Filing for bankruptcy in Arizona can help people save their homes and get caught up on their missed payments. Many people in Arizona are currently faced with the challenge of dealing with a home that is worth far less now than it was when they bought it. With job losses skyrocketing over the past few years, home foreclosure has become a much more common among our neighborhoods.
In bankruptcy you are generally protected from the actions of creditors, such as repossession and foreclosure. However with the secured creditors, those who receive monthly payments and hold the title of an item like a home or car loan, they will likely file a written motion with the court asking permission to foreclose or repossess.
Which Chapter of Bankruptcy is Right for Me:
When you go through the decision making process of choosing which chapter of bankruptcy is right for you, it is important to meet with a bankruptcy attorney who can assess your situation and help make a strong recommendation. You will need to take a means test which will tell you which chapter of bankruptcy you qualify for, and then the bankruptcy attorney can help you take the proper steps in completing the process
Each chapter of bankruptcy is suited for a different situation so it's important to file for the correct one. For example, if you are several months behind on your house payment, and you can't afford to make the current payments, then you may want to look into surrendering your home through your Arizona bankruptcy case rather than trying to get caught up on payments. If you surrender your home in bankruptcy it will allow you to walk away from it with no liability on the balance and will be able to forgo potential tax liability that you may incur in a short sale.
Arizona Bankruptcy Attorney:
An experienced Arizona bankruptcy attorney is your best source for accurate information with anything related to bankruptcy. Several attorneys offer a free bankruptcy consultation to discuss your specific situation and the challenges you may be facing. Don't settle for calling a number from some sign on the side of the road offering cheap bankruptcy! Call an Arizona bankruptcy attorney to get answers from someone you can trust!