Bankruptcy should not be seen as a last ditch effort to survive. It is actually a financial option people have to recover from previous poor decisions or bad luck. It is a second chance for individuals, families and business owners who want a clean slate. There are two types of bankruptcy for people to consider, and it is important to make the right choice. Most people will benefit from having an attorney available to help guide them through the process because of the complexity of each of the processes.
Chapter 7 bankruptcy is a liquidation method that is an option for people with a lot of debt and not a lot of assets. The law allows a certain amount of property to be exempt, so filers do not have to fear losing everything they own. With the help of Attorneys Chandler AZ residents are able to assess if this is the best method for them considering the amount of equity they have in their home and vehicles.
Chapter 13 bankruptcy is a method where people work with their creditors to establish a repayment plan for their debts. This is a valuable resources for businesses that are normally profitable but fell behind due to unavoidable circumstances. Individuals can also file Chapter 13 if they do not qualify for Chapter 7 bankruptcy. The benefit of this option is that the business or individual does not lose any of their property, and they have the ability to improve their credit score. Attorneys like Asheton B Call work directly with their client and their creditors to arrange reasonable payment plans. They seek fair treatment for their clients and ensure they do not agree to payment arrangements they cannot afford.
When hiring Attorneys Chandler AZ residents should choose a firm that has experience in bankruptcy law. Filing forms late, not submitting all of the required paperwork or providing incorrect information are easier mistakes to make than many people may think. If the matter is not handled correctly, the case may be dismissed and the entire process delayed. Anyone at risk for foreclosure or having their wages garnished cannot afford to wait. Browse the site to learn more about bankruptcy law and to see how easy it is to get started.