There might be some questions you need to ask before filing for bankruptcy. You would need to take into consideration several things since this could be a huge financial step for you.The whole process involves a substantial amount of paperwork and filling out of AZ bankruptcy forms which will be thoroughly discussed with you by Arizona bankruptcy lawyers.
Below are some of the FAQs most people who are considering bankruptcy have. You may make a sounder financial decision on the matter after it provides you with more insight.
What are the advantages of bankruptcy?
The fact that most of your debt gets eliminated is the biggest advantage of bankruptcy. You are no longer obligated to pay them and creditors cannot demand payment from you through phone calls, letters and personal contact.
What’s the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 is a liquidation bankruptcy where your non-exempt assets are sold by an appointed trustee who will distribute the proceeds to all the creditors. In Chapter 13, you are made to come up with a repayment plan that will allow you to pay your debt within 3-5 years.
Will bankruptcy prevent my property from getting repossessed?
Most of your property may be kept if you file for Chapter 7 under Arizona bankruptcy laws.If you stay current on payments on mortgages and car loans, you may be allowed to keep certain items you declare exempt such as your house or your car.
What debts cannot be discharged if I declare myself bankrupt?
Back child support, alimony, some tax debts, and student loans are some of the debts that might not get discharged.
Will my credit score be affected?
It will likely get affected. It would take 7 to 10 years before your credit reports do not reflect your bankruptcy.
How long do bankruptcy cases take?
The length of time bankruptcy cases take depends on the type of bankruptcy you file. Chapter 7 usually lasts from 3 to 6 months. Conversely, Chapter 13 may take up to 5 years depending on your repayment plan.
Arizona bankruptcy lawyers will help you in working out the financial details of your situation since not all are the same.In doing so, you are placed at a great advantage in getting a better financial position in the coming days.
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