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Chapter 13 Bankruptcy Lawyers in Phoenix

Arizona Chapter 13 Bankruptcy Attorneys

Chapter (Ch.) 13 bankruptcy lawyers are essential if you find yourself in need of debt relief through a Ch. 13 bankruptcy filing in Arizona.  Generally, Ch. 13 bankruptcy is 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 Ch. 13 bankruptcy exemptions.  Similarly, Ch. 13 bankruptcy is also known as a “reorganization bankruptcy”.  Whereas the more popular Arizona Chapter 7 bankruptcy can also be called a “Liquidation Bankruptcy”.



Contact the bankruptcy lawyers at My AZ Lawyers to learn more about filing a Ch. 13 bankruptcy at (602) 509-0955.

If you have fallen behind on your mortgage payments, filing a Ch. 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 Ch. 13 repayment plan.  Contact experienced Ch. 13 bankruptcy lawyers to assist you in using a Ch. 13 to save your home.

Filing for Ch. 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 Ch. 13 bankruptcy may be a better option.  However, for the vast majority of individuals in Phoenix, Maricopa County who simply want to eliminate their heavy debt burden without paying any of it back,  filing for a Ch. 7 bankruptcy to alleviate all of their debt is a better alternative.  By all means, find out which chapter of bankruptcy best fits your situation.  Contact our Ch. 13 bankruptcy lawyers in Phoenix, Arizona.


Phoenix Chapter 13 Bankruptcy Information

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A Phoenix Ch. 13 bankruptcy is a repayment or reorganization of debt.  It 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.  In fact, Ch. 13 is often used by a debtor when they do not qualify for Ch. 7 due to high income or a prior case filing.  Although, Ch. 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.  Specifically, Ch. 13 bankruptcy enables individuals with regular income to develop a plan to repay all or part of their debts.

Chapter 13 Bankruptcy in Phoenix

Under a Ch. 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.  Thus, you can use Ch. 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 dis-chargeable debt will be released at the end of the plan (typically three to five years).  Also, 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 Ch. 13 plan must also be at least as much as creditors would have received if the debtor filed a Ch. 7 bankruptcy.  Lastly, to file Ch. 13 bankruptcy you must have a “regular source of income” and have some disposable income to apply towards your Ch. 13 payment plan.

Phoenix Chapter 13 Bankruptcy Lawyers

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