Mesa Bankruptcy Bankruptcy Lawyer

Every time the phone rings or there is a knock at the door, Shelly Wilson dreads that it is the creditors paying yet another call. While Shelly and Peter Wilson both have jobs that pay well, they are unable to pay off their huge debts which just seem to get bigger. Declaring bankruptcy seems to be the only option that the couple has, but the thought of losing the security of their home haunts them.

Bankruptcy can provide individuals who are unable to manage their enormous debts a fresh start. While the going may be a little rough, bankruptcy puts the creditors at bay and allows you to start anew.

When you consider filing for bankruptcy it is a good idea to consult a bankruptcy lawyer to understand the options that you may have. Click here for a FREE evaluation of your case. It is not mandatory to hire the services of an attorney when you are filing for bankruptcy. However, considering that your case may be dismissed if all the stipulations of the Federal Rules of Bankruptcy and Bankruptcy Code are not met, it is advisable to contact a Mesa bankruptcy lawyer at the earliest.

Our sponsoring Mesa bankruptcy lawyers are well qualified and highly reputed. They are experienced professionals who are up to date with all changes in bankruptcy law. Chapter 7 and 13 are the areas under which bankruptcy for individuals is filed. Your Mesa bankruptcy lawyer will study your case and help you decide under which chapter bankruptcy may be filed.

Chapter 7

• Also known as ‘straight’ bankruptcy, Chapter 7 discharges most debts. The exceptions include unmentioned debts, alimony, child support and student loans.
• When bankruptcy is filed under this chapter, most of the individual’s assets and properties have to be surrendered. These are liquidated and the money is used to pay off creditors. A court appointed trustee handles these dealings.
• There are some assets that the debtor is allowed to keep and these are known as exemptions. Arizona exemptions include real estate or mobile home worth $100,000, furniture, food and fuel to last 6 months, insurance, public benefits and tools of the trade of up to $2,500.

Your Mesa bankruptcy lawyer will draw up a complete list of assets and debts, and a financial statement that is up to date. It is vital that no debt is left unmentioned or it will not be covered in the bankruptcy.

Chapter13

• People who have a regular source of income can file for bankruptcy under Chapter 13, which is also known as reorganisation of debts.
• In this case, an in-depth plan of repayment of debts is to be submitted. The debtor is allowed five years to clear all his debts.

Our Mesa bankruptcy lawyer will help list all your assets, debts, unsecured and secured loans, names and addresses of creditors etc. A repayment plan will be drawn.  A trustee appointed by the court will discuss the repayment plan with the creditors, before approving it. Your bankruptcy attorney will explain the legal aspects of these proceedings.

Our sponsoring Mesa bankruptcy lawyers also offer their services to the residents Scottsdale, Tempe, Chandler and all other cities of Arizona.