Bankruptcy Facts You Need To Know

Before filing for bankruptcy, there may be some questions in your mind

. Filing for bankruptcy is a huge financial step that would need thorough consideration in order to be sure this is the right decision. In Arizona, the whole process of bankruptcy can be overwhelming and the guidance of a bankruptcy attorney may be important. And for people who are experiencing Fannie Mae housing dilemmas, getting the help of a trusted lawyer may be the best option.

Some basic bankruptcy information below may be important for people who are considering filing for bankruptcy. Formulating a decision can be tough that reading these can be insightful.

Filing for bankruptcy have many advantages. Elimination of your debts is probably the greatest advantage. Creditors can now stop them phone calling you and sending letters because the obligation to pay them will end.

Bankruptcy has different chapters. Chapter 7 and Chapter 13 are the most popular ones. Chapter 7 bankruptcy requires your non-exempt assets to be sold for distribution to the creditors. Chapter 13 bankruptcy requires one to make a repayment plan allowing them to pay the debt with the span of three or five years.

In bankruptcy, repossession of properties is a big question. Arizona exemption law protects most property under Chapter 7. If you stay current on payments on mortgages and car loans, you may be allowed to keep certain items you declare exempt such as your house or your car.

Back child support, alimony, some tax debts, and student loans are some of the debts that might not get discharged if you declare for bankruptcy.

As credit reports reflect bankruptcies from seven to ten years, credit score can be affected whenever one files for bankruptcy.

The amount of time that a bankruptcy case will take will be dependent on which type of bankruptcy you opt to file. It may take around three to six months for a Chapter 7 case. Chapter 13 bankruptcy will be upon the repayment plan and may take seven to 10 years.

Every bankruptcy case is different. This is why people are thankful that there are group of people helping them in their financial difficulties like experienced Arizona bankruptcy lawyers. And with an experienced attorney, there is a better advantage that ones financial future will be much better.

by: John Raymond Collado

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