Phoenix Bankruptcy Attorney
Question: Will bankruptcy ruin my credit forever?
Answer: This is a very common question, and the answer is definitely not. Filing bankruptcy gives individuals, families and businesses a legal way to gain control of unmanageable financial situations. Bankruptcy will “wipe the slate clean” and after the bankruptcy is complete, you will have the ability to start rebuilding your credit.
Question: What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?
Answer: Chapter 7 bankruptcy gives individuals and families with a low monthly income a way to discharge their debt and start fresh. It is also referred to as “liquidation” bankruptcy as some property and assets may be subject to being liquidated to satisfy creditors as part of the process. There are bankruptcy exemptions, which your attorney can go over with in regard to your personal belongings.
Chapter 13 is also known as “wage earners” bankruptcy as it allows individuals and spouses a legal means to reorganize and repay debts over time. Chapter 11 bankruptcy is similar to this, but pertains to businesses and corporations, rather than personal debts.
Question: If I file bankruptcy now, is this my only chance or is it possible file in the future?
Answer: Bankruptcy is not a one-time opportunity. If you find yourself in financial trouble in the future, it is possible to file again. The typical period that must pass before you are allowed to file is between 6-8 years.
Question: Can I file bankruptcy on my own, or is it necessary to have an attorney?
Answer: It is not a requirement that you have an attorney represent you in your bankruptcy, but is certainly recommended. Navigating through this complex legal process and dealing with your creditors can be a daunting and difficult task. A Phoenix bankruptcy lawyer can help to keep your rights protected, ensure that the proper steps are being completed and provide you with the guidance you need in order to make the best decisions possible about your financial future. At Oswalt Law Group, we are dedicated to providing you with workable debt relief services. We prepare and file Chapter 7 and Chapter 13 Bankruptcies, as well as other alternatives to bankruptcy, such as debt settlement and more.
For answers to more bankruptcy questions, as well as information about how we can help you overcome the burden of your debt, contact a Phoenix bankruptcy attorney at our firm now.