Bankruptcy

Although there is a lot of stigma surrounding bankruptcy, it’s not always as scary as people think. Bankruptcy, according to the U.S. Government, exists to help individuals who cannot pay their debts. Bankruptcy allows the individual to either liquidate all their assets and use that money to pay off their debts at a reduced rate or to create a repayment plan that functions over three to five years which enables the individual filing for bankruptcy to regain their financial footing without losing their assets and livelihood.

There are six different ways to file bankruptcy in the U.S. and three of those methods are applicable to an individual seeking to file. Chapter 7, Chapter 13, and Chapter 11 Bankruptcy can be solutions for those who can’t repay their debt.

Once bankruptcy has been filed, an immediate and automatic stay is put into effect, protecting the individual filing from debt-collectors, foreclosure, and other harassments by their creditors. The court assumes legal control of the individual’s debts and their non-exempt property. Then a trustee is appointed to the case by the court, in order to ensure that the creditors are paid as much as possible. This trustee is responsible to review paperwork, any assets in the filer’s possession, and the exemptions they wish to claim.

What Does it Cost to File Bankruptcy?

Filing for bankruptcy incurs a fee of about $300. In addition to that, the cost of an attorney can range anywhere from $500 to $3500, based on the quality of the attorney and their levels of success and experience.

Although it may seem intimidating to face legal fees on top of dealing with other financial difficulties, filing for bankruptcy without the assistance of an attorney or other legal counsel can mean that you don’t receive the full assistance available to you from a bankruptcy ruling. Not only can an attorney fill out and check over all of your paperwork, but they will also advise you about which Chapter to file and how to gather the specific information needed to successfully plead your case, and then they will represent you before the court.

What are the Requirements to File Bankruptcy?

Before filing, individual debtors are required to participate in credit counseling within six months of filing and then they are required to undergo a financial management course after filing. In Arizona, each individual seeking to file bankruptcy will be evaluated based on the Arizona Bankruptcy Means Test. This calculates if the individual qualifies to file Chapter 7 or if they must file under a different Chapter.

If an individual desires to file Chapter 13 bankruptcy, they must submit a proposed repayment plan along with their filing. This means that once monthly living expenses have been calculated, the extra money, which is labeled disposable income, will be paid into the plan for at least three and up to five years to reduce their debt.

How To File For Bankruptcy?

If you are trying to find a bankruptcy attorney or struggling to form a financial plan to resolve your debts, we are here to help you. Our services include:

• Chapter 7 Bankruptcy
• Chapter 13 Bankruptcy
• Chapter 11 Bankruptcy
• Asset Protection
• Debt Relief
• Medical Bankruptcy
• And more…

We specialize in providing our clients with the best plan for their financial security, including counsel about whether or not filing bankruptcy is the best route for your situation. And we don’t limit ourselves to whatever is the simplest or the least amount of work for us, we advise and assist with the plan that will most benefit you.

Barski Law

Barski Law is based in Scottsdale, Arizona, and we serve clients all through Maricopa County. With decades of experience behind us, we continue to be one of Arizona’s top bankruptcy attorneys because we stay true to our core belief that the client is the most important thing in every case. We specialize in finding the best value and strategize and execute the best solution for reducing your debt. Whether we work to find all possible exemptions for you to claim, assist you to negotiate your debt without filing for bankruptcy, or advise you on the best way for you to file bankruptcy, we will seek out the best route for you.

If you are in Chandler, AZ and need a bankruptcy attorney or financial counseling to find your debt solution, consult with us at Barski Law. Visit us online at www.barskilaw.com, or call us at (602) 441-4700.

Hotels in Chandler, Arizona

Hyatt Place Phoenix/Chandler-Fashion Center

Home2 Suites by Hilton Phoenix Chandler

Restaurants in Chandler, Arizona

Charleston’s Restaurant

Roy’s Restaurant

Places to visit in Chandler, Arizona

Arizona Railway Museum

Desert Breeze Park