Free Phoenix Bankruptcy Lawyer Advice – Will The Court Take My Savings

Free Phoenix Bankruptcy Lawyer Advice Will The Court Take My Savings

A good Phoenix Bankruptcy Lawyer will offer help for you. In today's economy people of all financial backgrounds are looking for help. If you have a lot in savings, but it's not quite enough to pay off your creditors, you may be asking yourself, "If I file bankruptcy, will the court take my savings?"

That depends on the laws in your particular state. In Arizona, how much you are allowed to have in savings depends on your marital status. A single person can have $150 in cash on hand meaning checking and savings. So physically $150 while a couple can have $150 each or $300.

A lot of people have attempted a loan modification. They got that lower payment; then they were denied. And now they're sitting on some savings. They're actually sitting on mortgage payments.

But because they've had so much debt, they set some things aside. They didn't get the dental work they needed. They haven't gone to their doctor. They really put off car repair.

Say they have $5,000 or $6,000 in savings. An experienced Phoenix Bankruptcy Lawyer may make suggestions like these. The first step is to get the medical work they need. Get the dental work they need. Go buy those tires for the car. In fact, make a couple of payments on the car. That's what you're going to do with those funds.

Maybe you're going to pay your utilities forward. Maybe you're going to pay your daycare forward. Maybe you're going to pay it forward two or three months. That's going to bring that account down to $150 or $300. And that is okay because you are spending money on things that are reasonable, ordinary and within your living arrangements.

That's what you can do with those savings. And that can be a beautiful thing. Let's say, for example, you pay your car forward three months. You file bankruptcy and you don't make car payments for three months. You could put that money aside. You now have savings all over again.

In essence you're still doing what you wanted and needed to do. You just do it at a time and in a way that makes sense to the process.

Your Phoenix Bankruptcy Lawyer will guide you and the money will come back to you. You just distribute it. You file bankruptcy. And it comes back.

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