Best Foreclosure Lawyers in Avondale, AZ

Each case is different. A careful look at your specific situation will shed light on the right answer to this question. We will discuss your options at your free initial consultation and help you make the right decision.

When filing for bankruptcy, you will take a means test. This test will calculate your income over the previous six months prior to filing and help prepare a budget including your current income and expenses. The result of these calculations will assist in determining which type of bankruptcy is best suited to your financial circumstances.

A number of factors will indicate which assets you may keep. Such factors include the chapter of bankruptcy that you file and a review of available exemptions. It also matters whether the asset has a lien against it and whether payments are current. Most people who file for bankruptcy while current on their house and vehicle payments retain their homes and vehicles as long as they do not exceed exemption limits. If an asset in question exceeds the exemption limits, or if payments are not current, a Chapter 13 bankruptcy may allow you to repay the vehicle loan or mortgage arrears through a plan of reorganization.

If you file Chapter 7 bankruptcy, you must realize that some debts will not be discharged, such as current and/or delinquent child and/or spousal support and certain back taxes. In Chapter 13, any delinquent child and/or spousal support as well as any nondischargeable taxes can be repaid through the Chapter 13 plan of reorganization. Student loans are not usually nondischargeable through a Chapter 7 or Chapter 13 bankruptcy. For a more comprehensive list of nondischargeable debts, ask us about exemptions available for people filing bankruptcy in Arizona.

During our consultation, we will discuss, among other things, what assets you own, how much you owe to your creditors, and what your income and expenses are on a monthly basis. We will ensure that you understand advantages and disadvantage of bankruptcy. We will also direct you through the required means test to determine which bankruptcy chapter would be appropriate for you if you decide to go ahead with it.