BANKRUPTCY MYTHS

Bankruptcy myth

BANKRUPTCY MYTH:

ONLY THE FINANCIALLY IRRESPONSIBLE FILE BANKRUPTCY.

This is a myth, because not all Arizona residents who need Chapter 7 or Chapter 13 bankruptcy protection file because they are irresponsible with their money, or overspend unnecessarily. Now, if a client consults with an attorney and immediately wants to know, “How soon can I file again?” debt relief assistance and and financial counseling may be the case. However, the majority of our clients consider bankruptcy as an option to eliminate or reduce debt due to uncontrollable life circumstances.

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Bankruptcy myth: Filing bankruptcy is too difficult.

BANKRUPTCY MYTH:

IT IS TOO DIFFICULT AND EXPENSIVE TO FILE BANKRUPTCY.

When My Arizona Lawyers provides experienced, trusted, and expert legal representation for ZERO MONEY DOWN, erasing debt may be a reality. With the assistance of the bankruptcy legal team at our law firm, our clients discover that a potentially stressful bankruptcy process becomes a successful experience with a good attorney. A bankruptcy petition does require much documentation and paperwork by an attorney. The documents your attorney will need from you to file a bankruptcy petition is reasonable.

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Bankruptcy myth: married couples must file bankruptcy together

BANKRUPTCY MYTH:

MARRIED COUPLES BOTH NEED TO FILE BANKRUPTCY

If you are married, you have the option of filing bankruptcy singly, so this myth is simply not true. The only involvement your spouse may have in your bankruptcy will be supplying information and financial documents, like paystubs. This may be especially true if the debt was incurred before you were married to your spouse.  A spouse’s income will count towards your income for the purpose of income qualification for a Chapter 7 bankruptcy.

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BANKRUPTCY MYTH:

IF I FILE BANKRUPTCY IN ARIZONA, I WILL NEVER GET CREDIT AGAIN

A person can get credit after filing bankruptcy This, of course, is a False statement.  Filing bankruptcy does not make future credit unobtainable.
Actually, the truth is that most of our clients who file for bankruptcy protection find it easier to get credit after filing for bankruptcy.
 
One of the many benefits of filing for chapter 7 or chapter 13 bankruptcy is that once you have filed for bankruptcy protection, your debt is eliminated or at least better managed. Because you have filed bankruptcy and potential credit card companies and lenders know it, offers for new credit will come to you shortly after filing BK.  The reason for the interest of these lenders is that they know you won’t be able to file bankruptcy on them again for 8 years in a ch 7.
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Filing for bankruptcy and your job

BANKRUPTCY MYTH:

YOU CAN BE FIRED FOR FILING BANKRUPTCY

Your employer can’t legally fire you for filing bankruptcy. Your spouse also can’t be fired because you filed bankruptcy. You can’t be denied a promotion or raise because of your bankruptcy, and you can’t be demoted or have your pay reduced because of your bankruptcy. Your employer probably won’t even know about your bankruptcy unless you need to stop a wage garnishment, as your payroll department will need to be provided with your case number.

If a potential private employer runs a credit check on you during the hiring process, they may see your bankruptcy. They may choose not to hire you due to your bankruptcy. Government agencies may not refuse to hire you due to your bankruptcy.

CONTACT MY AZ LAWYERS BANKRUPTCY TEAM – FREE DEBT EVALUATION

what debt is dischargeable in a bankruptcy?

BANKRUPTCY MYTH:

ALL DEBTS ARE DISCHARGEABLE IN BANKRUPTCY

Unfortunately, student loans can’t be discharged in a bankruptcy. Domestic obligations, such as child support and alimony, also can’t be discharged in a bankruptcy. Some debts are dischargeable in a Chapter 13 but not a Chapter 7, such as junior liens on an underwater home.

Unfortunately, student loans can’t be discharged in a bankruptcy. Domestic obligations, such as child support and alimony, also can’t be discharged in a bankruptcy. Some debts are dischargeable in a Chapter 13 but not a Chapter 7, such as junior liens on an underwater home.

If you owe back taxes, you may be able to discharge them in your bankruptcy. These debts must meet a few requirements. They must be due for 3 years, filed for 2, assessed for 240 days, and there can’t have been any fraud involved in the filing. You should speak with an attorney to confirm if your tax debts are dischargeable.

filing joint bankruptcy in Ariozna

BANKRUPTCY MYTH:

ONE SPOUSE CAN PROCEED WITH FILING JOING BANKRUPTCY WITHOUT THE OTHER SPOUSE’S PERMISSION

Even if this were true, it would be extremely difficult. Regardless if you are filing a single or joint bankruptcy, married filers will always be required to show income information about their spouse. You will need tax returns, paystubs, and other financial documents that you probably don’t have access to if you are trying to file bankruptcy without letting your spouse know.

A joint bankruptcy filing will require at minimum, the signatures of both filers. No competent bankruptcy attorney will proceed with a joint filing without the express permission of both spouses.

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BANKRUPTCY MYTH:

A CONSUMER CAN CHOOSE WHICH DEBTS TO INCLUDE IN BANKRUPTCY

bankruptcy debt

You can’t cherry  pick which creditors to include in your bankruptcy. It would be unfair to your creditors to allow you to discharge your debts to them, but continue payment to creditors you like more. This includes personal loans from friends and family members.

You can, however, choose whether you’d like to keep your financed vehicle and its accompanying debt in a bankruptcy. Additionally, you can keep paying on the vehicle, or surrender the vehicle and discharge the remaining balance. You may also reaffirm your vehicle’s payment plan, but a judge will likely only sign off on it if it is a good investment (i.e., you don’t owe way more on the car than what it’s worth).

THINK YOU CAN’T AFFORD A BANKRUPTCY ATTORNEY? 

MY AZ LAWYERS OFFERS ZERO $ DOWN BANKRUPTCY FILINGS

My Arizona Lawyers Zero Down Bankruptcy Attorneys

Our $0 Down Bankruptcy program requires zero money out of pocket to file bankruptcy.  Plus, Zero money down to wipe out debt.  In other words, zero money out of pocket to begin to take back control of your life.  Zero money down can stop the phone calls from creditors.  Also, zero money down may end a wage garnishment.  Retain an Arizona bankruptcy attorney who is dedicated to protecting your rights as a debtor for zero money down.  Bottom line –  it takes zero money down to get out of debt!

FILE BANKRUPTCY in ARIZONA WITH $0 DOWN

Filing $0 Down Bankruptcy a program offered by our law firm in order to make debt-relief a reality for Arizona residents.  It is a great deal for many people in AZ who have debt and are struggling to make monthly bill payments.  If bankruptcy is the best method to wipe out your debt, we can help you afford to get a fresh start.  Many of our clients are desperate for relief from wage garnishments, collection actions from creditors, and overwhelming amounts of debt.

Filing Bankruptcy in Arizona

Filing Bankruptcy can erase debt, provide a clean slate financially, and the means to move forward.  Out of control debt affects one’s family, personal, and professional life.  It would stand to reason that if a person is in the position to file bankruptcy, they simply cannot find the means to fund an attorney.  We understand that some Arizona residents stay in the vicious cycle of missing monthly payments and accruing more debt because they could not get the up-front fees collected to pay a lawyer.

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