Bankruptcy Lawyer Prescott, AZ
As a Prescott, AZ bankruptcy lawyer would tell you, needing to file for bankruptcy due to financial stress should not be seen as a failure. In fact, searching for resources that will help you find financial wellness must not be undervalued. Anyone who wants more for themselves and their monetary future may turn to bankruptcy as a reliable tool that sets them forward instead of backwards. At Wright Law Offices, we have helped many people overcome financial hardship and find relief through bankruptcy. Don’t hesitate to contact us today.
Chapter 7 Bankruptcy
Sometimes referred to as liquidation bankruptcy, Chapter 7 is the most commonly filed chapter by individuals. It does not entail a repayment plan but instead uses the debtor’s assets to liquidate and then pay off amounts owed to creditors. Debtors who would rather relinquish property to amend debts may prefer to file for Chapter 7.
Chapter 13 Bankruptcy
Individuals who have a way to consistently make money but are not able to afford their debts can find relief through Chapter 13 bankruptcy. Over the course of 3-5 years, a debtor submits payments for their debts in an amount that is feasible. Once this duration is over, the remaining of their debts may be discharged. But before proceeding ahead and filing for bankruptcy, a Prescott bankruptcy lawyer suggests consulting with them to make sure it is the right time and choice for you.
Chapter 11 Bankruptcy
Generally, Chapter 11 is utilized to help a corporation or business reorganize their debts. Businesses have to create a plan for paying off their debt while continuing normal operation. The plans are designed to help a business stay functioning while following through with the bankruptcy process.
Chapter 12 Bankruptcy
Family farmers and fishermen who want to avoid selling their assets or foreclosing on a property can file for Chapter 12 bankruptcy. This is a repayment plan type of bankruptcy that is more flexible and has higher limits for debts compared to Chapter 13 bankruptcy. Due to the fluctuating nature of fishing and farming, this chapter provides a way for these specific workers to obtain relief from financial trouble.
Chapter 15 Bankruptcy
Cases that involve claimants, assets, or debtors from more than one country can benefit from Chapter 15 bankruptcy. This chapter helps protect the debtor’s asset value while trying to support financially strained companies. Chapter 15 established a foundation for handling international investments, trades, and business.
Chapter 9 Bankruptcy
This bankruptcy chapter is helpful for towns, school districts, and cities that need to reorganize their finances to pay back what they owe. Chapter 9 entails a repayment plan and can offer municipality protection for areas that are financially distressed. Through this chapter creditors can negotiate and develop a plan for adjusting debts.
Wright Law Offices
Despite bankruptcy being misconstrued as something to be ashamed about, there is no embarrassment in wanting better for yourself. If you have questions about bankruptcy or are ready to file today, reach out to a Prescott bankruptcy lawyer as soon as you can. At Wright Law Offices, we are dedicated to helping you secure a stable financial future.