Bankruptcy can eliminate or reorganize unmanageable debt and stop creditor harassment. It can help you protect property, including your home and financial accounts, from collection action such as foreclosure, wage garnishment, or repossession. Often stigmatized as a tool used only by people who make poor financial decisions, bankruptcy is a legitimate legal proceeding intended to help anyone crushed by the weight of impossible debt.
There are different chapters (types) of bankruptcy that offer unique advantages and disadvantages depending on the overall financial situation. As a very basic example, Chapter 7 involves no repayment plan but offers less robust asset protection than Chapter 13.
Below are additional resources to help you better understand bankruptcy processes, some of the benefits and consequences, and Arizona property exemptions.
If you have questions about bankruptcy or other debt relief options, contact us for a free consultation with one of our experienced Scottsdale bankruptcy attorneys.
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