Chapter 7

Scottsdale Chapter 7 Bankruptcy Lawyer

Scottsdale Chapter 7 Bankruptcy Lawyer

Chapter 7 Scottsdale Bankruptcy attorney

Our bankruptcy attorneys serving Scottsdale and Phoenix can assist you when filing chapter 7 bankruptcy is necessary. Chapter 7 bankruptcy results in a liquidation of assets and clearing of debts. This type of bankruptcy requires that certain financial qualifications be met and may not be for everyone. The main factor that is looked at is how much disposable income will be generated by an individual, or spouses, over a 5-year period.

If you or someone you know in the Scottsdale area is overwhelmed by the burden of debt, it is highly recommended that you consult a Scottsdale bankruptcy lawyer from the Scottsdale bankruptcy law firm of My AZ Lawyers, PLLC. Our affordable bankruptcy law firm can help you figure out what your best option is based on your particular circumstances and current financial situation. As previously mentioned, you must meet certain financial criteria to qualify for Chapter 7 bankruptcy protection. If you don’t qualify for chapter 7 bankruptcy, there are other debt relief options.

scottsdale chapter 7 bankruptcy attorney faqS

FAQs Chapter 7 Scottsdale Bankruptcy Lawyers

ANSWER:

A Chapter 7 Bankruptcy is a liquidation of your unsecured debts. Debts that are dischargeable in a Chapter 7 Bankruptcy are credit cards, medical bills, registration loans, personal loans, and some back taxes. You will be required to submit a petition with all of your financial information, take credit counseling courses, and attend a 341 Meeting of Creditors.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

Chapter 7 Bankruptcy will remain on your credit for 10 years. While it will be two years until you are eligible for FHA home loans, you can still rent and open new lines of credit until the bankruptcy is off your credit.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

A Chapter 13 Bankruptcy is a 3-5 year reorganization and repayment plan, while you aren’t required to repay your debts in a Chapter 7 Bankruptcy. A Chapter 7 Bankruptcy’s lifespan is months, not 3-5 years. A Chapter 7 will remain on your credit for 10 years, and a Chapter 13 for 7 years. The filing fee for a Chapter 7 Bankruptcy is $335, and the filing fee for a Chapter 13 Bankruptcy is $310.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

There are two ways to qualify for a Chapter 7 Bankruptcy: by making less than the median income level for your family size in your state, or by showing you have no disposable monthly income through the Means Test. Only spouses and minor children will be included in your family size- not live-in partners or adult children.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

Some disadvantages of filing a Chapter 7 Bankruptcy are that it will remain on your credit for 7 years, and you won’t be able to get a home loan for 2 years. If you have a decent credit score before filing bankruptcy, it will likely decrease immediately after you file. Bankruptcies are public record, so while your friends and family will probably only find out if you tell them, it isn’t a guarantee.

Filing a Chapter 7 Bankruptcy will immediately halt any wage garnishments, repossessions, and foreclosures you are facing. You won’t be required to repay any of your dischargeable debts. Your credit score may improve upon filing if you have a poor credit score to begin with, and will likely raise drastically in the year after you file. Chapter 7 Bankruptcy only requires you to go to court once for a fairly short and simple hearing.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

The Automatic Stay goes into effect once your bankruptcy is filed. It protects you against different forms of debt collection, including wage garnishment, repossession, and foreclosure. The stay remains in effect until your case is discharged or dismissed. At that time, collection on non-dischargeable debts will resume, but collection on dischargeable debts will be halted permanently.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

The Means Test will take your and your spouse’s (if applicable) income, subtract paycheck deductions, and also subtract reasonable monthly expenses set forth by the court. Even if your income is above your state’s median level, you can file a Chapter 7 bankruptcy if the number you reach from the Means Test is low enough. You should consult an attorney to make sure you conduct your Means Test correctly.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

Some debts aren’t dischargeable in a bankruptcy. These include student loans, title loans, domestic obligations such as spousal and child support, and back taxes. Some older IRS debts can be discharged if they meet certain requirements. If you have IRS debts you’d like to discharge in a bankruptcy, you should discuss these requirements with an attorney.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

Your 341 Meeting of Creditors will be approximately 30-45 days after you file. Your creditors will have 60 days to object to your debts being discharged after the 341 Meeting of Creditors. Once those 60 days are up, your case is eligible for discharge. From the moment you file to your discharge is approximately 3-4 months.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

The homestead exemption in Arizona is $150,000. You should consult with an attorney if you have over $150,000 equity in your home but otherwise qualify for a Chapter 7. You can also retain any active rental lease.  Contact a Scottsdale Bankruptcy Attorney for further assistance.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

ANSWER:

Whether you own your car outright or you are making payments, there are limits on how much equity you can have in your car. In Arizona as a single filer, you can own a car outright worth up to $6,000, or have $6,000 equity in a vehicle. Married filers may have two vehicles worth $6,000 each or one vehicle worth $12,000. There are special higher exemptions for filers with disabilities that need wheelchair-accessible vehicles.  Following these parameters, you can keep your car in a Chapter 7 bankruptcy.

CONTACT AN EXPERIENCED CHAPTER 7 SCOTTSDALE BANKRUPTCY ATTORNEY

(480) 448-9800 FREE CONSULTATION

PAYMENT OPTIONS AVAILABLE

(480) 448-9800

Some Other Debt Relief Options Include:

  • ✔ Chapter 13 Bankruptcy ✔
  • Debt Settlement ✔
  • Consolidation of Debt ✔ 
  • Bankruptcy Alternatives

With the poor Arizona economy coupled with the rock bottom housing market, bankruptcy filing rates are near or at all-time highs. The most common type of bankruptcy filed by residents in Scottsdale and throughout Arizona is Chapter 7 bankruptcy. Chapter 7 Bankruptcy is primarily an option for people with lower incomes who find themselves struggling with insurmountable debt.

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