If you are one of millions being adversely affected by the fledgling economy, you may need help in meeting your financial obligations. There are times when individuals and families have no other option but to file for Chapter 13 or Chapter 7 bankruptcy. In these instances, it is crucial to hire an experienced bankruptcy lawyer that can walk you through the process and complete the necessary paperwork to successfully submit such a filing. This article will assist you in understanding a little more about the process and outline the merits of hiring a professional to assist in the matter.

It is not uncommon to see those affected by divorce, sudden illness, death of a loved one, or mounting medical bills to find themselves seeking the relief of this type. Chapter 13 is more of a restructuring of debts and allows those with steady incomes to remain in their homes and keep their vehicles. It does not involve any loss of assets, but instead calculates the payments of debts based upon income. Under this plan, you would make your designated monthly payments to the court, which would then disperse the money to creditors. Typically, these payments persist for three to five years, and upon completion of this program, given all payments were made on time, any remaining balances on included debts are forgiven.

Chapter 7 filings liquidate assets to generate funds to pay off included creditors. Some assets are exempt, such as tools of a trade, household items and some vehicles.

Though pertinent laws vary from state to state, filings of this type are submitted to a federal court. As with any legal matter, it is always advisable to seek the aid of a qualified attorney. Hiring a Phoenix bankruptcy lawyer is equally urged, as these situations are complicated and individuals in the midst of such financial straits are often overwhelmed and confused.

Most bankruptcy lawyers offer free consultations. It is in your best interest to take advantage of such offers, as no obligations are present, and meeting with a professional can help make sense of the process and make clear whether a Chapter 13 or Chapter 7 filing is right for your own personal scenario. Refer to the Internet or phone book to find a list of qualified attorneys in your area.

Calling one of your local Phoenix bankruptcy lawyers today could begin the process of getting your financial situation under control and set the course of putting your distress behind you.

Contact us today for help.

Phoenix Office 
Wright Law Offices 
668 N. 44th St., Ste 320 
Phoenix AZ 85008 

Telephone: 602-456-6085 / 866-703-3287 
Phoenix Law Office