Chapter 7 bankruptcy is the most common type of bankruptcy filed by individuals in Phoenix and Scottsdale, Arizona. Known as the liquidation bankruptcy, chapter 7 bankruptcy allows an individual or couple to make a financial fresh start by discharging most of their debt – eliminating debt. All non-exempt property will be sold and the proceeds will be divided among creditors. After the payout, any remaining debt will be discharged (except for debts such as child support debt, tax debt, and student loan debt.)
Chapter 7 bankruptcy is the best solution for those that do not have much property to lose. This type of bankruptcy filing can provide a quick and straightforward solution to serious debt problems. While you will lose some assets, there are exemptions for a wide range of necessities such as home, car, clothing, tools, household items, and other provisions. The experienced bankruptcy attorneys of The Frutkin Law Firm, PLC, in Phoenix and Scottsdale, AZ, can help you determine if you meet the qualifications for chapter 7 bankruptcy.
The decision to file for bankruptcy in AZ can be overwhelming and should be discussed with a qualified bankruptcy attorney. Experienced bankruptcy attorneys will be able to help you determine how exactly the bankruptcy filing will affect your financial situation and your property.
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