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Chapter 13 Bankruptcy Lawyers in Phoenix

Arizona Chapter 13 Bankruptcy Attorneys

Chapter 13 bankruptcy lawyers are essential if you find yourself in need of debt relief through a chapter 13 bankruptcy filing in Arizona.  Chapter 13 bankruptcy is generally used by debtors who want to keep secured assets, such as a home or car, when they have more equity in the secured assets than they can protect with their Arizona Chapter 13 bankruptcy exemptions. Chapter 13 bankruptcy is also known as a “reorganization bankruptcy” whereas the more popular Arizona Chapter 7 bankruptcy can also be called a “Liquidation Bankruptcy”.

CHAPTER 13 BANKRUPTCY – PHOENIX BANKRUPTCY LAWYERS

 

Chapter 13 bankruptcy is generally used by debtors who want to keep secured assets, such as a home or car, when they have more equity in the secured assets than they can protect with their Arizona Chapter 13 bankruptcy exemptions. Contact the bankruptcy lawyers at My AZ Lawyers to learn more about filing a chapter 13 bankruptcy at (602) 509-0955

If you have fallen behind on your mortgage payments, filing a chapter 13 bankruptcy may allow you to stop a foreclosure on your home.  If you qualify for ch 13 bankruptcy protection, you may be able to wrap up the payments that you are behind and put them with your other debts into a chapter 13 repayment plan.  Contact experienced Chapter 13 bankruptcy lawyers to assist you in using a chapter 13 to save your home.

Filing for Chapter 13 bankruptcy in Phoenix allows people to make up their overdue payments over time and to reinstate the original agreement with their ban or creditor. When there is a situation whereas a debtor has valuable nonexempt property and wants to keep it, a Phoenix chapter 13 bankruptcy may be a better option. However, for the vast majority of individuals in Phoenix, Maricopa County, Arizona who simply want to eliminate their heavy debt burden without paying any of it back,  filing for a Chapter 7 bankruptcy to alleviate all of their debt is a better alternative.  Find out which chapter of bankruptcy best fits your situation.  Contact our Chapter 13 bankruptcy lawyers in Phoenix, Arizona.

 

Phoenix Chapter 13 Bankruptcy Information

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A Phoenix chapter 13 bankruptcy is a repayment or reorganization of debt.  Chapter 13 bankruptcy is also called a wage earner’s bankruptcy because it requires a debtor to have an income so they can afford the repayment of at least a portion of their debt in a repayment plan.  Chapter 13 is often used by a debtor when they do not qualify for Chapter 7 due to high income or a prior case filing.   Chapter 13 bankruptcy lawyers in Phoenix may also think to use Ch. 13 bankruptcy if a client needs to reorganize on a house mortgage, a car debt, or back taxes. Chapter 13 bankruptcy enables individuals with regular income to develop a plan to repay all or part of their debts.

Under a chapter 13 bankruptcy in Phoenix, a debtor proposes a 3-5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtor’s future income. You can use Chapter 13 to prevent a house foreclosure; make up missed car or mortgage payments; pay back taxes; stop interest from accruing on your tax debt (local, Arizona state, or federal taxes); keep valuable non-exempt property, and more.

If you can stick to the terms of your repayment agreement, all your remaining dischargeable debt will be released at the end of the plan (typically three to five years). The amount to be repaid is determined by several factors including the debtor’s disposable income as is usually determined as part of the Means Test.  In addition, the total amount paid to creditors under the Chapter 13 plan must also be at least as much as creditors would have received if the debtor filed a Chapter 7 bankruptcy. To file Chapter 13 bankruptcy you must have a “regular source of income” and have some disposable income to apply towards your Chapter 13 payment plan.

Phoenix Chapter 13 Bankruptcy Lawyers

Call (602) 509-0955 for Discount Bankruptcy Assistance.