Legal Tips and Resources
Going through the process of declaring bankruptcy without legal advice can have a huge impact on whether or not your application is approved or denied. Many people try to complete the heavy stack of paperwork alone, only to find themselves confused, frustrated and left with plenty of questions.
An attorney can provide that much needed insight when it comes to completing necessary paperwork. They understand that finally realizing you have to declare bankruptcy can be an emotional, but we are here to see you succeed through achieving the financial stability you have always imagined.
Identifying Which Chapter is Right for You
Every person has a different financial situation. Not every applicant is going to declare the same chapter, so it is important that you know the difference between each one. A bankruptcy lawyer Phoenix, Arizona relies on can consult with you about your financial struggles, to help you pick which chapter may be most suitable for you. We recommend being completely open and honest about the debts you have accumulated, so they can advise you as best we can about what chapter to choose.
The Main Bankruptcy Chapters
Chapter 13 and 7 are the two most frequently used bankruptcy chapters for those enduring a personal financial crisis. If you are a business owner having trouble keeping your doors open, then Chapter 11 may be the most appropriate declaration. Do keep in mind that after you declare bankruptcy, this does not guarantee that all of your debts will magically go away. In fact, some bankruptcy chapters require the applicant to pay at least a portion of their debts back.
It can be difficult to decide which chapter can be most beneficial based on the financial distress you are facing. An attorney can talk with you further about each bankruptcy chapter, so you can feel more confident about your application.
Completing the Paperwork with Accuracy
Committing an error or forgetting to list a debt on your bankruptcy schedule can result in even more financial distress. This is why you may need an attorney who understands the ins and outs of applying for bankruptcy. An attorney can perform a review of your paperwork and suggest edits, before sending in the final packet. If you decide to meet with an attorney, be sure to take with you documents that give them details on your income, debts and living expenses. The more information they have, the more comprehensive of a consultation they can provide for you.
Thank you to our friends and contributors at Kamper Estrada, LLP for their insight into bankruptcy and attorney insight.