The Basics of Bankruptcy in Arizona
The Supreme Court of the United States created federal bankruptcy laws to give a new start to those in serious financial debt. In order to provide new opportunities , the bankruptcy discharge releases debtors from liability from certain debt, and stops creditors from taking further legal action to collect that debt. There are different types of bankruptcy cases (named by chapters) provided under the Bankruptcy Code.
Title 11 of the United States Code is The Bankruptcy Code: a uniform federal law that governs BK cases. Each state in the nation has one or more judicial districts. There is a bankruptcy court for each of these districts. A bankruptcy judge is the official of the court. Any matter concerned with a federal bankruptcy case is decided by the judge.
A person filing has limited involvement with the judge. A meeting of creditors, also called a 341 meeting of creditors, is a formal hearing in which a debtor appears before the court.
Part of the bankruptcy process is administrative business which is conducted in a courthouse. Sometimes a case is overseen by a trustee.
THE PROCESS OF BANKRUPTCY IN ARIZONA
The filing process in Arizona is complex and requires knowledge of the bankruptcy law and code. To assist you in a bankruptcy, it is important that you consult with an attorney who is experienced in filing in Arizona. An attorney who is truly invested in helping a client will provide him/her with information. It is important to understand the process and legal implications and options when making decisions that will affect your financial future.
GET THE BEST DEBT RELIEF REPRESENTATION IN ARIZONA
A great bankruptcy attorney needs to be trusted, knowledgeable of the Arizona Bankruptcy Code, and capable of providing the expert legal services to suit your needs. My Arizona Lawyers will analyze your financial situation, communicate your options, give honest advice, prepare your BK petition, review the process, attend court hearings, take any legal actions necessary to the success of your case, and follow up with you regarding your case. Our Arizona law firm even offers assistance with clients who have completed the bankruptcy process, received a discharge, and need help rebuilding credit in the post-bankruptcy stage of the process.
ESTABLISHING A CLIENT RELATIONSHIP
Therefore, when looking for an attorney, seek an attorney who is not only qualified to do the job, but one with whom you feel comfortable. My Arizona Lawyers believes in establishing a foundation of trust and professional legal service. Our goal is to provide affordable legal help to Arizona. Besides being cost-effective, our law firm has experienced lawyers and staff to better serve.
Furthermore, you should be able to feel free to ask questions and you should also expect to get answers that you can understand. From our law firm you can expect information, feedback, and a staff that works with you. More than likely, the outcome of your case depends on a competent lawyer and a team on which you can depend. Call our Arizona bankruptcy team today.
CHOOSE THE BEST METHOD OF DEBT RELIEF FOR YOU
After conferring with an attorney and assessing your debt situation, if declaring bankruptcy is the best means for your case, choose the best bankruptcy chapter that is best for your financial goals. With the assistance of an experienced debt relief law firm, review all your options, and begin the process toward a fresh start. There are different reasons why clients file Chapter 7 or Chapter 13 bankruptcy. Each chapter provides different protections and protections when eliminating debt.
BANKRUPTCY CREDIT COUNSELING
Any debtor filing for bankruptcy must take credit counseling. This must be done within six months before filing bankruptcy. A financial management instructional course must be completed after filing bankruptcy. You may have questions regarding these mandatory courses. An attorney would be glad to give you more information.
An automatic stay goes into effect immediately upon filing for bankruptcy with the court. An automatic stay is a very powerful tool and beneficial to those filing. The automatic stay stops bill collectors and creditors in their tracks.
The automatic stay stops creditors from contacting or harassing you regarding your debts. It is actually illegal for them to contact you once they have been given proper notice of your filing. We can stop creditors from harassing you! Additionally, the automatic stay stops any foreclosure proceedings and any legal action against the debtor. It is also helpful in most repossession cases.
THE BANKRUPTCY TRUSTEE
A trustee will be appointed to your bankruptcy case but the bankruptcy court. When you file your petition for bankruptcy, the court assumes legal control over your debts. Any property or assets not covered by Arizona exemptions is also handled by the trustee. The trustee conducts a thorough review of your paperwork. It is the job of the trustee to make sure that the assets you have and exemptions you claim are legit. This person also is responsible for paying your creditors when possible.
