Chapter 7 Bankruptcy
Chapter 7 is a liquidation form of bankruptcy that eliminates unsecured debts such as credit card and medical bills. With a bankruptcy lawyer’s help, your debts will either be canceled or partially repaid through the liquidation of some assets. In other words, you get a clean slate and will likely keep much of your property. Our seasoned bankruptcy attorney can determine if you’re eligible for Chapter 7 bankruptcy, as well as take stock of your assets and debts, help you through your mandatory credit counseling, file your paperwork, and stand by your side during the 341 Meeting of Creditors.
Chapter 13 Bankruptcy
Not all debt is the same and therefore not all debt can be discharged the same way. If you don’t qualify for or are facing debt that cannot be discharged through Chapter 7 bankruptcy, you still have options. Chapter 13 can provide much-needed relief through a repayment plan, allowing you to pay what you can afford over time. Never forget — filing for bankruptcy immediately stops creditors from hounding you for payment. From there, a debt lawyer can help you make sense of what you owe, what you can afford to pay, and how any remaining debt will be discharged.
If you’re still afraid of the word “bankruptcy,” there are other debt relief options you can explore, such as consolidation or settlement. A debt settlement lawyer acts as a mediator between you and creditors so you can reach an agreement to pay down your debts for less. Likewise, debt consolidation can help you fully pay off your debts by reducing interest and other fees. Other options include loan modification, refinancing, and, in some rare cases, debt forgiveness. To stave off bankruptcy and avoid falling victim to predatory debt relief practices, contact a bankruptcy attorney now!
Debt is a necessary part of modern life, and anyone can become overwhelmed, especially after an unexpected life event like divorce, medical issues, or loss of work. At Perez Law Group in Glendale, AZ, we promise to make bankruptcy and debt relief feel like a new beginning, not the end of the line. Our attorneys are always ready to answer your questions, offer suggestions, prepare and file paperwork, provide credit counseling, and support you through every step in between.