How do I file for a Chandler, AZ, bankruptcy?

                                                                                         

The first, and most important step, is to find a reputable Chandler bankruptcy attorney. You can start by contacting the state bar of Arizona or the Maricopa County Bar Association for referrals.

Next, you need to gather your paperwork. This must include absolutely every debt you owe, including credit cards, mortgages and car loans. You will also need to bring six months of paycheck stubs, bank statements and tax returns to the first meeting with your bankruptcy attorney. At the meeting, you and the attorney can discuss your secured debts, like car loans and mortgages, wherein creditors have an interest in property, as well as unsecured debts, like medical bills and most credit cards. Your lawyer will explain which of your debts can be discharged through bankruptcy and which, such as student loans, delinquent taxes, and child support, you will likely remain liable for.

At this point, your attorney will help you determine if you are eligible for a Chandler bankruptcy and what type to file: Chapter 7 or Chapter 13. Chapter 7, known as liquidation bankruptcy, discharges your debt quickly. However, it is primarily for those earning below the Arizona median income and without major assets to protect. Chapter 13 takes longer, as it is an adjustment of debts, designed to help you catch up on payments while keeping your home and car.

Before any bankruptcy can be filed, you must attain approved credit counseling, which will assist in reviewing your debts and determining your ability to repay them under restructuring. The next step is for you and your attorney to complete a bankruptcy petition, review it, and file it electronically. At this point, your creditors will be notified, and are required to stop any collection efforts.

Finally, you must attend a bankruptcy court hearing called a Meeting of Creditors. If this goes well, and you comply with the rules of your bankruptcy, your debt will be discharged by a judge, and you’ll have a chance to make a fresh start.

So, should you file for bankruptcy? It’s a big step, with major repercussions, both positive and negative. Every person’s case needs to be considered individually. But with good advice, you can determine whether the steps above are ones you ought to be taking.

About the author:
Elle Wood likes to share with her readers businesses and corporations that bring value to your life. For additional information regarding the services of a Chandler Bankruptcy Attorney or information regarding a Chandler Bankruptcy please visit DaultLaw.com.

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