Many potential clients come to my Phoenix office for a consultation and think that they want to file a Chapter 7 no matter what because they want to wipe out all of their debts as soon as possible. While this may be the best option for many individuals, it is definitely not the case for all. This article discusses some of the advantages that a Chapter 13 bankruptcy can offer.
Residents of Phoenix are still losing their homes throughout this ongoing recession/depression because they simply cannot catch up on their house payments and have significant house arrearages. In a Chapter 13, those house arrearages will be made up through the Chapter 13 bankruptcy plan. A Chapter 13 bankruptcy plan is either 36 or 60 months. So, instead of having to catch up on all of your arrearages at once in order to avoid a trustee sale on your home, you can file a Chapter 13 and be able to pay off those arrearages over the course of 36 or 60 months. Therefore, for those residents of Phoenix who want to keep their homes, there is a huge advantage to filing a Chapter 13 bankruptcy instead of a Chapter 7.
In addition, many Phoenix residents are upside down on their mortgages and have more than one mortgage on their homes. Chapter 13 bankruptcy gives you the opportunity to “strip” a second or third mortgage off of your home, convert it to an unsecured debt and discharge it at the end of the bankruptcy plan.
Further, a Chapter 13 bankruptcy can allow you to cram down loans on personal property such as vehicles if they were purchase at least 2 and ½ years prior to the bankruptcy filing. If you have debts owed to the IRS, they can only be paid through the Chapter 13 plan as well and cannot collect directly from you during the 36 or 60 month plan, which allows you some breathing room if you have tax debt problems. Also, your student loan payments will be stayed during the course of the Chapter 13 bankruptcy plan.
If you live in Phoenix or the Phoenix area, give Wright Law Offices a call at 480-845-0145 and let us discuss with you further the potential financial benefits to filing a Chapter 13 bankruptcy and whether or not you qualify.
Why should you hire our firm to represent you in bankruptcy?
Great question. Here are a few reasons:
- 1. Bankruptcy is our sole area of practice. Attorney Wright has over 10 years of experience in the field of bankruptcy and has helped over 1000 people successfully file.
- 2. Attorney Wright has an accounting background that is useful in analyzing complex financial documents. Prior to law school he obtained a degree in accounting from the University of Wisconsin School of Business. He exercised his strong numerical aptitude in the field of accounting, including several years with The Kohler Co., before ultimately deciding to pursue a law degree.
- 3. New clients meet with an attorney during their first visit. We understand your time is valuable. It is important your questions are answered quickly and accurately so you can take appropriate steps to secure a better financial future and eliminate fear and stress.
4. In business, referrals are the highest form of professional compliment. We frequently receive referrals from other lawyers and previous clients.
- 5. Our firm is small which enables us to focus on quality over quantity. We don’t have billboards on the I-10 or banners affixed to public transportation. Our approach is a bit more understated. We care about people and doing things right and it shows in our low employee turnover and positive reviews.
- 6. Perhaps the most important consideration is the cost of filing bankruptcy. We continuously assess our fees to ensure we offer fair and competitive pricing. We want to offer you a deal without sacrificing the quality of your experience.
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What our clients are saying…
Mr. Wright and his staff were amazing. They made a negative situation a lot better and turned it into a positive. Could really tell they care helping people and I will refer their Phoenix Bankruptcy Attorney firm to friends and family. Thanks again.
I called around looking for the right bankruptcy lawyer and came across Benjamin Wright. He personally called me for the consultation seeing how I live in Kingman AZ. He was very helpful from the start and his staff was very friendly and explained any questions I had, sorry for all the questions. I would definitely recommend Wright law offices, and I do!! Thanks for everything, you made what seemed like a hard thing to do simple!! You guys rock!!!
Great lawyer, he really helped my mother out of a jam. She was totally new to bankruptcy and he talked with us for about an hour and a half to make sure she wouldn’t be worried.
Ben is a kind and down to earth attorney. He worked around my busy schedule as a single mom (school, full-time job, and daycare pick up and drop off times). He explained absolutely everything to me and was good about e-mailing. I am writing this review as a THANK YOU.
I had a very positive experience with Attorney Wright. He or his staff returned my e-mails and calls promptly (even after business hours occasionally). His fees were reasonable. He was patient with me when I showed up in court missing an important document. He is aggressive, but fair and nice.