Typical Bankruptcy Scenario

WHAT CAN I EXPECT WHEN BANKRUPTCY BEGINS?

Many people find the thought of bankruptcy scary, the process overwhelming and the thought of discussing your debt in front of anyone a shameful and miserable experience.

At Thompson Law Firm, our legal team takes your every concern into mind from the initial consultation until you receive your discharge papers from the Court. Our Phoenix bankruptcy attorneys stay with you every step of the way.

We are in your corner and can put an end to the harassing phone calls, demanding letters, eviction and foreclosure notices, and garnishment proceedings. We work with you to make sure your bankruptcy goes as smoothly as possible.

What you can expect is RELIEF.

THE TYPICAL BANKRUPTCY

First, be prepared to bring all the information necessary to complete your bankruptcy forms, including a list of creditors and how much you owe them, information about your income, a list of assets and your living expenses. Our attorneys will work with you to make sure that the forms are completed correctly and accurately.

Every person filing for an Arizona Chapter 7 bankruptcy will be required to attend credit counseling and take a means test. The means test compares your income to other wage earners in Arizona and determines how much disposable income you have. Our attorneys will go over the test with you in our initial consultation.

Once these steps are successfully completed, we file your petition for bankruptcy.

Within 40 days after the filing, a creditors meeting is held. This is often referred to as a 341 meeting. At this meeting you are put under oath by the trustee who has been assigned to your case, and any creditors who wish to attend, ask you questions about your financial affairs. Creditors are then given 60 days to file disputes. Your lawyer will be at this meeting but will likely not be actively involved.

Your lawyer will meet with you prior to the hearing and remain with your throughout the hearing. During the process, the exempt property you will be allowed to keep is identified.  Exempt property consists of critical assets including a home, car, clothing, household goods and other items. The trustee can object to any of the property you have listed as exempt.

At the end of this process you will receive a discharge which releases you from personal liability for any debt that was included in the bankruptcy filing. The case can remain open for up to three years if there are nonexempt assets still available for distribution to creditors.

Our attorneys will be with you step by step from the beginning when you choose the financial recovery methods that will be best for you, including Chapter 13 bankruptcy, Loan Modification or Debt Settlement.

Call 480-634-7480 to make an appointment with a Thompson Law Firm Chandler bankruptcy attorney.  Or you can fill out the form for a FREE EVALUATION.  An attorney from our firm will contact you promptly and help you set up an appointment to discuss solutions for your financial situation.  Arizona Legal Advocacy Group, LLC serves Arizona communities in Maricopa County, including Phoenix, Scottsdale, Tempe, Apache Junction, Queen Creek, Chandler, Gilbert and beyond.