About Bankruptcy

Bankruptcy laws exist to help individuals, families, and businesses get out from under an overwhelming debt burden that is simply too large to be repaid. There are an uncountable number of reasons for amassing debt, but the end result is that the weight of the debt has compromised any quality of life for people or success for businesses. Even with continued struggle, there is little hope that the circumstances can be turned around without a bankruptcy to halt the problems.

In Arizona, there are three types of bankruptcy, known as chapters: Chapter 7 bankruptcy, Chapter 11 bankruptcy, and Chapter 13 bankruptcy. Each chapter has its own combination of statues that are used for specific types of circumstances.

Time to Consider Arizona Bankruptcy

Many people believe that filing bankruptcy should be a last resort. But if debt management alone is not making progress on your financial problems, then it is time to consider it.

There are health considerations when filing for bankruptcy:

Putting off filing for bankruptcy could mean prolonging emotional and physical discomforts. Long term financial stress can affect your physical health by exacerbating sleeplessness, depression, and chronic illnesses. Making the decision to file will bring relief quickly once you consult with an experienced bankruptcy attorney.

There are monetary considerations when filing for bankruptcy:

Delaying a bankruptcy filing can mean additional financial loss by throwing good money after bad. Resist the temptation to cash out long term or retirement savings as means to meet overwhelming debt obligations; do not continue to pay an unaffordable mortgage to save face. These moves will further jeopardize your future.

There are credit worthiness considerations when filing for bankruptcy:

If you are drowning in insurmountable debt, you might not see the hope of a better life without a heavy financial burden. The Arizona bankruptcy process is designed to help you restructure your life into manageable, successful financial patterns. You may be relieved of the debt altogether or you may be able to restructure the debt into an affordable plan. Either way, your credit worthiness will soon begin to improve instead of continuing to decline.

Filing for bankruptcy in Arizona is often the first step towards building a brighter financial future that will ease the physical, emotional and financial burden of overwhelming debt.