Deciding to file for bankruptcy in Goodyear should not be stressful. Dealing with money problems is already stressful. You do not need anything or anyone to add to your level of anxiety. Therefore, our Goodyear bankruptcy attorneys spend time answering your bankruptcy questions and explaining the bankruptcy process. Our goal is to help you find an affordable way to get rid of debts you cannot pay.
Chapter 7 vs. Chapter 13 Bankruptcy
Most individuals file for bankruptcy relief under Chapter 7 or Chapter 13 of the Bankruptcy Code. Each chapter of bankruptcy has certain requirements, benefits, and disadvantages. Our Goodyear bankruptcy lawyers carefully analyze your financial situation to determine whether you can benefit more from a Chapter 13 case or a Chapter 7 case.
Filing Chapter 13 in Goodyear
A Chapter 13 bankruptcy case is a court-supervised repayment plan. You propose a bankruptcy plan to the court. Upon approval, your creditors must abide by the terms of the plan. A creditor may object to the plan before it is confirmed, but the creditor must have a valid legal reason for objecting to the terms of the plan for the court to grant the creditor relief.
Through your Chapter 13 plan, you can:
- Catch up mortgage payments to stop foreclosure;
- Include your car payments and possibly pay less than you owe on the loan to release the secured lien;
- Catch up back alimony and child support payments.
- Pay old tax debts;
- Protect non-exempt assets from being sold to pay debts; and,
- Get rid of most unsecured debts for a fraction of what you owe on the accounts.
The Chapter 13 process requires that you have a steady income to fund the Chapter 13 plan. Your plan payment is based on numerous factors, such as your disposable income and non-exempt equity in property. Before filing a Chapter 13 case, contact our Goodyear Chapter 13 bankruptcy attorneys for more information.
Filing Chapter 7 in Goodyear
In contrast, a Chapter 7 bankruptcy case is a liquidation of non-exempt property to pay unsecured debts. You must meet certain income requirements to receive a bankruptcy discharge under Chapter 7. However, if you meet the income requirements, you could be free from your debt problems in four to six months, if your Chapter 7 is a no-asset case.
A no-asset case means that you do not lose any property. Bankruptcy exemptions protect certain property in a bankruptcy action. If you do not have any property that has equity above the allowed bankruptcy exemptions, you could obtain a bankruptcy discharge without losing any property. In most Chapter 7 cases filed in Arizona, the person does not lose any property. Our Goodyear Chapter 7 bankruptcy lawyers offer free case reviews to determine if Chapter 7 is right for you.
Do You Need a Goodyear Bankruptcy Lawyer?
Yes, if you are considering filing for bankruptcy relief, you need an experienced Goodyear bankruptcy lawyer to review your case. Bankruptcy law is complicated. Some debts are not dischargeable in bankruptcy, such as taxes, student loans, child support, and alimony. Furthermore, the Means Test that determines whether you can file under Chapter 7 can be difficult to complete.
Our experienced bankruptcy attorneys work closely with you throughout the bankruptcy process to protect your best interests. We understand how to maximize your expenses on the Means Test to lower your disposable income as much as possible. Lowering disposable income helps you qualify for Chapter 7 or keep your Chapter 13 plan payment as low as possible.
Having an attorney help you with your bankruptcy filing avoids mistakes and errors that could result in a denial of discharge or the loss of property unnecessarily.
Contact Our Goodyear Bankruptcy Attorneys for a Free Case Review
Don’t spend another day worrying about debt problems. Bankruptcy can give you the relief you need.