Arizona Chapter 13 Bankruptcy - A Plan to Retain Assets
One of the options available within the realm of bankruptcy laws is to file for protection under Chapter 13 of the United States Bankruptcy Code. Chapter 13 is a form of bankruptcy filing that is known by many as a wage earner's bankruptcy, as it generally allows people in debt who are continuing to generate income to get themselves back to even ground with their debts and to put the portions of debt that they cannot pay behind them. The process of moving through a Chapter 13 Arizona bankruptcy is somewhat involved and should be handled with the help of experienced Arizona bankruptcy lawyers.
A Chapter 13 Arizona bankruptcy case involves the filing of a plan with the court that provides for payments on existing debts for what is usually a period of three - five years. During the duration of this plan, payments are sent to creditors on a monthly basis that over time pay off at least a portion of their debts, and when the plan is complete the remaining amount of debt is discharged, or basically eliminated. Most importantly, there are options and steps available within this chapter that allow debtors to retain their assets that include their homes and their vehicles.
How Phoenix Bankruptcy Lawyers Can Help
No two financial situations are ever exactly alike, but fear of losing assets is not a reason to take the first step towards putting a plan together to put an end to monetary stress. If you're ready to move out from under debts that you cannot catch up to, contact the experienced Phoenix bankruptcy attorneys at David Wroblewski & Associates today to schedule a free initial consultation.
