Chapter 7 Bankrupcty Lawyer Phoenix, AZ
At Wright Law Offices, we understand that most people wish to pay off their debt. However, sometimes they simply can’t. Several factors are considered when someone files for Chapter 7 bankruptcy in Phoenix, AZ; the best way to find out if you are eligible is to speak with an experienced bankruptcy lawyer.
Phoenix Debt Relief Attorney
Contact a Phoenix Chapter 7 bankruptcy attorney to learn more about how to qualify and to find out about your debt relief options. Call 480-845-0145 to request a free initial consultation with a knowledgeable attorney.
Who Can File for Chapter 7 Bankruptcy?
Whether or not you can file for Chapter 7 bankruptcy hinges on several factors. When you meet with us, attorney Ben Wright will review your income over the past six months to determine if you are above or below the median income level in Phoenix, Arizona.
Your current expenses, including your mortgage, utility payments and other loan payments, also will be considered. If you are under the median threshold amount or your expenses are higher than your income on a monthly basis, you may qualify for Chapter 7. If not, you may still qualify for Chapter 13 bankruptcy.
Discharge Your Debt With Chapter 7
Chapter 7 bankruptcy allows you to discharge all of your unsecured debt, typically within four to five months of filing. Immediately following a bankruptcy filing, an automatic stay will go into effect that requires creditors to stop all collections activities, including
foreclosure, wage garnishment and repossession. Examples of unsecured debt include:
- Credit cards
- Medical bills
- Certain taxes
- Deficiency balances
Bankruptcy and Your Credit
One of the first things clients typically ask us is, “How will bankruptcy affect my credit?” In most cases, we observe credit scores increasing within one year of filing bankruptcy. Our lawyers can explain more about Chapter 7 bankruptcy and your credit.
Contact a Scottsdale Debt Relief Lawyer
Contact Wright Law Offices online or call 480-845-0145 for a free consultation with a Chapter 7 bankruptcy lawyer in Phoenix, Scottsdale, Tempe, or nearby in Arizona. We are a debt relief agency. We help individuals and businesses file for bankruptcy relief under the Bankruptcy Code.
Protect Your Assets
As mentioned above, a Phoenix, AZ chapter 7 bankruptcy lawyer can help you discharge debt such as credit cards and medical bills. They can also help protect some of your assets while filing for bankruptcy so that you do not have to worry about losing the roof over your head. Learn more about how an experienced attorney can protect your assets and get rid of your debt, and then contact a lawyer today at Wright Law Offices for help.
What Is Protected?
There are several assets you own that may or may not be protected. There are several different factors that go into determining this, so you should contact a lawyer for a more exact view on your specific case. In general, household items are protected up to a certain amount. This includes furniture and appliances. If you are married, the amount you are protected for doubles. Anything over that amount is not exempt.
Your home can be a protected asset — which is why many people choose to file chapter 7 bankruptcy. However, as previously stated, this will vary on a case by case basis, so please consult with a Phoenix chapter 7 bankruptcy lawyer for more detailed information. In general, the state of Arizona looks at your home’s value and subtracts what is left that you owe on the house. Basically, how much have you paid down on the house and how much do you still owe. Depending on if you are married or not, this number varies. But, if you have paid down a certain amount and owe less than what your case specifies, then your house is protected.
Some other items that may be exempt are your personal items and certain savings accounts such as retirement accounts. Another item that people often ask about is burial plots. Under chapter 7, these are exempt and are not eligible for debt collectors to attempt to take.
As for your vehicles, these can be protected up to a certain amount. If you are elderly or disabled, your vehicle may be further protected for your use. There are also special cases for married couples. Remember, your car may or may not be protected. It depends on how much the vehicle is worth and if you still owe money on it. Year, make, and model are all also factors that can help.
While some of your personal items are more or less protected, in bankruptcy your wages are protected along with life insurance and benefits — these numbers are specific to after you have already filed.
Should I File?
There are many different ways to protect your assets if you are dealing with financial hardships. Bankruptcy is one way to save your finances in the long run. However, it may or may not be the best option for you. It is important that you talk to an experienced attorney to learn the best route to take. At Wright Law Offices, we work hard to protect what is yours. Contact a Phoenix chapter 7 bankruptcy lawyer for help today so we can determine the best legal road to take for your financial situation.