Chapter 7 bankruptcy is a common method of eliminating debt by using the protection of the United States Bankruptcy Courts. While bankruptcy is definitely a serious matter, it is also something that should not be feared, as it may be the key to eliminating your debt. The Tempe Bankruptcy Attorneys of Ariano & Associates, PLLC evaluate each potential case independently to determine if a client may be eligible for Chapter 7 bankruptcy. More often than not, it takes a thorough evaluation of your financial situation to determine whether or not Chapter 7 bankruptcy is the best option for you to eliminate your debt.
Understanding Chapter 7 Bankruptcy
Often called “liquidation” or “straight” bankruptcy, Chapter 7 bankruptcy is governed by Chapter 7 of the United States Bankruptcy Code that outlines all rules, regulations and procedures for the proper filing of a Chapter 7 bankruptcy petition. The reason why Chapter 7 is sometimes referred to as “liquidation” or “straight” bankruptcy, is because debt is eliminated by selling some or all of your qualifying assets. Any proceeds obtained from such sales will be used to pay off your creditors.
One fear that many Tempe residents have is whether or not they will be able to keep their home or car during Chapter 7 bankruptcy proceedings. Depending on your particular financial circumstances, your home, car, or other property may be considered exempt property, and not subject to liquidation in your Chapter 7 case.
If you qualify for Chapter 7 bankruptcy, and pursue the matter by filing a petition with the United States Bankruptcy Court, an impartial trustee is appointed, and this individual manages the process for eliminating your debt in the most reasonable way possible. The trustee will seek to liquidate your assets and satisfy your creditors while still looking out for your best interests.
Additionally, if you go forward with Chapter 7 bankruptcy, you will be required to pursue and complete credit counseling with an approved agency. Further, there is an abundance of paperwork that you will have to complete as part of the bankruptcy process. However, the Tempe Bankruptcy Attorneys of Ariano & Associates, PLLC will ensure that all of your paperwork is fully complete and accurate, as even the smallest mistake could negatively impact your Chapter 7 case.
Chapter 7 Bankruptcy – A Quick Way to Eliminate Debt for Qualifying Consumers
A very attractive feature of Chapter 7 bankruptcy is that the entire process can take anywhere from four to six months. While some Chapter 7 cases may last a little longer depending on a consumer’s particular situation, most cases do move quickly. Selling assets to satisfy debt is a much quicker process than alternative means of satisfying creditors, such as wage garnishments, or repayment plans, for example. Chapter 7 bankruptcy has helped numerous Tempe residents eliminate their debt in a relatively short period of time. Being able to overcome debt so quickly is a way to start fresh and learn to live debt-free in the future.
It is important to keep in mind that not everyone will qualify for Chapter 7 bankruptcy. To learn more about the process and how a Tempe Bankruptcy Attorney can help you, please visit our Chapter 7 Bankruptcy Frequently Asked Questions (FAQs) page.
Contact the Tempe Bankruptcy Attorneys of Ariano & Associates, PLLC Today
If you or a loved one is considering Chapter 7 bankruptcy as a means of eliminating debt, it is essential that you consider speaking with a legal professional. While many people file bankruptcy petitions on their own, it is always wise to have a Tempe Bankruptcy Attorney handle the matter on your behalf. At Ariano & Associates, PLLC, our Tempe Bankruptcy Attorneys have extensive knowledge and experience handling Chapter 7 bankruptcy proceedings for many clients. If you would like to speak with one of our attorneys about your situation, contact us today by calling (602) 666-0050. We are available 24/7 to answer your questions and address your concerns, and when you call, you will be immediately directed to one of our Tempe Bankruptcy Attorneys. Find out more about Chapter 7 bankruptcy from the Tempe bankruptcy lawyers at Ariano & Associates.