BANKRUPTCY MYTH: Only financially irresponsible people 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 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.

Medical expenses, for example, is a very common reason we see Arizona residents filing bankruptcy. Serious illness or unforeseen accidents or injuries are expensive and can result in loss of income. Medical bills can easily create debt and a financial crisis that is so overwhelming, the option to file bankruptcy is necessary. There are many reasons for filing bankruptcy, including wage garnishment, facing a foreclosure or repossession, or the need to get a clean financial slate.

The other truth is that individuals considering bankruptcy do give every effort into trying to overcome their debt. Even in a hopeless situation, clients do try for months and months to make a dent in the debt, but miss payments and hurt their credit in the meantime. At My Arizona Lawyers, our legal staff will provide the assistance and legal service you need to eliminate or reduce debt. When you schedule your free consultation with an experienced Arizona bankruptcy lawyer, you will gain information, understanding of your rights as a debtor, and explore options for your particular debt-relief situation.