What Is Bankruptcy?
Bankruptcy allows individuals to eliminate or repay their debt in payments over a specified period of time. There are several types of bankruptcy proceedings available to wipe out your debt. Individuals that are facing financial hardship usually resort to filing bankruptcy. A bankruptcy lawyer Phoenix professional can help you keep your property and quickly recover from debt. Get a fresh financial start through state or federal bankruptcy proceedings that will stop those unwanted calls from solicitors. Enjoy relief from overwhelming debt through the benefits of bankruptcy proceedings filed by a legal professional.
Two Popular Forms Of Bankruptcy
Chapter 7 bankruptcy is available to both individuals and businesses. The proceedings last over 3 to 6 months and allows certain debt to be removed from your credit. For example, credit card debt and unsecured loans can be completely removed from your credit report. Not all debt will be removed after a chapter 7 discharge including taxes owed. In order to be eligible for chapter 7 bankruptcy, you must not make over a specified amount of money, meet credit counseling requirements, and the debt can’t previously be discharged in another court. Chapter 7 provides extensive relief by wiping out most of your debt.
Chapter 13 is for people with a substantial amount of income and is known for being a means of wager earners to file for bankruptcy. There is a limit to the amount of debt that an individual is allowed to charge off. Chapter 13 is very popular because it allows the filer to keep their property and pay off their secured loan through a repayment plan. Your repayment plan can be paid over a specified amount of years to giving you more time to pay off your debt.
Bankruptcy is also known as a way for individuals to reorganize their finances. If you are filing as a married couple, you are required to have the same filing documents as an individual. The correct filing documents and income levels are a very important aspect of filing for bankruptcy. Surprisingly, a turn around team can help you eliminate debt quickly and discreetly with the benefits of processing assistance from a highly qualified and trained professional. It is very important that you keep your payment schedule when you have filed for bankruptcy to avoid future hassles, debt, and court costs fees.