Chapter 13 Bankruptcy

Arizona Bankruptcy Attorneys Helping To Relieve Your Debt

Chapter 13 bankruptcy offers a way for individuals and sole proprietors to obtain relief from their oppressive and unmanageable debt.

Chapter 13 bankruptcy is commonly referred to as the ??estructuring chapter??because it allows individuals and some businesses to essentially reorganize their debt into a manageable repayment plan with better terms, including possibly lower interest. In Chapter 13, as opposed to Chapter 7, filers are required to pay back some or all of their debts. Chapter 13 filers will not, however, face the liquidation of their assets. Instead, a Chapter 13 filer?? debts are repaid through a repayment plan developed by the filer and his or her attorney.

The experienced Chapter 13 Phoenix bankruptcy attorneys at My AZ Legal Team, PLLC will thoroughly assess your individual circumstances to determine whether Chapter 13 bankruptcy is right for you. When you call My AZ Legal Team, you can rest assured that we are always hear to answer your questions and you will always be promptly connected to a top rated bankruptcy attorney. Our renowned bankruptcy lawyers are dedicated to achieving client satisfaction and handle all filings themselves.

Making Your Debts Manageable

The purpose of Chapter 13 bankruptcy is to make your currently burdensome debts more manageable. Using this bankruptcy tool, you can salvage your assets and even keep your home, all while fulfilling a repayment plan you create. Your experienced bankruptcy attorney can examine your debts, assets, and income to provide you with an individualized assessment as to whether Chapter 13 is the answer to your financial troubles.

My AZ Legal Team, PLLC: Your Brighter Financial Future Could Be Attained Through Chapter 13 Bankruptcy

For some individuals and businesses, Chapter 13 bankruptcy can provide an ideal way to reorganize or restructure their currently unmanageable debt into a lower repayment plan. Using Chapter 13, you can wipe out your debt without facing the loss of your possessions. The Phoenix Bankruptcy Lawyers at My AZ Legal Team, PLLC have assisted countless Arizona citizens in filing for Chapter 13 bankruptcy and we can do the same for you. Our skilled bankruptcy attorneys are available 24 hours a day/seven days a week to discuss your bankruptcy options. At My AZ Legal Team, you will always speak directly to an attorney and have an attorney prepare your bankruptcy petition. Our top bankruptcy attorneys offer low flat fees and quality representation. Call My AZ Legal Team, PLLC today at (602) 900-9834 to schedule your free consultation.

Offering an Alternative to Chapter 7 Bankruptcy

Chapter 13 bankruptcy allows individuals and sole proprietors to pay off their non-dischargeable debts over a period of three to five years. This type of bankruptcy allows you to keep the majority of your assets, so long as you agree to meet the monthly payments set by the court.

There are several reasons why Phoenix residents elect to file for bankruptcy under Chapter 13. This type of bankruptcy can benefit those who:

1. Are ineligible for Chapter 7 bankruptcy:

The means test for Chapter 7 bankruptcy will exclude many would be filers. If your income exceeds the limits for Chapter 7, Chapter 13 may provide the ideal alternative.

2. Possess non-exempt assets:

Under Chapter 7, certain assets will be seized and sold to satisfy your debts. If you have considerable assets that are not exempt, and you do not wish to lose, Chapter 13 could better suit your needs. Further, if you risk foreclosure on your home but wish to save it, Chapter 13 can halt the foreclosure and allow you to salvage your mortgage.

3. Hold non-dischargeable debts:

Not all debts can be discharged in a Chapter 7 bankruptcy. If the majority of your debts cannot be discharged, Chapter 7 will be of little use to you. Instead, you can restructure these non-dischargeable debts into a Chapter 13 repayment plan.