Consult the Arizona Bankruptcy Attorneys at Dault Law before you file for Bankruptcy

A Chapter 7 bankruptcy can be a good option for those seeking a fresh start. This form of bankruptcy can stop wage garnishments, lawsuits, bank account levy’s and most collection actions. It is also possible for someone to keep their home and vehicle. In 2008, the Bankruptcy Code was changed by Congress to make it more difficult to qualify for Chapter 7 bankruptcy. If someone’s income is over the median income for the same household size in their State, a mean tests must be applied. If the means test is not passed, a Chapter 13 bankruptcy can be an excellent option.

                A Chapter 13 bankruptcy is a court mandated payment plan where all of someone’s debt is paid through one payment into the Court. A trustee disburses the payment each month based on the priority and class of each creditor. Government debt such as taxes owed are paid before unsecured debt such as credit cards and medical bills. It’s also possible to reduce an auto loan through Chapter 13 bankruptcy by what’s called a cram down. There are many options and strategies that can be used with a Chapter 13 bankruptcy including the potential to strip off second mortgages from real estate. As your Arizona bankruptcy attorneys, we can help you accomplish this.

                  As Arizona bankruptcy attorneys knowing how to get their clients on the road to financial freedom, we urge the residents of Phoenix, Chandler and Tucson who are ready to start the journey to contact us today.