Retain Assets With Chapter 13 Bankruptcy in Arizona
Posted on behalf of Phillips Law Group on Dec 15, 2010 in Local
The economy in Arizona is suffering despite some pieces of news that indicate that things are beginning to trend towards the positive. Even if that's the case, the damage has been done to countless residents of the state by way of a flagging jobs market, a disastrous real estate market and a failing credit market. As a result, many people find themselves in situations where they are behind on their bills and unable to catch up for any number of reasons. For those in this situation, it's time to take a close look at their financial pictures to plot a course to recovery with the help of Arizona Chapter 13 bankruptcy lawyers. Below is the look at an option for relief that could allow many people to retain the assets they have spent years working for and accumulating.
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 atArentz Law Group PLLC today to schedule a free initial consultation.