Arizona residents that are struggling to make ends meet, living paycheck to paycheck, and don't know what to do about the creditors harassing them for their outstanding debt should consider filing for bankruptcy in Arizona with Price Law Group. There are typically two options for residents in Arizona when it comes to wiping away many of their outstanding debts: Chapter 7 or Chapter 13 bankruptcy and we will help determine which type of bankruptcy is right for your situation.
Residents in Arizona looking to file for Chapter 7 bankruptcy must qualify for this type of bankruptcy. You must make less than the median income in your specific area, however, if you make more than the median income, there are still ways to qualify for this type of bankruptcy. Chapter 7 bankruptcy is also referred to as "liquidation" or “straight bankruptcy” where you can get immediate relief from the creditors in which you owe monies to on your outstanding debts and there is no repayment plan for this type of bankruptcy.
Chapter 13 bankruptcy also known as wage-earners bankruptcy is a type of bankruptcy where all of your outstanding debts are organized into one group and the majority of your income goes towards paying off these debts over a 3 to 5 year period. You will have monies left aside to pay mandatory bills such as a car or house payment, rent, utilities, etc. but the rest of your disposable income will be placed towards repaying your debts.
When you are looking for a way to take control of your financial situation, Chapter 7 or Chapter 13 bankruptcy may be the answer to your financial situation. While bankruptcy isn’t right for everyone, it can be the right path when you are struggling to make ends meet. Work with our Arizona bankruptcy attorneys today to wipe the slate clean and start fresh in your financial life.