What A Bankruptcy Can And Cannot Do

What A Bankruptcy Can And Cannot Do

What A Bankruptcy Can And Cannot Do

Tucson bankruptcy lawyers will advise their clients on different forms of debt relief. The professionals are well versed in debt consolidation, debt settlement and bankruptcy. If a person decides to file personal bankruptcy, Tucson bankruptcy lawyers will go over the two types available to them, One option would be chapter 7, which requires a person to liquidate their non-exempt assets through the bankruptcy court. Creditor debts are discharged and a person is given an opportunity for a fresh start. There are certain debts which cannot be discharged via chapter 7, such as outstanding child or spousal support, back taxes owed to the Internal Revenue Service, lawsuits, and government-funded or guaranteed student loans. Another important fact is that in the state of Arizona a person may only file for chapter 7 once every 6 years from the last filing date. Another option for bankruptcy is chapter 13, which is a repayment plan usually scheduled over a three to five year period of time. With either type of bankruptcy there is hope to get out of debt with the Tucson bankruptcy lawyers. Bankruptcy is handled in federal court. Filing will immediately stop all of your creditors from seeking to collect debts from you at least until your debts are sorted out according to the law. There are several things that filing bankruptcy can do to help, such as: Stop foreclosure on your home Prevent the repossessions of your car or other property Stop wage garnishment and debt collection harassment Restore or prevent the termination of utilities Allow you to challenge creditors trying to collect more than what you Owe There are also things bankruptcy will not help with, such as: Child Support Alimony Some student loans Your bankruptcy lawyers will advise you of your best option to get you on the way to being debt free.

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