Chapter 7 Bankruptcy Lawyer

Top 5 Reasons Why Having a Chapter 7 Bankruptcy Lawyer Is Essential

Are you thinking about declaring bankruptcy? While you have the legal right to file for bankruptcy without the assistance of a lawyer, this is not the best option. The initial bankruptcy petition can be filed by anyone, but completing it successfully requires the expertise of an experienced bankruptcy attorney. In Phoenix, AZ, filing for bankruptcy has legal ramifications. It can be difficult to navigate the bankruptcy process without a thorough understanding of Arizona bankruptcy law.

Here are the top five reasons why you should hire a chapter 7 bankruptcy attorney.

Advise You on Alternatives to Bankruptcy

Have you considered other ways to achieve financial freedom? Just because you are overwhelmed with debt does not mean that declaring bankruptcy is your only option. While bankruptcy can eliminate your debts, it also has some serious consequences. It can damage your credit score, raise your insurance rates, hamper your ability to borrow in the future, and even make it difficult to get a job.

Also, it is essential to understand that not everyone qualifies for bankruptcy debt relief. In most cases, the solution involves creating a plan that requires paying down the debt over time. A qualified and experienced bankruptcy lawyer will advise you on a more suitable alternative to manage your overwhelming debt.

Explain Your Bankruptcy Options

It can be difficult to determine which chapter of the US Bankruptcy Code to file under. Chapter 7 and Chapter 13 bankruptcy achieve different goals and serve different functions. For example, Chapter 7 bankruptcy requires the surrender of certain personal assets in order to satisfy outstanding debt, whereas Chapter 13 bankruptcy establishes a flexible repayment plan. So, if you want to keep certain assets, filing a Chapter 7 bankruptcy may not be the best option. It would be better to file under Chapter 13.

Before filing anything on your own, you should consult with qualified Phoenix bankruptcy lawyers. A qualified lawyer will carefully review your financial situation, taking into account your needs and long-term financial goals, to determine which program is best suited. They will also suggest a course to help you achieve your objectives.

Ensure a Successful Bankruptcy Filing

People who file bankruptcy on their own (without professional legal representation) are treated equally by the bankruptcy court. As a result, the court may dismiss or deny a bankruptcy petition based on various errors and mistakes, such as failing to properly file the motion.

A Phoenix bankruptcy attorney can handle the technical aspects of the petition process, ensuring that no mistakes are made. They'll do the following:

  • Scheduling and handling all paperwork: When you file for chapter 7 bankruptcy, you must fill out pages of financial information, such as your income, debts, assets, expenses, and most recent financial transactions. An attorney will know what you must disclose, how to value your assets, which tax returns to provide, which costs are necessary and reasonable, and what income is. Working with a bankruptcy attorney also reduces the likelihood of making costly mistakes.

  • Provide guidance: An experienced bankruptcy attorney will walk you through the entire process and prepare you for the steps required to qualify for a discharge. They will also inform you of any actions that your creditors may take.

  • Handle creditors who violate the automatic stay: After filing for chapter 7 bankruptcy, an automatic stay takes effect. Under this stay, creditors are required to cease all collection activities, including wage garnishment, foreclosure, and repossessions. However, it is common for some creditors to keep calling. To avoid making mistakes that could jeopardize your case, you must understand how to communicate effectively with them. An attorney will demand compliance and, if necessary, request that the creditor be held in contempt of court.

They Handle the Details

In the Chapter 7 bankruptcy code, there are specific requirements for filing bankruptcy relief that you must meet in order to qualify for a discharge. This procedure can be stressful and difficult. You will need someone who is familiar with Arizona bankruptcy laws to guide you through the process without becoming overwhelmed.

To determine whether you qualify for a chapter 7 bankruptcy, qualified bankruptcy attorneys evaluate your financial situation and the value of your property. They will :

  • Take the means test: A means test determines whether you qualify for Chapter 7 bankruptcy. An experienced lawyer understands how to properly present the facts surrounding your petition.

  • Value your property: Do you know how to assess the worth of your property? An experienced lawyer will assist you in accurately disclosing and valuing your properties.

  • Determine discharge of debts: In bankruptcy, not all debts are discharged or wiped out. Other obligations can only be released if certain conditions are met. A qualified bankruptcy attorney will explain which debts will be discharged and which will be kept.

Protect Your Property and Ensure Debt Relief

Individuals who file for bankruptcy have the right to declare certain assets exempt from the bankruptcy estate. This means that the court will not use the equity in your exempt property to pay off your unsecured debts, such as medical bills and credit card debts. Arizona has a one-of-a-kind exemption system for keeping assets in bankruptcy.

It is critical to select the appropriate bankruptcy exemptions. Otherwise, filing for bankruptcy will not protect your property from the Chapter 7 trustee or creditors. A bankruptcy attorney understands how to use Arizona bankruptcy exemptions to protect as much of your property as possible. Need experienced Phoenix bankruptcy attorneys? Contact Rock Law Firm today!

We have a proven track record of assisting individuals, couples, and businesses with debt relief. We understand that coming up with the money to pay legal fees when filing for bankruptcy can be difficult. This is why we offer free consultation, so meeting with us to learn about your bankruptcy options and unsecured debt will not cost you anything.

After we have discharged your debts, we will assist you in beginning the process of rebuilding your credit. We assist you by enrolling you in credit counseling and working with you to develop a plan of action to gradually restore your good credit score. To schedule your complimentary consultation, please call (480) 613-9690.