Your Arizona Bankruptcy Lawyer
Since 2008, we have had a troubled economy that is only now showing signs of stabilizing. The good times which were rolling for over half a decade, seemed to come to an end in the later half of 2008 and the first half of 2009. The massive sub-prime crisis broke the back of many financial institutions as well as banks, many of which had to be served with mammoth financial packages to bail the companies out and restore some semblance of normalcy to the US and indeed the global financial system. The financial crisis brought in its wake a huge problem of bankruptcy leading to a surge in demand for competent bankruptcy lawyers. If you are facing bankruptcy in the Arizona area, this article seeks to explain why it may make sense to consult an Arizona Bankruptcy Lawyer.
An Arizona Bankruptcy lawyer will try and help you get a Chapter 7 (or Chapter 13 as applicable) bankruptcy filing so as to clear your case within around 4 months. Chapter 7 bankruptcy procedure allows a person to liquidate all his/her assets in order to pay off creditors. Since most debtors do not have a lot of tangible assets, their cases get resolved within 4 months and they can start off fresh. This kicks in typically where the income of a person is below the median income prevalent in the state. On the other hand, Chapter 13 bankruptcy allows people to pay off their debts over a longer period of time. This period is generally spread over 3 to 5 years and the objective is to allow the debtor to retain some of their property. It is also applicable to cases where the debtor has some reliable sources of income, and with some fiscal discipline, the person would be able to pay off the debt in this longer period, with some part of the income being left for personal expenses and needs.
An Arizona Bankruptcy lawyer will be well equipped to get into the specifics of each case and recommend what might be the best course of action that one needs to take given the unique aspects and merits of each such case in Arizona. Wish you all the best!
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