A typical bankruptcy case consists of an individual or family that has gotten too far behind on their debts to afford any chance of payoff under their current circumstances. The individual is searching for a way out. He/she has recognized that there is a problem and takes action to determine a way of starting fresh. Bankruptcy is put in place for these individuals who are willing to make the necessary sacrifices to live a better (smarter) financial life.
Filing for bankruptcy in Arizona involves a process in which the debtor (or bankruptcy attorney representing the debtor) petitions the bankruptcy court. The court then informs those companies or creditors of the debtor and prohibits the creditor from pursuing the debt from the individual.
A typical chapter 7 bankruptcy in Arizona requires the debtor to sell their non-exempt resources and distribute the proceeds to creditors. While the prospect of liquidating your property is indeed troubling, the key here is that debtors are only required to sell non-exempt resources. In many instances this means that debtors can file for Chapter 7 without losing any assets.
Before filing for bankruptcy, you'll want to seek out a knowledgeable Phoenix bankruptcy attorney to assist you through the process. This is vital to the success of your bankruptcy case. During such an emotional yet financially important time in your life, the last thing you need is a hiccup in the process of filing for bankruptcy. You will want to do some research and determine which bankruptcy attorney matches your personality and needs best.