Bankruptcy entails a couple of questions that you may need the answers to. Thorough consideration should be done to ensure that this financial step is the right decision for you. Arizona bankruptcy lawyers have the experienced to walk you through the whole filing process and do the paperwork for you on AZ bankruptcy forms.
Below are some of the FAQs most people who are considering bankruptcy have. It may provide you with more insight to help you formulate a decision.
What are the advantages of bankruptcy?
The fact that most of your debt gets eliminated is the biggest advantage of bankruptcy. Creditors can no longer demand payment from you through phone calls and letters since you are no not required to pay them anymore.
What?s the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 bankruptcy involves the liquidation of all your non-exempt assets and giving the proceeds to the creditors involved.Chapter 13 bankruptcy allows the debtor to propose a repayment plan that would give him enough time to pay off his debts, usually between 3 to 5 years.
Will bankruptcy prevent my property from getting repossessed?
Most of your property may be kept if you file for Chapter 7 under Arizona bankruptcy laws.If you stay current on payments on mortgages and car loans, you may be allowed to keep certain items you declare exempt such as your house or your car.
What debts cannot be discharged if I declare myself bankrupt?
Some of the debts you may not be able to get discharged are back child support, alimony, some tax debts, and student loans.
Will my credit score be affected?
Your credit score will most likely get affected by bankruptcy. Bankruptcies will stay on credit reports from 7 to 10 years.
How long do bankruptcy cases take?
The type of bankruptcy you choose to file will likely determine the length of time the bankruptcy case will take. Three to six months is the usual timetable for Chapter 7. Conversely, Chapter 13 may take up to 5 years depending on your repayment plan.
Not all cases are the same and Arizona bankruptcy lawyers will be helpful in sorting out the financial details of your situation.In doing so, you are placed at a great advantage in getting a better financial position in the coming days.
Source: http://www.themoneynewspaper.com/bankruptcy-faqs.html
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