Available Bankruptcy Filing Options

You should think about filing for bankruptcy if you are overloaded with unpaid debts. This is how you will forget about the actions taken by creditors and get a fresh financial start. Basically, this solution is designed for hard working people who can’t manage their finances for different reasons.

The main thing that stops many of them from filing their bankruptcy petition is a negative impact on their credit rating. The good news is that you can restore it within a short period of time, but you need to be careful.

Think about hiring the best scottsdale az bk lawyer to obtain the necessary expert guidance and determine the most suitable bankruptcy solution, as there are many types to choose from.

  • Chapter 7 is designed for those debtors who can’t pay off their debts on time. If you have the unsecured ones, pay attention to this method, and the greatest benefit is a man frustrated by debtsthat you can protect your exempt assets. That’s why many people decide on this bankruptcy, but they all must pass a special means test to qualify for it. The entire process will take only up to 6 months, which is quite fast.
  • Chapter 11 can be filed both by business owners and individuals. Its main purpose is to eliminate or reduce unsecured debts whilst restructuring them. This is how you will get your immediate protection. Consult with your legal representative to find out more about the main ins and outs involved.
  • Chapter 13 is all reorganizing your existing debts and creating a special repayment plan based on your regular income. This means that you are still required to meet your debt obligations. Consider this bankruptcy type if you want to save your house and car. It is necessary to make regular payments on time. However, this process may take 3 or 5 years, so be patient when dealing with this option.

In conclusion, any bankruptcy filing process involves a lot of paperwork and other legal issues. It is always best to entrust them to experienced and licensed attorneys. You will be provided with a peace of mind and effective protection from creditors. Find out more about the fees you have to cover, such as filing and other expenses. Compare the quoted asked by local lawyers and choose the most reasonable one without compromising on the quality of their services. Make sure that you are dealing with someone you can trust.

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