Chapter 13 Bankruptcy
Are You Searching for a Chapter 13 Bankruptcy Lawyer Near Tuscon?
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is also known as a reorganization bankruptcy. It allows you to keep your property, but you will need to pay back all or at least a portion of your debts over time. This is usually a period of three to five years. This type of bankruptcy can help those who are overwhelmed by debt or who are facing foreclosure.
It’s important to note that Chapter 13 bankruptcy is not right for everyone. There are many eligibility requirements and many forms to fill out. This is why consulting an experienced bankruptcy lawyer can help. Nicholas Fuerst can help explain the rules to you and fill out the necessary paperwork.
If you want to file for Chapter 13 bankruptcy in Arizona, you must first go through credit counseling from an approved credit agency within six months before you file. You must also complete a bankruptcy petition as well as forms regarding your finances, among other documents.
Your repayment plan will detail how you will pay back your debts and in what amount. You must have the resources to pay back your debts. Your debts will be placed in priority. These debts include child support, alimony, taxes, and any secured debt like car loans and mortgages. Any money left over after paying these debts will go towards paying your unsecured creditors. Arizona bankruptcy exemptions will help determine how much you have to pay unsecured creditors.
When you file for Chapter 13 bankruptcy, an Order of Relief, or Automatic Stay, is put into effect. This stops creditors from making collection efforts. Creditors can’t garnish your wages during this time, go after your home or property, or make harassing phone calls.
If you are dealing with overwhelming debt, visiting a bankruptcy attorney in Tucson can help. Tuscon Chapter 13 bankruptcy attorney Nicholas Fuerst can explain the filing process and help you fill out the necessary paperwork correctly and on time. Call our office today to get more information that will help you get on the road to a better financial future.