Best Consumer Protection Lawyers in Prescott, AZ

Filing for bankruptcy does not necessarily mean you will have to give up your home, car or other valuables. If you file for Chapter 13 bankruptcy, you will be able to keep your property while repaying your debts through your Chapter 13 repayment plan. If you file for Chapter 7 bankruptcy, you may be able to protect your property through bankruptcy exemptions. An experienced Phoenix bankruptcy lawyer can help you determine which bankruptcy is right for you, as well as what property you may be able to exempt.

In order to qualify for bankruptcy, you must participate in credit counseling through a nonprofit agency. This counseling can be done in person, by phone or even online. You will need to bring information regarding your debts and income, which the counselor will review with you. The counselor will determine whether you could resolve your debt problems through an informal debt repayment plan or some other bankruptcy alternative. The agency may propose a repayment plan, and you will have to file it with your bankruptcy paperwork. You are not required to go along with the plan. You are required by law only to participate in credit counseling, not to agree to whatever the agency proposes.

You can file for bankruptcy more than once, but there are important limitations. Once you receive a discharge, there are a certain number of years you must wait before you can receive another. If you receive a discharge under Chapter 7 bankruptcy, you cannot receive a second discharge in another Chapter 7 case within eight years of the first filing. If you received a Chapter 13 discharge, you cannot receive a second in any Chapter 13 case filed within two years of the date your first bankruptcy was filed. There are also time limits placed on receiving a Chapter 13 discharge after a Chapter 7 bankruptcy and vice versa. In order to best determine when you may qualify for a second bankruptcy discharge, speak with an experienced bankruptcy lawyer.

Unsecured debts are those that are not secured by collateral, such as credit card debt. Unsecured debts will be fulfilled in bankruptcy proceedings after secured debts have been paid. Secured debts are those that have been secured by collateral, such as mortgages or car loans. These debts have priority in bankruptcy cases. Creditors may be able to seize property that is secured by collateral should you fall behind on your payments.

We offer everyone a free consultation. The costs of filing bankruptcy chapter 7 or chapter 13 will vary from case to case. We will shoot straight with you. If you have judgments as well as secured creditors that will require reaffirmation agreements, your case will cost a little more. If you are self-employed, your case will cost a lot more because the case will be more complicated. Taking advantage of a free consultation will give us the opportunity to hear your story and see if bankruptcy is a good solution for you. If it is not, we are going to tell you. Additionally, we will give you a clear analysis of how the bankruptcy laws apply to your specific case. Other firms may try to lure you in by quoting only their attorney fees. For example, they may leave out the court filing fee and the cost for the classes. I review your entire case with you and I will tell you the total cost of filing your case.