A Bankruptcy Lawyer Can Find The Best Solution For Relieving Debt

The economy has made it difficult for many people to continue living the lifestyle that they once enjoyed

. Under the crushing debts that are mounting up many people are feeling the strain of the economy on their wallet. When everything was good it was easy to the pay the bills and cover the mortgage each month. But with the loss of income many families face the collection calls from credit card companies and banks that as they deal with the mounting debts of their spending.

For some individuals the money that is owed each month outweighs what they are bringing home in their paycheck. Faced with the difficult decision to clear away what cannot possibly repaid a number of Arizona residents are seeking financial relief from a Chandler bankruptcy lawyer. Filing a motion with the court the attorney can identify the best course of action for a family that has met with hard times.

Under the law there are two main types of bankruptcy that can be filed by an attorney. Depending on the income of their client and the ability to pay back a portion of what they owe to creditors the bankruptcy lawyer will advise either a Chapter 7 or Chapter 13 bankruptcy to their client. Under Chapter 7 filing a person can remove all of their debts and free them self from the strains of having to come up with the money to pay back their creditors. Using a worksheet that determines the amount of income coming into a household and what is being spent on housing, food and utilities a lawyer can determine if someone qualifies for Chapter 7 bankruptcy status.

Chapter 13 bankruptcy entitles the filing person to reduce their debt, but also makes provisions to repay what they can on a scheduled plan. Taking 3 to 5 years to fulfill the negotiated financial obligations to their creditors the people that do have an income are able to regain control of their debts and work out a reasonable reduction of their debts so that they can breathe again.

With the assistance of a Chandler bankruptcy attorney anyone living outside of the Greater Phoenix area can learn about their options for freeing them self from the chains of debt and learn if they qualify for Chapter 7 or Chapter 13 status under the law. Although the decision to file bankruptcy is not an easy one to make there are qualified professionals that are on hand to make sure the anguish and suffering of collection calls stop and that good people are able to find a solution to their personal financial crisis.

by: Art Gib

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