Chapter 7 Bankruptcy
Are You Searching for a Chapter 7 Bankruptcy Lawyer Near Tuscon?
Tuscon Chapter 7 Bankruptcy Lawyer
Chapter 7 bankruptcy is also referred to as liquidation bankruptcy. When you file for Chapter 7 bankruptcy, your debts can be discharged, but you may have to give up some property if it’s not exempt. Those dealing with an overwhelming credit card or medical debt, or those facing foreclosure can benefit from Chapter 7 bankruptcy.
There are strict requirements when it comes to eligibility for Chapter 7 bankruptcy. Between filing the necessary paperwork and knowing whether you are even eligible, it’s helpful to have a Chapter 7 bankruptcy attorney on your side. Nicholas Fuerst can help sort through your situation and guide you as you file for Chapter 7 bankruptcy.
Debts that can be discharged through Chapter 7 bankruptcy include (but are not limited to) credit card debt, medical bills, past utility bills, business debts, and collection agency accounts. Alimony, child support, student loans and criminal fines, any money owed on luxury items, traffic tickets, and criminal fines are not included in the dischargeable debt category.
To qualify for Chapter 7 bankruptcy in Arizona, you must first receive credit counseling from an agency that has been approved by an approved provider within six months before you file. You must also take a personal financial management class before any debts can be discharged.
Also, you must complete a bankruptcy petition, several documents, as well as a form called a “means test”. Once all of these forms are completed, a bankruptcy trustee will be assigned to your case. The trustee will review all of your paperwork and look at your nonexempt property to pay back creditors.
Certain property may be kept under Arizona’s bankruptcy exemptions. This can include your home, car, wages, pension, and retirement benefits. For more information on what types of property may be exempt, it’s best to speak with a Chapter 7 bankruptcy attorney in Tuscon.
Once you file for Chapter 7 bankruptcy, an Order of Relief or Automatic Stay will be put into effect. This stops creditors from making harassing phone calls, garnishing your wages, and going after your home, car, and other property.