7 Bankruptcy

Phoenix Bankruptcy Lawyers

Chapter 7 Bankruptcy is a type of bankruptcy that allows people to have their debts discharged.  It is also the most common type of bankruptcy that people file for in the United States.  Unlike Chapter 13, Chapter 7 involves the process of liquidation.  If people own property like a house, vacation home or car, their assets may be liquidated.  This means that the assets are sold for profit.  The profit is then turned over to the creditors that the people are indebted to.

Chapter 7 Bankruptcy is usually ideal for people who wish to get out of debt in a short amount of time and who do not have the financial means to settle debts with creditors.  Before any person can file for Chapter 7, they must meet eligibility requirements.  Some requirements include not having sufficient income to file for Chapter 13 and having no prior bankruptcy filings within the past 8 years.

Additionally, before a person files for Chapter 7, he/she must complete credit counseling.  Credit counseling is conducted by a person or agency that has been approved of by the U.S. Trustee.  During credit counseling, people will review their assets, debt and income with an experienced professional.  Once counseling has been completed, the person will receive a certificate of completion and he/she may proceed with his/her bankruptcy filing.

Retaining a Chapter 7 Bankruptcy Attorney

When people are ready to file for Chapter 7 Bankruptcy, it is always advised that they retain the services of a knowledgeable bankruptcy lawyer.  The bankruptcy process should only take 4 – 6 months to complete, but when people forgo legal representation, the process can take much longer.  Due to the fact that most people are hoping to get out of debt in the shortest amount of time, it is in their best interests to work with a bankruptcy attorney who has a great understanding of bankruptcy law and who can expedite the bankruptcy process.  

Phoenix Chapter 7 Bankruptcy Law Firm

If you are considering filing for Chapter 7 Bankruptcy, contact our independent Phoenix bankruptcy lawyers today!

The Phoenix Bankruptcy Law Firm assists individuals who are looking to file for bankruptcy in Phoenix and surrounding areas in Arizona such as Tuscon, Mesa, Glendale, Tempe and Prescott.