Bankruptcy Attorney Carefree AZ

Bankruptcy Attorney Carefree AZ - documents with calculator laptopWhen financial turmoil hits, it may be time to consult with a Carefree AZ bankruptcy attorney about filing for bankruptcy. Realizing that you need serious financial help can be stressful, especially if you aren’t aware of the tools available to you. Many people view bankruptcy as something to be ashamed about, when in fact, it can be the turning point that puts someone on a better path to financial stability. Getting out of financial trouble may not happen immediately, but it does allow you an opportunity to change your situation now that will pay off into the future. If you have questions about bankruptcy or want to know which chapter to file for, consider reaching out to us at Wright Law Offices as soon as you can.

Chapter 7 Bankruptcy

Chapter 7 may be referred to as liquidation bankruptcy, and is the most commonly filed chapter applied for in the U.S. This chapter enables individuals to eradicate their debts. But to eliminate the debt, you have to give up property to the value that is owed. Those who file are allowed to keep some property that is exempt. 

Chapter 9 Bankruptcy

Chapter 9 is designed for municipalities, such as school districts, cities, towns, counties, and boroughs. This chapter establishes a plan for paying back and adjusting debts on modified terms. The process usually allows for an extended repayment duration from the original obligations. Chapter 9 is more uncommon compared to other types of bankruptcy chapters. 

Chapter 11 Bankruptcy

As a Carefree bankruptcy attorney explains, Chapter 11 is known as a reorganization chapter, and is intended for individuals or businesses that have an atypically high degree of debt. The debtor will propose a debt repayment plan that allows a business to stay open and pay creditors back over the course of time. 

Chapter 12 Bankruptcy

Chapter 12 was created for family fishermen or farmers who need to restructure their finances. They have to make an installment plan that pays back creditors over a 3-5 year period. This chapter intends to protect family farmers and fishermen while alleviating financial hardship from economic unpredictability. 

Chapter 13 Bankruptcy

Chapter 13 is a wage earner’s plan, which allows people with regular and consistent income to establish a plan for repaying debts either partially or in full over 3-5 years. Compared to Chapter 7, those who file for Chapter 13 have the chance to keep their homes from being foreclosed.

Chapter 15 Bankruptcy

Chapter 15 was established for cases that involve more than one country. The intention of this chapter is to promote cooperation between the U.S. courts, debtors, and foreign courts. 

Contact An Attorney

Before applying for any of these bankruptcy chapters, it’s imperative that you make sure you are going to benefit from that chapter. The last thing you want to do is file for bankruptcy, but a chapter that doesn’t fully suit your needs. Reach out to a Carefree bankruptcy attorney so that we can learn more about what your situation is then advise as to which chapter to file for. At Wright Law Offices, we are here for you.