Chapter 7 bankruptcy helps debtors get a fresh financial start by eliminating unmanageable debt while protecting exempt personal property. For many debtors, a Chapter 7 bankruptcy takes only a few weeks.
STOP CREDITOR HARASSMENT
When you file bankruptcy, an automatic “stay” is issued that suspends all collection activity, including creditor calls, wage garnishment, and even home foreclosure.
Though Chapter 7 is known as the liquidation bankruptcy, most debtors who file are able to retain all of their personal property. Arizona uses comparatively generous property exemptions, most of which can be doubled to protect additional property when married debtors file bankruptcy jointly.
Individuals and businesses can file Chapter 7. For individuals, debtors automatically qualify when their income is lower than the state’s median income based on household size. When a debtor earns more than that median income, he or she must pass the “means test” to qualify for Chapter 7.
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