Mar 18, 2014

Posted by in Uncategorized | Comments Off on Understanding What Filing For Chapter 7 in Chandler, AZ Can Do For You

Understanding What Filing For Chapter 7 in Chandler, AZ Can Do For You

If you find yourself trapped under mounds of debt, and you know there’s no way you can pay it all back in this lifetime, you might have to file for Chapter 7 bankruptcy. This financial move can help you get rid of nearly all of your debt, however, wiping away your debt will also come at a cost. Let’s take a look at Chapter 7 bankruptcy and why it may or may not be for you.

Most who are familiar with Chapter 7 in Chandler, AZ refer to it as the “liquidation” approach. Don’t let that term fool you, because this form of bankruptcy is actually meant to help you in a big way. This option is mostly meant to help you get rid of unsecured types of debt. After the process is over you’ll have some or all of your debt wiped away for good. However, in order for this to happen you’ll need to liquidate some of our property.

The property you liquidate will be referred to as your “nonexempt” property. In order for certain property to get an exemption you’ll need to speak to a bankruptcy judge. Most judges are very reasonable when it comes to allowing certain types of property to become exempt from liquidation. For instance, most debtors are usually able to keep a vehicle, some clothes, some furniture, a few appliances, and some of their benefits, however all of the stuff kept must be within reason. As a debtor, you’ll be surprised to find out how much of your property you’ll be able to keep. This is one of the reasons why so many debtors prefer filing for Chapter 7 in Chandler, AZ.

Even though filing for Chapter 7 has it’s benefits not everyone may qualify. Most courts are very carefully about making sure that this form of bankruptcy isn’t abused. Whether or not you qualify will depend on the amount of debt you owe and your disposable income. Your income will be compared to the median income of similar families in your state. If your income is below this median amount, you’ll likely qualify for Chapter 7. Talk to a bankruptcy attorney like Asheton B. Call for more information on filing for Chapter 7 and becoming debt free.

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