Phoenix Chapter 7 Bankruptcy Attorney
Arizona Lawyer guiding clients through Bankruptcy Process
You have made the decision to file personal Bankruptcy, but now must decide whether to file Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. Which one is right for you? If you have significant debts with little income, and want a completely fresh start, Chapter 7 may be the best option.
Phoenix Chapter 7 Bankruptcy lawyer Charles M. Sabo has more than 30 years of experience in Bankruptcy and has helped thousands of people get debt relief. Contact our law firm to schedule a free initial consultation.
What Is a Chapter 7 Bankruptcy?
A Chapter 7 Bankruptcy is also referred to as debt liquidation, because some assets are sold, or liquidated, to pay off creditors and discharge unsecured debts. Persons filing Chapter 7 Bankruptcy can start new without credit debt, medical bills and other unsecured debt that has troubled them for so long.
In addition to relieving debtors of their mounting debt, Chapter 7 Bankruptcy can:
Do You Qualify for Chapter 7 Bankruptcy?
The federal Bankruptcy laws changed in 2005, making it more difficult for people to qualify for Chapter 7 relief. Prior to filing, a means test analysis will be done that compares your income and expenses with the median household in Arizona. Falling below the median typically qualifies you for Chapter 7 Bankruptcy. However, even if you are above the median, you may still qualify for Chapter 7 relief depending on your financial circumstances.
At The Law Offices of Charles M. Sabo, P.C., we look at your financial situation as a whole, taking into consideration all of your expenses, your income and your ability to make payments in the future. We will help you determine if you qualify for Chapter 7 and whether that is best debt relief option for you.
Will You Lose Your Assets?
The Bankruptcy Trustee may sell some of your assets to pay off creditors, but that does mean you will lose everything. Federal and state Bankruptcy exemptions allow you to keep much of your personal property, including jewelry, furniture, retirement accounts, and your home and car, if you can afford to make payments.
Contact a Skilled Bankruptcy Attorney for More Information
If you want to learn more about filing Chapter 7 Bankruptcy, the Arizona Bankruptcy process, or another debt relief issue, Phoenix Chapter 7 Bankruptcy lawyers Charles Sabo or Jessica Sabo can help. We will personally guide you on your path toward financial freedom.
From wherever you are in the Valley, call our office manager Susan at 480-820-5931 (Tempe) or 623-842-0180 (Glendale) or send us an e-mail to arrange your free initial consultation with an experienced Phoenix Chapter 7 Bankruptcy lawyer.