Few people that have gone through the bankruptcy process will recount their experiences as pleasant ones. However, bankruptcy can be extremely helpful in regaining a firm financial footing in your personal finances. What many people are unaware of, however, is that there are a few different types of bankruptcies that an individual can file for. For that reason, consultations with bankruptcy Attorneys in Chandler AZ are going to be important in order to determine which type of bankruptcy is going to be appropriate for you.
Perhaps the most popular type of bankruptcy is chapter 7. Chapter 7 is a type of bankruptcy that helps people eliminate most if not all of their current debt. In some cases, any assets that you have, such as inherited money or property, may have to be sold in order to offer some compensation to your creditors. However, things like your primary home and the car that you used to drive to work are not going to be things that the court is going to require you to sell. In essence, chapter 7 bankruptcies are typically for people who have smaller incomes.
However, what you’re going to find when speaking with bankruptcy Attorneys in Chandler AZ is that if you make more money, you may have to file for Chapter 13 bankruptcy. This can eliminate some of your debts and in some cases, you may have to sell some assets in order to satisfy certain creditors, but this bankruptcy is different than Chapter 7. Instead of eliminating a majority of your debts, through court order, you can restructure your debts in order to give you time to properly pay them off without the risk of being sued. If you have a higher income, this is going to be a more likely type of bankruptcy the court will accept than trying to go with a Chapter 7 filing.
Simply figuring out which bankruptcy is right for you, which bankruptcy is going to offer the most incentives and which bankruptcy the courts are going to accept is reason enough to consult with an attorney. If you’re facing a situation where bankruptcy is a very strong possibility, then you’re encouraged to Click Here to get more information on what bankruptcy can offer you and how a bankruptcy attorney can help you to move forward.