Part of the bankruptcy process is completing forms. Specific paperwork filed with the court is required. An attorney and legal staff will assist in this matter. You must provide information pertinent to the bankruptcy including expenses, income, assets, and debts. Next, the attorney will prepare forms needed by the court based on the accurate information you provide. Because all required documents need a timely filing, it is so important that you enlist the help of an expert in Arizona Bankruptcy Law.
FILING THE BANKRUPTCY PETITION
An initial bankruptcy petition is filed. There may be additional forms needed by the court or trustee. Meeting the deadlines for submission of these forms is important so that there are no delays in the process, consequences, or case dismissal. My AZ Lawyers know the procedures, the necessary paperwork, rules, and timelines.
The meeting of creditors, also called a 341 hearing, is a mandatory court appearance. After filing the bankruptcy petition, the debtor is required to be at this court hearing. Your bankruptcy attorney may need to attend additional hearings on your behalf, depending on the specifics of your case. My AZ Lawyers will let you know all about what to expect at this meeting of creditors, and prepare you fully for your appearance in court. Our attorneys will provide you with the proper legal representation at this hearing. Basically, it is a time in court for any motions or objections filed by a creditor, the trustee, or the debtor.
THE BANKRUPTCY DISCHARGE
After fulfilling all requirements of a bankruptcy and completing the process, a discharge is granted by the court. The debtor is not required by law to repay any debts owed that have been discharged through bankruptcy. Also, a creditor may not take any further legal action against, nor make any attempt at contacting the debtor. A bankruptcy discharge is the permanent order preventing creditors from taking any actions to collect a discharged debt. Once a bankruptcy is discharged, the debtor is released from any personal liability for certain debt.
A bankruptcy discharge will be granted typically if there is no objections or litigation involving the discharge. The attorney as well as the debtor will receive copies of the order of discharge. The debts that are discharged vary under each chapter of bankruptcy code. Consult with your attorney as to what the Arizona exemptions are and which kinds of debt can be erased.
HOW TO FIND THE BEST ATTORNEY TO ASSIST YOU IN THE BANKRUPTCY PROCESS
Before Arizona residents seek out assistance for a bankruptcy, they often go in search of the best debt relief lawyers in their area. Of course it is imperative to have the right attorney to represent you in your quest for a fresh financial start.
First, take advantage of the free consultation and debt evaluation offered by My Arizona Lawyers Law Firm. In office or by phone, you will be able to meet with an attorney. In this initial consult, you will be able to find out more about the firm, the cost of filing, and the bankruptcy team. You will be able to ask questions about the specifics of your case and seek some advice from an experienced, trusted professional.
REASONABLE FEES AND COMPETENT ATTORNEYS
My AZ Lawyers has competent attorneys. Driven by their expertise in Arizona Bankruptcy Law and confidence in the bankruptcy process, My AZ Lawyers can deliver on expert bankruptcy and debt relief legal services. When you call to make an appointment for a free debt evaluation, find out what a typical fee is going to be for a Chapter 7 or Chapter 13 bankruptcy case. Our law firm provides affordable legal service for Arizonas.
Choose a lawyer who will communicate effectively and give you an idea of his/her availability. Our attorneys and bankruptcy staff will handle the routine aspects of the process, and make sure that someone is accessible. It is important to our clients to be able to easily schedule appointments and get phone calls returned.
EFFECTIVE ATTORNEY-CLIENT COMMUNICATION
You need clear, honest, accurate answers when trying to achieve financial freedom. Clients rely on the legal staff to take charge of a case and provide desired results. It is in your best interest to participate fully in your case and to feel comfortable with the attorney who represents you. After retaining a bankruptcy attorney, you should feel confident that your attorney can offer answers to you at anytime you have questions regarding your case.
SOUND LEGAL ADVICE
Your attorney should hear your goals for your particular debt issue and make judgements and recommendations for your specific needs. My AZ Lawyers can outline the exact services provided by the bankruptcy staff ant attorney. At our law firm, you can expect legal advice that is in the best interests of your case. Our attorneys will provide information about what you can expect from the entire bankruptcy process, and how to use bankruptcy protection to achieve your financial goals. What type or chapter of bankruptcy is also an important decision when managing debt.
You should be cautioned by a lawyer if there may be any risks or difficulties that you may encounter through the course of your case. Setting clear expectations and giving solid information about the process is part of what makes our law firm successful in representing clients in Arizona.
