Patel Law is committed to providing you with the information you need to decide whether bankruptcy is right for you. While bankruptcy can be a very powerful debt relief option, it is not right for everyone.
One of the main purposes of Bankruptcy Law is to give a person who is burdened with debt a fresh start. There are many reasons why a person considers bankruptcy as a debt relief option. Life is full of unexpected events and the Bankruptcy Code is there to assist individuals who have a genuine need for help with their financial situation.
There are several important factors to consider if you are considering bankruptcy in Arizona. This video is helpful for individuals considering bankruptcy and was developed as a collaborative effort between the Arizona Foundation for Legal Services, Arizona Consumer Bankruptcy Section of State Bar and the Self-Help Center court staff. The video and other helpful resources are available here: http://www.azb.uscourts.gov/filing-without-attorney.
Also referred to as a "Straight Bankruptcy" or "Complete Discharge of Debts", Chapter 7 bankruptcy is the most common form of personal bankruptcy, allowing for a complete and immediate debt discharge through the liquidation of your assets.
Generally, Chapter 13 Bankruptcy is the preferred options for those who have valuable assets, such as a home that is not completely covered by the bankruptcy exemptions they wish to keep. In Chapter 13 Bankruptcy, your bankruptcy attorney develops a debt repayment plan proposing to repay a portion of their debt to creditors over three to five year period.
Cases filed under chapter 11 of the U.S. Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy.
Chapter 12 bankruptcy is designed for “family farmers” or “family fisherman” with regular annual income.
Both homeowners and investors from our community are facing the problem of owning a home that has no equity.
Bankruptcy resources include helpful links for additional information and services.