Are you struggling with debt? Do you live day-to-day dealing with harassing creditors and intrusive phone calls? It may be time to consider bankruptcy as an option. Chapter 7 bankruptcy can be a powerful tool to eliminate your debt and regain freedom from financial stress.
At the Arizona bankruptcy law firm of Wilson-Goodman Law Group, PLLC, we can explain the bankruptcy process and help determine if you are eligible for Chapter 7 bankruptcy. Our Queen Creek and Gilbert Chapter 7 bankruptcy lawyers are here to guide you smoothly and efficiently through the legal system and help you find a fresh start.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a form of personal bankruptcy that wipes out unsecured debts, such as credit card bills and medical bills. Debtors may be required to sell off certain nonexempt property to repay creditors. However, liquidation does not mean that you will lose all your belongings. Federal and state exemptions allow you to keep a fair amount.
New bankruptcy laws were passed in 2005 that changed the requirements for filing bankruptcy. Today, eligibility for Chapter 7 bankruptcy is determined through a means test. This test considers an individual’s income and expenses. Individuals with a low-enough income — or high-enough expenses — may qualify for Chapter 7. Even if you don’t, you will usually have the option of filing for Chapter 13 bankruptcy instead.
Is Bankruptcy Right For Me?
Bankruptcy is a scary prospect for many people. However, if you find yourself in an unmanageable situation struggling with debt, it may be time to consider bankruptcy.
Chapter 7 bankruptcy can completely wipe out your unsecured debts. In addition, as soon as you file, the court will order an automatic stay on your behalf. This stay immediately stops creditor harassment, stops wage garnishment, halts home foreclosure and offers other benefits.
Contact Our Debt Relief Lawyers
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.