ARIZONA BANKRUPTCY EXEMPTIONS
Arizona bankruptcy law details the property that you can protect, or exempt, from creditors when you file. There is a listing of exemption categories, and dollar amounts. Certain debts may not be wiped out in a bankruptcy. Exempted property, however, you may be able to deep after you file bankruptcy. Some debts that cannot be erased in a bankruptcy include alimony obligations or debts due to family support or back child support. Also debts caused by driving while under the influence that involve death or personal injury can not be eliminated. Nor can student loans, tax law fines or penalties, income tax debts, or debts you do not list in your bankruptcy paperwork.
The experienced Arizona bankruptcy attorneys at My AZ Lawyers are experts in the law. They know the exemptions and can help with exactly which debts can be discharged and which assets and properties can be exempted. There are some specifics to the exemption laws like exemption limits, properties secured by loans, and valued assets. Some federal exemptions may also apply. Trust My AZ Lawyers to completely cover the Arizona exemptions covered under the law. Our law firm will work to seek out the best resolution and benefits for your case. What about non-exempt property? To keep these, generally what happens is the debtor pays the trustee the value of this property.
THE DIFFERENT CHAPTERS OF ARIZONA BANKRUPTCY PROTECTION
CHAPTER 7 BANKRUPTCY
Chapter 7 is also known as a liquidation bankruptcy. Basically, a trustee analyzes the assets of the debtor, liquidates them, then distributes money owed to creditors. There are nonexempt properties in Arizona Chapter 7 cases, so in some cases, there may be no liquidation of the assets. An individual who receives a discharge in Chapter 7 is released from all personal liability for certain debts.
THE MEANS TEST
A bankruptcy applicant in Arizona must first complete a means test. This is a part of the process to determine if you are even are eligible for filing bankruptcy. An attorney can help you with this test that will determine whether or not you qualify for relief under Chapter 7 bankruptcy protection. Basically the test shows if the debtor’s income exceeds a predetermined threshold.
This filing is for municipalities: cites, towns, counties, school districts, villages, or municipal utilities. Chapter 9 bankruptcy is basically a reorganization of debt.
Usually, a debtor in a Chapter 11 is a commercial enterprise. Filing Chapter 11 is also referred to as reorganizing debt. When the debtor wishes to continue operating a business, reorganizing debt allows them to repay creditors through an approved plan. After providing a disclosure statement, a plan of reorganization is created, and if approved by the creditors, is used to repay of portion of debts. The repayment plan can also include other operations including asset recovery, or termination of contract. A Chapter 11 process includes debt reorganizing and debt consolidation.
The Chapter 12 bankruptcy process provides debt relief and protection to fishermen and family farmers with stable income. A plan is proposed by the debtor to repay debts over a period of time. Usually, the repayment is under three years. A trustee is involved in a Chapter 12 bankruptcy. The trustee distributes payments to creditors per an agreed plan. A farmer or fisherman can keep operating a business while executing the Chapter 12 payment plan schedule.
Chapter 13 is an option for bankruptcy designed to permit a debtor to keep assets of value. It allows for a plan to repay creditors over a period of time. If a debtor does not meet the requirements to file Chapter 7, this bankruptcy filing is an option. Once the payment plan is approved, a trustee is used to oversee the plan and make payments to creditors. During the course of the payment plan, the debtor is protected from garnishments, creditor lawsuits or other actions.
The goal of a Chapter 15 Bankruptcy filing is to provide a uniform cooperation between the United States court system and authorities and the courts of foreign countries. This filing promotes the protection and administration of cross-border insolvency cases. It serves to protect the interests of creditors and debtors involving another nation.
A LAW FIRM ABLE TO HANDLE YOUR BANKRUPTCY
My AZ Lawyers has a reputation for successfully representing Arizona clients through the bankruptcy process. This is so because the attorneys are familiar and experienced in the Arizona and federal bankruptcy laws. My AZ Lawyers know the Arizona bankruptcy courts, judges, trustees, and procedures.
Commonly, the difficult decisions are made depending on if you file for Chapter 7 or Chapter 13 bankruptcy. Our firm has the skills needed to handle your case. We will update you on your case if necessary to ensure that you are informed if any issues should arise. You will be provided with updates and kept informed about any new or possible new developments.