“"Bankruptcy Attorney Phoenix"
The global economic crisis is affecting millions of people; thousands are out of jobs and most are facing financial hardship. It is hard to cope, when you do not have the means to pay the debts or earn enough to meet the basic needs of your family. Sometimes, desperate times call for desperate measures. For some financial problems, there may be a quick solution. For those who are unable to manage their debt, declaring a personal bankruptcy in Phoenix may be a way out.
If you are in debt, you know the frustration of dealing with ruthless creditor. They keep hounding you for payments on your past due bills. They call you what seems like 24 hours a day. They hunt you incessantly and relentlessly. Such constant harassment makes you go crazy.
If you want to put a stop to creditors calling you none stop, then filing for bankruptcy may be the perfect solution. But before you file for bankruptcy in Phoenix, AZ you need to know the following information.
"How A Bankruptcy Protects You"
It is the job of your creditors to get you pay your bills. They will use what ever legitimate means possible. That includes calling you continuously. They can also take you to court and press charges against you. These actions cause you stress, fear and depression. How do you stop them? The answer is to file for bankruptcy. Once you have done that, the creditors will have to cease all legal actions against you. Bankruptcy is your protection against your creditors.
"Chapter 7 or Chapter 13 Bankruptcy"
You have the option to file for either a Chapter 7 or Chapter 13 Bankruptcy. Either one of these Bankruptcy filings will stop the creditors from pursuing you for your past due payments.
The Chapter 7 bankruptcy filing is called a liquidation bankruptcy. This clears you of all consumer debts. With this bankruptcy, your personal debts are wiped clean. But it does not cover alimony payments, child support payments, student loans or IRS past due amount and some other legal obligations.
The Chapter 13 is sets forth a repayment plan. There are certain side effects that you may face in the future for filing Bankruptcy. As part of your Chapter 13 bankruptcy filing in Phoenix AZ, you have to propose a repayment plan to your creditors. The court will examine your proposal and decide if the repayment plan is appropriate. They may decide that your debts need to be settled in full, reduce your debt or wipe it out completely. Under a Chapter 13 you should off all your personal debts within five years.
Which type of bankruptcy is suitable for you? The best way to find out is to work with a legal professional, like Attorney Jack Simon.
