Posted on behalf of Phillips Law Group on Sep 08, 2010 in Local
People all over the United States are feeling the results of the economic downturn that's led to the worst economic conditions in more than 70 years. In many ways, the people of Arizona have been hit particularly hard, as one of the main reasons for this wide-ranging financial meltdown is the plummeting real estate market.
If you are one of those people, you are far from alone, as statistics indicate that more people in the United States will file for bankruptcy protection this year than ever before. Many people hesitate to even consider such a step, but the fact is that for many, seeking Chapter 7 bankruptcy protection is the answer to serious financial problems. However, this decision should only be made with the help of experienced Phoenix bankruptcy lawyers, and below are some of the benefits of filing a Chapter 7 bankruptcy case.
If you and your Arizona bankruptcy lawyer decide after analyzing your overall financial picture that filing a Chapter 7 bankruptcy case is the best strategy for ending your financial problems, you will notice immediate benefits in terms of your overall enjoyment of life. Specifically, when a Chapter 7 bankruptcy case is properly filed with the United States Bankruptcy Court, the court will issue what's known as an Automatic Stay to all of the creditors listed on the petition.
This Automatic Stay is basically a court order that requires those creditors to stop with their collection efforts immediately. Therefore, when this order is issued, you can begin to answer the phone again without fear. You can once again enjoy those walks to the mail box. You can have some time to catch your breath and to make plans for your financial future knowing that there is a light at the end of the tunnel.
If your Arizona Chapter 7 bankruptcy case proceeds successfully, you will liquidate the portions of your exempt assets and your non-exempt assets to pay off as much as you can to your creditors. When this process is complete and the case is closed, the court will issue what's known as a Discharge. A Discharge is another order from the court that eliminates any remaining debts that were part of your case. In essence, your debts are removed and you are given a clean financial slate. This will not only allow you to rebuild your financial status, but your credit rating will likely begin to improve after it took several hits before you filed for protection.
Every financial situation is different. If you are struggling with the paying of basic bills, you need to take action by contacting an experienced Phoenix bankruptcy lawyer to analyze your situation and to define a path going forward that will put an end to your stress. Contact the Arizona bankruptcy attorneys at Phillips Law Group today to schedule a free initial consultation if you're ready to put all of this stress behind you. Ph: 1-800-706-3000.
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