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 85354

Frequently Asked Questions about Personal Bankruptcy in Zip Code 85354


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 85354
    Politan John
    5410 E High St # 300
    Phoenix, AZ 85054
    (480) 991-9711
    Attorneys, Legal Service Plans
    Kelly Law Firm
    13430 N Scottsdale Rd Ste 106
    Scottsdale, AZ 85254
    (480) 331-9397
    General Practice Attorneys, Attorneys
    Vakula Nick
    5020 E Shea Blvd
    Scottsdale, AZ 85254
    (480) 905-9114
    Attorneys, General Practice Attorneys
    Mengedoth Paul
    14646 N Kierland Blvd # 140
    Scottsdale, AZ 85254
    (480) 778-9100
    Attorneys, General Practice Attorneys, Legal Service Plans
    Hymson Goldstein & Pantiliat, PLLC
    16427 N Scottsdale Rd Ste 300
    Scottsdale, AZ 85254
    (480) 991-9077
    Attorneys, Legal Service Plans
    Guttilla Murphy Anderson
    5415 E High St # 200
    Phoenix, AZ 85054
    (480) 304-8300
    Attorneys
    Braun Bradley S
    14811 N Kierland Blvd Ste 500
    Scottsdale, AZ 85254
    (480) 951-8044
    Attorneys, Legal Service Plans
    Kruzel Gregory M
    14811 N Kierland Blvd # 500
    Scottsdale, AZ 85254
    (480) 951-8044
    Attorneys
    Sherman & Howard
    7047 E Greenway Pkwy Ste 155
    Scottsdale, AZ 85254
    (480) 443-6900
    Estate Planning Attorneys,  Attorneys,  Tax Attorneys,  Business Law Attorneys,  Real Estate Attorne
    Gaertner John
    6920 E Shea Blvd # 203
    Scottsdale, AZ 85254
    (480) 991-6646
    Attorneys, Family Law Attorneys, Legal Service Plans
    Zimmerman Reed
    14646 N Kierland Blvd # 145
    Scottsdale, AZ 85254
    (480) 348-6400
    Attorneys
    Victor Jeffrey L PC
    5425 E Bell Rd
    Scottsdale, AZ 85254
    (888) 926-6380
    Medical Law Attorneys, Nursing Home Litigation Attorneys, Attorneys
    Bacal Glenn S
    16427 N Scottsdale Rd
    Scottsdale, AZ 85254
    (602) 262-5916
    Attorneys
    Fergus Donald E
    16427 N Scottsdale Rd
    Scottsdale, AZ 85254
    (602) 269-5911
    Attorneys
    Eichler Peter M
    16427 N Scottsdale Rd Ste 300
    Scottsdale, AZ 85254
    (602) 262-5911
    Attorneys
    Zimmerman Douglas C
    16427 N Scottsdale Rd Ste 300
    Scottsdale, AZ 85254
    (602) 262-5911
    Attorneys
    Brnilovich David
    16427 N Scottsdale Rd
    Scottsdale, AZ 85254
    (602) 262-5898
    Attorneys
    Olexa Garrett J
    16427 N Scottsdale Rd
    Scottsdale, AZ 85254
    (602) 262-5863
    Attorneys
    Bar Urness, PLC
    14901 N. Scottsdale Road Ste 302
    Scottsdale, AZ 85254
    (480) 718-5803
    Attorneys
    Snader Howard A Law Offices
    12802 N Scottsdale Rd
    Scottsdale, AZ 85254
    (480) 588-5699
    General Practice Attorneys, Legal Service Plans, Attorneys
    Sharp Roger
    14850 N Scottsdale Rd
    Scottsdale, AZ 85254
    (480) 584-5681
    Attorneys, General Practice Attorneys
    Gorman & Jones, PLC
    14850 N Scottsdale Rd Ste 355
    Scottsdale, AZ 85254
    (623) 974-5585
    Estate Planning Attorneys, Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorne
    Manning & Marder Kass Ellrod
    6909 E Greenway Pkwy # 200
    Scottsdale, AZ 85254
    (480) 477-5269
    Attorneys, Legal Service Plans
    Sonoran Law Group
    16427 N Scottsdale Rd Ste 410
    Scottsdale, AZ 85254
    (602) 387-5200
    Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US