Tucson and Phoenix Bankruptcy Lawyer

Stop foreclosures, wage garnishments, reposessions, and creditor harassment! 

The recent credit crunch and market instability has led to widespread layoffs and unemployment. Not to mention, many families are stuck in homes that they owe far more than what the home is worth. If your bank or mortgage company is refusing to modify or re-work your loan, bankruptcy may be the best answer. Our Phoenix bankruptcy attorneys have many years of experience in the legal, financial, and real estate industries and can help you get back on track with affordable services. Allow a Phoenix bankruptcy lawyer to throw you a raft to stay afloat in these turbulent times.   

The bankruptcy laws have changed. However, the laws still help most people with their financial difficulties by proividing a clean slate or fresh start. A Chapter 7 or Chapter 13 bankruptcy may be the best option to rebuild your credit and improve your financial situation. The creditor calls will stop and you’ll be able to breathe again. A Chapter 11 bankruptcy can also be used to allow a business to continue operating while obtaining relief from business debts. A Chapter 11 bankruptcy may be the answer if your situation doesn't warrant a Chapter 7 or Chapter 13. 

Phoenix, AZ Bankruptcy Lawyer

If you're seeking a Phoenix, AZ bankruptcy lawyer, you've come to the right place. Our Phoenix bankruptcy attorneys pride themselves on experience and industry recognition for success. Whether you're an individual seeking relief or a business owner, our Phoenix bankruptcy lawyers will analyze the facts of your case to formulate the best plan going forward. A Phoenix Chapter 11 bankruptcy lawyer can formulate a Chapter 11 plan to reogrganize your debt to keep your business operational. We are your free portal to a Phoenix bankruptcy attorney.

Tucson, AZ Bankruptcy Lawyer

If you live in the Tucson area and need a Tucson bankruptcy attorney, we're at your service! Our bankruptcy lawyers now service the Tucson area and can restructure your debt effectively using the Federal Bankruptcy Code while applying local rules. Our Tucson bankruptcy attorneys provide excellent services at legal fees you can afford. We understand that you're filing bankruptcy for a reason and that attorney's fees may play a vital role in which attorney you choose. A Tucson bankruptcy attorney can effectively restructure or wipe away your debt that gives you the fresh start your entitled to under the U.S. Constitution. Our Tucson lawyers provide FREE consultations and will review your case and give you the best approach to tackle your long-term debt.

FAQs

Q:        How will bankruptcy affect my credit?

 A:       The bankruptcy will stay on your credit report for ten years from the time you file.  However, you start rebuilding your credit immediately after filing bankruptcy. Many people who file bankruptcy have credit scores that are already very low. Filing bankruptcy gives people the clean slate they need to start rebuilding. But be careful, when credit card companies and other creditors run your credit report, they now know you don’t have many bills to pay due to your bankruptcy. They also know that you may not be able to file another bankruptcy to completely wipe away your debts for another eight years.  Your debt is much lower and creditors are often eager to extend you credit with high interest rates. Don’t fall into the trap! Know your income and what you can or can’t afford to purchase. Your credit score will rise over time with responsible financial management.

Q:        What about debt management & debt consolidation companies?

 A:        You have to be very careful with debt management or debt settlement companies.  Many are legit companies that provide a service to consumers by consolidating and settling your debt. However, many claim they can negotiate on your behalf with the creditor to lower your interest rate. They may even instruct you to stop paying your creditors while the debt is being "negotiated." Meanwhile, you're paying the company a high monthly fee in order to try to avoid bankruptcy and save your credit. The creditor calls persist and you finally realize months later that your credit balances are the same or higher and your credit score is much lower.  Did you also know that settling a debt for less than you owe hurts your credit score? Further, when a debt is settled, the IRS will tax the difference between what you owed on the debt and what you settle it for as income.  Many people in this financial position are just postponing the realization that they must file bankruptcy. The sad realization is that they lost months of credit rebuilding time as well as hundreds if not thousands of dollars on debt consolidation fees.

Q:         Can I keep my house?

A:         You may be able to keep your house when filing bankruptcy.  If you have a mortgage on your house, a Chapter 7 or Chapter 13 bankruptcy may allow you keep your house as long as you can stay current on your mortgage paymenst. How much equity you have in the property is also a factor that is considered. Equity is the fair market value of the property minus how much you still owe on the property. Exemption amounts are allowed to protect a certain amount of equity in the house. Exemption amounts vary; a bankruptcy attorney can inform you of these amounts.
             Your mortgage or deed of trust is a secured debt, meaning it is attached to something physical, in this case a house.  If the mortgage is not paid, the creditor takes the house.  When people file bankruptcy, it eliminates most unsecured debts such as credit cards and payday loans. The elimination of these debts may give people the income they need to stay current on house and car payments. It also may be possible to strip the second mortgage from your house, leaving only the first.   

 Q:        Can I keep my car? 

 A:        Whether you can keep this asset also depends on the amount of equity in the property.  Basically, you may be able to keep your car depending on what its worth and how much you still owe on it. Vehicle financing is usually a secured debt, meaning the creditor can take the car if you don’t stay current on the payments.  If the vehicle is paid off, it may be able to be protected with exemption amounts that people can use to protect some assets.  It also may be possible to obtain a replacement auto loan under Section 722 of the bankruptcy code.  This replacement auto loan can lower your payments and interest rate.

If you're tired of the phone calls and creditor harassment. If you're tired of paying a debt management or debt settlement company, only to see no results. If you're tired of watching your credit score dive lower and lower, it's time to do something about it. It may be time to hire a bankruptcy lawyer. An Arizona bankruptcy attorney can get you get a fresh start before it’s too late.

Simply complete the evaluation for a free consultation from an Phoenix bankruptcy attorney. We specialize in Chapter 7, Chapter 11 and Chapter 13 bankruptcy filings. We're a debt relief agency. We help people file bankruptcy under the U.S. Bankruptcy Code.