When visiting with our Scottsdale bankruptcy attorneys, it is important to remember that the first step is to become fully informed of the all the debt relief options available to you. The bankruptcy experts at My AZ Lawyers, PLLC have helped hundreds of Scottsdale individuals, couples, families, and businesses in Maricopa County and throughout Arizona exercise their legal options and achieve debt relief. Don’t you deserve a “Fresh Start”? Contact our Scottsdale bankruptcy law firm today.
Once you have made an informed decision to proceed with the process of filing chapter 7 or chapter 13 bankruptcy, the next step is to apply the “Means Test”to your financial situation. The means test will establish your eligibility for Chapter 7 bankruptcy or chapter 13 bankruptcy.
The next step for either chapter 7 or chapter 13 is to prepare and file a petition to the bankruptcy court. The bankruptcy petition is prepared by our experienced bankruptcy attorneys and will contain all of the required documentation.
Once your petition has been filed, the bankruptcy court will notify all of your creditors, as listed in your documentation. At this point an “Automatic Stay” will go into effect and any and all creditor harassment should cease at this point.
A trustee is appointed by the bankruptcy court to evaluate your case and supervise the meeting with the creditors. The 341 Hearing or “Meeting of Creditors” usually takes place 30-60 days after your bankruptcy petition is signed by your Scottsdale bankruptcy lawyer.
In Chapter 7 bankruptcy, any remaining debt will be discharged approximately 40 to 60 days following the meeting with the creditors. In Chapter 13 bankruptcy, your plan for repayment will be submitted to the trustee and once approved, you will have usually three to five years in which to repay the debts according to your plan.
After completing your repayment plan in your chapter 13 bankruptcy payment plan, the discharging of your debts that remain will happen at that point. Once your debts have been discharged you can begin your Life After bankruptcy.