Making the decision to file bankruptcy is never easy, but sometimes it is the best option to clear your debts The Wilkins Law Firm and its sister firm, The Gavel Bankruptcy Law Firm, have experienced bankruptcy lawyers in Phoenix, Arizona to help guide you through your Chapter 7 or Chapter 13 filing bankruptcy. We evaluate each client’s personal situation to help determine whether Chapter 7 or Chapter 13 bankruptcy is the best option or if there are alternative solutions available. We understand how stressful and life-changing filing bankruptcy can be. We will walk you through every step and make it as easy as possible for you to begin to rebuild.
EXPERIENCED BANKRUPTCY COUNSEL
Chapter 7 Bankruptcy
When you are unable to pay your bills due to mortgage debt, credit card debt, medical bills, or even a judgment, you may qualify for Chapter 7 bankruptcy. With Chapter 7, you can keep some assets such as your retirement savings and home, car and personal property up to a certain value, and your debt gets discharged.
To qualify for Chapter 7, your income must earn below the Arizona median income, have debt that is not primarily the result of consumer debt, or you pass the state’s Means Test.
Chapter 13 Bankruptcy
When you do not pass the state’s Means Test or you have enough income to repay all or part of your debts, you can file for Chapter 13 bankruptcy. This option allows you keep your home no matter its value, as well as certain non-exempt assets. Chapter 13 helps you to reduce the amount of your debt and to avoid foreclosure. You will have up three or five years to repay your debt using your disposable income
Filing for bankruptcy can be confusing and overwhelming, but the Wilkins Law team will work with you and review your situation to determine the best option for you, your family and your business.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is available to all kinds of business entities, and, in very limited cases, individuals. Filing for Chapter 11 bankruptcy gives debtors time to organize their assets and business operations so as to restructure their debt and start fresh. Taking the Chapter 11 route allows businesses to continue operating after filing for bankruptcy (which is critical, because Chapter 11 bankruptcies tend to take several years).
Once you file, you are required to propose your own plan, which typically includes:
- Altering your business operations to cut costs
- Potentially downsizing
- Reorganizing your business debts into a manageable payment plan