12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about Personal Bankruptcy in Zip Code 85634

Frequently Asked Questions about Personal Bankruptcy in Zip Code 85634


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free AZ Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free AZ Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Zip Code 85634
    Chris Winchell Atty
    207 N. Gilbert Road, Suite 001
    Gilbert, AZ 85234
    (480) 917-9977
    Mon-Fri 7:30am-6pm, Sat 9am-6pm, Sun Closed
    RJ Hurwitz
    3303 E Baseline Rd Suite 113
    Gilbert, AZ 85234
    (480) 535-8988
    Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
    Jerold Kaplan Law Office
    2738 E Washington St
    Phoenix, AZ 85034
    (602) 258-8433
    Attorneys, General Practice Attorneys
    Zachary Law Group
    625 N Gilbert Rd Ste 207
    Gilbert, AZ 85234
    (480) 535-8252
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Busin
    Phillips Bill
    1122 E Jefferson St
    Phoenix, AZ 85034
    (602) 271-7700
    Attorneys
    Loy, Wesley S - Broening Oberg Woods & Wilson
    1122 E Jefferson St
    Phoenix, AZ 85034
    (602) 271-7700
    Attorneys,  Business Law Attorneys,  Real Estate Attorneys,  Litigation & Tort Attorneys,  Labor & E
    Broening Oberg Woods Wilson
    1122 E Jefferson St
    Phoenix, AZ 85034
    (602) 271-7700
    Attorneys, Labor & Employment Law Attorneys, Tax Attorneys, Business Law Attorneys, Arbitration Serv
    Ahern Kevin T
    1122 E Jefferson St
    Phoenix, AZ 85034
    (602) 271-7700
    Attorneys
    Andrew E. Moore Law Firm, P.C.
    207 N. Gilbert Road, Ste 1
    Gilbert, AZ 85234
    (480) 699-7454
    Family Law Attorneys, Divorce Attorneys, Land Planning Services, Zoning Consultants, Real Estate Att
    Dennis G Bassi
    1100 E Washington St
    Phoenix, AZ 85034
    (602) 258-6684
    Attorneys, General Practice Attorneys
    Timothy Durkin
    2990 E. Washington #213
    Phoenix, AZ 85034
    (480) 612-6309
    Child Custody Attorneys, Divorce Attorneys, Family Law Attorneys
    Mitch Fry & Assoc
    1831 E Jackson St
    Phoenix, AZ 85034
    (602) 252-5333
    Attorneys, Legal Service Plans
    Wylde Summers P
    3303 E Baseline Rd Ste. 109
    Gilbert, AZ 85234
    (928) 377-4670
    Moore J William
    1144 E Jefferson St
    Phoenix, AZ 85034
    (602) 253-4572
    Attorneys
    John Bednarz, P.C.
    3651 E Baseline Rd Suite E-130
    Gilbert, AZ 85234
    (480) 420-4108
    Attorneys, Divorce Attorneys, Child Custody Attorneys
    Crowe Tom
    1100 E Washington St # 200
    Phoenix, AZ 85034
    (602) 252-2570
    General Practice Attorneys, Legal Service Plans, Attorneys
    Blumenreich Law Firm
    1100 E Washington St # 200
    Phoenix, AZ 85034
    (602) 252-2570
    Attorneys, General Practice Attorneys
    Blischak John W
    1100 E Washington St # 200
    Phoenix, AZ 85034
    (602) 252-1984
    Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law
    Chris Dutkiewiczs Law Office
    2451 E Baseline Rd
    Gilbert, AZ 85234
    (480) 505-1877
    Real Estate Attorneys,  Attorneys,  Bankruptcy Law Attorneys,  Corporation & Partnership Law Attorne
    Chris Dutkiewicz, P.C.
    3303 E Baseline Rd Bldg 4, Suite107a
    Gilbert, AZ 85234
    (480) 505-1877
    Bankruptcy Law Attorneys
    Wylde Summers PLLC
    3303 E Baseline Rd, #5-109
    Gilbert, AZ 85234
    (480) 582-1500
    Attorneys, Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys, DUI & DWI Attorneys
    Scrivner Charles D
    1013 E Washington St
    Phoenix, AZ 85034
    (602) 257-1474
    Attorneys, Legal Service Plans
    Delaney & Melkonoff PC
    1013 E Washington St
    Phoenix, AZ 85034
    (602) 257-1474
    Social Security & Disability Law Attorneys,  Accident & Property Damage Attorneys,  Personal Injury
    Dennis C. O'berry
    1737 E Linda Ln
    Gilbert, AZ 85234
    (480) 582-1302
    Attorneys, Product Liability Law Attorneys
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US