Chapter 7 Bankruptcy

Have you decided bankruptcy is the best option for you?  As your Phoenix bankruptcy lawyers, we are prepared to help you file the petition asking the court to discharge your debts, which is necessary in a “straight” bankruptcy case under Chapter 7.

The basic idea in a Chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors.

If you want to keep property like a home or a car and are behind on the mortgage or car loan payments, a Chapter 7 case probably will not be the right choice for you. Arizona Chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt.

In Arizona, the income for a family of four can be no more than $65,796.  Higher-income consumers must fill out “means test” forms requiring detailed information about their income and expenses.

Call (480) 634-7480 today to set up an initial consultation.  Fill out the form for a FREE EVALUATION.  A Thompson Law Chandler bankruptcy attorney will be in touch with you promptly to help you set an appointment.