Chapter 13 Bankruptcy Lawyer Tempe, AZ
When tackling large amounts of debt, it can help to have a Tempe, AZ Chapter 13 bankruptcy lawyer on your side. Filing for bankruptcy may seem like a reliable solution, and it can be, depending on your individual circumstances. Bankruptcy can provide people with relief from financial stress and the impending threat of losing your vehicle or home. However, before filing, it’s important to fully understand the benefits and potential drawbacks of Chapter 13 bankruptcy. If you have questions about how to get started, our team at Wright Law Offices is ready to hear from you. The sooner you find out if bankruptcy is right for you, the sooner you can get on track towards financial stability.
Non-Dischargeable Debts
Many people have a preconceived notion that all of their debts will be eliminated under bankruptcy. Generally, there are certain debts that are not dischargeable under Chapter 13 bankruptcy. For instance, student loans, taxes, and child support are typically not eradicated, so you will still be responsible for paying these off, even after your filing. Operating under a bankruptcy chapter should be a last resort, and not utilized without serious consideration. Prior to making any final choices, it is wise to try other options such as credit counseling, debt consolidation, or debt management plans first.
Asset Forfeiture
Under Chapter 13 bankruptcy, you may have to surrender some of your assets as means to pay off creditors. This chapter allows you to keep your main assets, such as primary residence and vehicle. But luxury items may be liquidated to pay off your debts. While this may initially feel difficult to endure, it will be what allows you to get ahead and restart your finances. If you have questions about filing for bankruptcy, a Tempe Chapter 13 bankruptcy lawyer is available to take your call.
Credit Score Impact
When you apply for bankruptcy, your credit score may go down temporarily. But the positive aspect of a credit report is that you can build it back up overtime. Of course, no one wants to see their credit score go down drastically, but bankruptcy will impact your score and can make it challenging to obtain credit in the near future. But it’s also important to recognize that your credit score can get better as time goes by if you stick to your payment plans under Chapter 13 bankruptcy.
Contacting a Lawyer
Some people are nervous to file for bankruptcy because they aren’t sure that it’s going to solve their problems. A Tempe Chapter 13 bankruptcy lawyer can meet with you, learn more about your circumstances, and then advise further. You may be hoping to get a solid answer by searching information online, but the only way to know for sure how bankruptcy can benefit you, and its potential drawbacks, is by consulting with a legal team. We hope that if you have questions or concerns about filing for bankruptcy, that you rely on us at Wright Law Offices for assistance. To begin, contact us through email or phone and we can get started right away.