Arizona Bankruptcy is for when Bad Things Happen to Good People

The reality of Arizona bankruptcy is that most people never intended to end up there – even fought as long as possible to avoid it. But in the last several years there has been a perfect storm of falling home values, unemployment or under-employment, and rising costs of everything from medicine to food to gas. As a result, many people find themselves with a debt burden they cannot overcome.

The federal and Arizona bankruptcy laws are designed to protect people from unreasonable debt burden. No matter how you got there – mortgage underwater, skyrocketing expenses, divorce, job loss, or health issues – you may be able to find relief by filing for AZ bankruptcy. The first step is to consult with an experienced bankruptcy attorney who will help you make a plan for a better future.

  • If you plan to file bankruptcy, you might stop making payments on debts that you cannot repay, such as credit cards and mortgages on properties you plan to surrender.
  • Do not give away your valuables and home contents. In bankruptcy, people can keep most of their possessions, but full disclosure about your assets and any transfers must be made. Your bankruptcy lawyer will be able to counsel you regarding allowable and prohibited transfers as well as property that is exempt from the claims of your bankruptcy trustee.
  • Allowable bankruptcy planning can protect some of your assets.
    Understand that your credit score is probably already damaged. While a bankruptcy filing will have an adverse affect on your credit, you will be able to rebuild your credit faster than you may think. More importantly, the discharge of your debts will allow you to build a better future.
  • Once your bankruptcy petition is filed, all the collection phone calls and letters will stop, allowing you to regain your peace of mind.
  • Try to make peace with your situation. The federal bankruptcy laws exist to allow honest people to get a fresh start.
  • The bankruptcy laws are complex, and consultation with an experienced bankruptcy lawyer is advisable.

A knowledgeable Arizona bankruptcy law firm, such as Radix Law, with offices in Phoenix and Scottsdale, Arizona, will help you understand if bankruptcy is an option that will move you towards a more successful future.

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