How Does Filing Bankruptcy in Arizona Affect My Credit?
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- How Does Filing Bankruptcy in Arizona Affect My Credit?
Many people who feel as though they are being buried in debt, inundated with collection calls and letters and who are constantly lacking the money to even pay their basic monthly bills also feel that there is no way out from under the stress and fear that dominates their daily lives. As important as money is to our way of life, it’s not a reason to allow yourself to suffer endlessly, as there are options available to those who need them. One of those options is filing for bankruptcy, but that should only be done after a careful review of your finances by a skilledPhoenix bankruptcy lawyer. He or she will be able to provide you with a clear picture of how to proceed and answer your questions, including how filing for bankruptcy in Arizona could affect your credit. Below is a brief overview of this common question.
The Current State of Your Credit Rating and Arizona Bankruptcy
While no two financial situations are ever exactly alike, it’s likely that if you are already experiencing serious financial problems that your credit rating is already in a state of disrepair. Generally, negative entries on your credit history will remain on your report for seven years, but that seven-year period could only begin to run after you’ve closed out the active accounts that are in collection. In short, as long as you are behind on bills and are dealing with collections, those entries will remain open and continue to stain your credit history and affect your overall score in a negative way. Fortunately, there are ways to ‘start the clock’ on removing these items from your history.
Arizona Bankruptcy Gives You and Your Credit Rating a New Start
If you file for bankruptcy in Arizona and the case proceeds as it should, your debts will ultimately be discharged, which means they’ll be removed from active repayment/collection status. Once these debts are closed out in the eyes of the law, they are no longer active and the clock begins to run on those seven years of history. Therefore, filing for bankruptcy protection in Arizona can actually improve a credit rating for many people, as they will no longer have active collections on their histories.
However, as stated above, every individual situation needs to be properly analyzed before this question can be answered with specificity. If you’d like to begin the process of putting an end to your financial troubles, you need to contact the Phoenix bankruptcy lawyers at the Phillips Law Group today to schedule a free initial consultation.
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Jasmine , did a great job . Highly recommend!!!!!
Jeffrey Phillips is truly a brilliant attorney and businessman. I would not hesitate for a moment to contact him if I needed a personal injury attorney in Arizona, you would be fortunate to have him and his team. If you have a car accident, slip and fall in a store, or get punched in the face, call Phillips.
Great company and awesome service. Thanks Caroline fabos. Kudos to all.
Sophia H is a pleasure to work with! Thanks for all you do.
Phillips law group has an amazing staff and i recommend them to everyone.
I would like to send special thanks to Phillips Law Group for giving me the opportunity to be a part of the Best Law Firm here in the Valley. During these troubling times with the epidemic, Phillips Law Group has masterfully created this family-like environment while still maintaining a professional and business-like approach for all their clients. Thru impeccable leadership that is unmatched by other law firms to the Multi-diverse employment opportunities that many employees advance within the firm; Phillips Law Group has not only distanced themselves from all other competition in the Personal Injury field but also has innovatively changed the narrative of being a great law institution. From providing Employee Appreciation Day to celebrating all major Holiday including great competitive contests; Phillips Law Group has the total participation of all employees to help contribute to the continued success of this firm. So in closing I would like to thank Senior Administration (Jeffery Phillips, Eva Chiaramonte, and Tim Tonkin) along with all of my colleagues and many friends for help making Phillips Law Group a unique and wonderful place to call my place of employment for 6+ years.
I have been with Phillips Law Group for a little over a year and I have learned what teamwork and family in a workplace looks like. There is always someone around to lend a helping hand, which is something I appreciate and cherish. I feel a sense of joy coming to work every day because of my co-workers as well as being able to help people in what can be a scary and stressful situation. I currently work as a Litigation Legal Assistant with an amazing team. When I started here, I was not very knowledgeable in personal injury. I was lucky to have been placed with an amazing team who was willing to take time to teach and pass on some great skills that have been a huge aid in helping me be successful in my position. I would recommend working here at Phillips Law Group, because they care about their employees and there is so much room for growth.
Many companies talk about teamwork but few practice it. Many companies talk about an employee friendly environment but few actually provide it. At Phillips Law Group the foundation of our success is making sure we work as a team and that we work in an environment that allows everyone to thrive and be at their best every day. Our firm understands that in order for the client to have a great experience the people responsible for that client’s case must be given all the necessary tools and encouragement to make that happen. That’s the Phillips Way. As a manager of this firm in charge of several employees as well as directly affecting the client’s experience I take tremendous pride in saying we live by these premises and we work hard to build on them and make them better every day. This is an amazing place because it has amazing people working here!
I want to thank attorneys Tim and Robert and the paralegal Bethany for all they had done on my case. They were all empathetic, knowledgeable and professional. All my questions were answered, emails returned in a timely matter, and promises fulfilled. I recommend Phillips Law Group if you need help with your injury case.