Do I qualify for Bankruptcy?
This is why it is important to retain a Bankruptcy Certified Specialist. Contact us NOW for a FREE CONSULTATION so we can determine what type of bankruptcy you qualify for.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a federal law that allows a person (or couple, if married) or business to wipe out a majority or all of their debt. To file for chapter 7 you need to financially qualify, and this is done in 2 steps. If you earn less than the median income for your family size (defined by the Arizona Census), you are a presumptive pass. If you are over that median amount, you may still qualify for a Chapter 7 bankruptcy. Our experienced team of attorneys will then analyze your income & expenses and in many cases we can achieve a secondary pass and file a chapter 7 bankruptcy.
The following are types of debt that can be eliminated:
-Credit Card Debt
-Certain Income Taxes (that meet specific criteria)
Can I keep my assets?
In Arizona there are a set of State “exemptions” — this is the amount of equity (value) you are permitted to have in each of your assets before you must surrender them. Our aggressive attorneys will aid you in the best strategies to ensure that you will keep as much if not all of your allowable assets. If you have a house you wish to keep, keep current with your payments and it will be business as usual. Have a car with a car loan? No problem, keep making your payment and that contract can be reaffirmed and continue as normal.
How long is the process?
Once you have retained our Law Firm we will quickly move you through the pre-filing process. Your attorney will be with you every step of the way. Once all our due diligence is complete, you will sign your “bankruptcy petition” and we will file it with the Court on your behalf. Within 30-45 days you will have a short court appearance, with your attorney by your side. 90 to 120 days after that appearance is the usual time for you to receive your discharge. That’s all there is to it. Don’t lose your qualified savings account, retirement, or home because of debt. Call us for a FREE Financial Analysis today.
What if I do not qualify for Chapter 7 Bankruptcy? Do I have alternatives?
Yes you do. If chapter 7 is not right for you, you may qualify for Chapter 13.
What is Chapter 13 Bankruptcy?
In a Chapter 13 we can reorganize your debt and get you into a payment plan where you can pay just a small portion or all of your debt through the Court in a 3-5 year plan. What are the benefits of Chapter 13 if I am paying back my debt? In a Chapter 13 you can stop creditors from taking legal action against you. You can save your home by paying the arrears over 5 years and stop foreclosure. You can pay your “priority” debt (such as back income taxes) through the Court and have your payments go to that debt and less to credit cards and medical bills. Once you have completed your plan payments, the remainder of your debt is discharged and forgiven.
How much will I have to pay every month in a Chapter 13 Bankruptcy?
How much you pay back is dependent on many factors, including your income, your secured liabilities (mortgage, car payments), and how much unsecured debt you have.
I heard they changed the Law to make it harder to file Bankruptcy. Is that true?
Yes, the Bankruptcy Law was changed in 2005 to add a “Means Test.” This is a complex set of calculations of income and expense to determine whether you can file for bankruptcy, and in certain circumstances how much the minimum payment is in a Chapter 13 bankruptcy. Here at the Teague Law Firm, our attorneys are very experienced with this evaluation process and have prepared literally thousands of Means Tests. Armed with this experience and knowledge at your side, we strive to give you the best possible outcome to your unique situation.
If I had money I would not be filing Bankruptcy, how much and how can I afford a lawyer?
Here at the Teague Law Firm we understand your difficulties. That is why we have opened a Law Firm that puts the client first. We can tailor a payment plan for legal fees that are affordable, realistic, and competitive, where you are in control.