Saving Your Finances
If you are no longer able to make payments on your car, house, or any other possessions, then you need the help of a Goodyear, AZ bankruptcy attorney to protect your assets. The moment you are aware that you will not be able to make a payment, contact Wright Law Offices for help; the sooner you reach out, the easier it will be to protect what you value most.
Types Of Bankruptcy
It may surprise you to discover that bankruptcy is not a one size fits all solution — there are several different types and different ways you can file. However, the two most common types that you are most likely familiar with are Chapter 7 and Chapter 13 bankruptcy; Chapter 7 more heavily focuses on selling off assets that you have in order to make your payments while Chapter 13 focuses more so on creating a payment plan. You may need Chapter 7 if you do not have a way to pay off the debts you owe. On the other hand, you may need Chapter 13 if you are planning on making the payments back on what you owe, but you just need a little help restructuring the plan. A consultation with an experienced attorney will determine which is the right fit for your case.
Who Is Eligible
While almost everyone can file for bankruptcy, you must pass certain tests to determine which kind of bankruptcy you may file. While you may wish to file a Chapter 7 Bankruptcy, you must prove that you have the money to do so; specifically, if you are making a good salary and the courts can determine that you would be able to pay off your debts with a restructured payment plan then you will not be eligible for a Chapter 7 Bankruptcy. If you are worried about defaulting on debts and the type of plan you need to pay them off, contact a Goodyear bankruptcy attorney to discuss your specific case further.
Impact To Your Credit
The short answer is yes, bankruptcy impacts your credit. It can appear on your credit score after filing and it may stay there for many years. This can make it difficult to get future loans, especially for those big life purchases like a home or a car. This is not meant to scare you aware from filing, it is just something you should note. An attorney can also be by your side to help you understand how this process will affect your specific finances and credit score. Bankruptcy may save some of your possessions, and with hard work over time you can increase your credit score once more — and even have the bankruptcy removed from it entirely.
Money and finances can be very scary things, especially after you have defaulted on a debt. You may have creditors and other financial institutions calling to attempt to reclaim payments, which adds to the stress of the situation. Do not go through this alone, contact a Goodyear bankruptcy attorney for help immediately from Wright Law Offices; they will be able to walk you through the process, determine which type is right for you, and protect you from intimidation techniques by financial companies.