Anyone who is at all familiar with life in general in Arizona understands that the economy here is suffering at historic levels. With the combination of factors that include a high unemployment rate and a real estate market in the throes of its own drastic downturn, people are suffering for many different reasons. As a result of this suffering, those who find themselves mired in financial trouble are wondering how to proceed. Fortunately, there are options for those who would like to put an end to their constant stress, and this involves seeking the help of Phoenix, AZ bankruptcy lawyers to take a close look at the financial situations that merit analysis. Below is a look at one form of consumer protection that’s available in Arizona – Chapter 7 bankruptcy protection.
Arizona Chapter 7 Bankruptcy – A Fresh Start
If someone chooses Chapter 7 bankruptcy to provide themselves with consumer protection, they will realize both immediate and long-term financial benefits. The immediate benefit that will be appreciated is that when the Bankruptcy Court receives a valid petition, it issues what’s known as an Automatic Stay to all of the creditors listed on the documentation provided by the person filing the case. This Automatic Stay is basically an injunction that prevents creditors from continuing with their collection efforts, meaning that the incessant phone calls and threatening letters will stop.
In regards to long-term benefits, the person who files for this form of protection will be able to wipe the financial slate clean when the case is over by way of the Discharge that’s issued by the court when the case is complete. A Discharge basically removes the existence of the debts that were in place before the case began, and the removal of these debts will allow a person not only to stop having to pay what he or she can on those debts, but it will put a stop to the falling credit score that can destroy a person’s future.
If you are ready to make use of laws that provide you with the protection you need, contact the Phoenix bankruptcy attorneys at the Phillips Law Group today to schedule a free initial consultation.
Ph: 602-222-2222 .
People all over the United States are feeling the results of the economic downturn that’s led to the worst economic conditions in more than 70 years. In many ways, the people of Arizona have been hit particularly hard, as one of the main reasons for this wide-ranging financial meltdown is the plummeting real estate market.
If you are one of those people, you are far from alone, as statistics indicate that more people in the United States will file for bankruptcy protection this year than ever before. Many people hesitate to even consider such a step, but the fact is that for many, seeking Chapter 7 bankruptcy protection is the answer to serious financial problems. However, this decision should only be made with the help of experienced Phoenix bankruptcy lawyers, and below are some of the benefits of filing a Chapter 7 bankruptcy case.
Immediate Benefits of Arizona Chapter 7 Bankruptcy
If you and your Arizona bankruptcy lawyer decide after analyzing your overall financial picture that filing a Chapter 7 bankruptcy case is the best strategy for ending your financial problems, you will notice immediate benefits in terms of your overall enjoyment of life. Specifically, when a Chapter 7 bankruptcy case is properly filed with the United States Bankruptcy Court, the court will issue what’s known as an Automatic Stay to all of the creditors listed on the petition.
This Automatic Stay is basically a court order that requires those creditors to stop with their collection efforts immediately. Therefore, when this order is issued, you can begin to answer the phone again without fear. You can once again enjoy those walks to the mail box. You can have some time to catch your breath and to make plans for your financial future knowing that there is a light at the end of the tunnel.
Long-term Benefits of Filing Ch. 7 Bankruptcy in AZ
If your Arizona Chapter 7 bankruptcy case proceeds successfully, you will liquidate the portions of your exempt assets and your non-exempt assets to pay off as much as you can to your creditors. When this process is complete and the case is closed, the court will issue what’s known as a Discharge. A Discharge is another order from the court that eliminates any remaining debts that were part of your case. In essence, your debts are removed and you are given a clean financial slate. This will not only allow you to rebuild your financial status, but your credit rating will likely begin to improve after it took several hits before you filed for protection.
Every financial situation is different. If you are struggling with the paying of basic bills, you need to take action by contacting an experienced Phoenix bankruptcy lawyer to analyze your situation and to define a path going forward that will put an end to your stress. Contact the Arizona bankruptcy attorneys at Phillips Law Group today to schedule a free initial consultation if you’re ready to put all of this stress behind you. Ph: 602-222-2222 .
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