Mesa Bankruptcy Lawyer

Chapter 7 Bankruptcy Mesa, Arizona

Our economy’s financial state has impacted a majority of us in some way. Job loss, pay cuts and rising living expenses can stretch an already flailing budget too thin. If you are drowning in a sea of debt, with credit card bills and mortgage payments rising like waves threatening to pull you under; bankruptcy is sure to be on your mind. If you are considering this option, there are many bankruptcy attorneys in the Mesa, Arizona area who can help.

First, you should understand what bankruptcy means and what bankruptcy laws entail. Bankruptcy is a legal declaration of incapability to repay your debts. Bankruptcy is nothing to be ashamed of. Filing for bankruptcy actually is the responsible action to take when you are unable to pay your bills. Chapter 7 Liquidation is the recommended type of bankruptcy for most. Written for those with minor amounts of debt, Chapter 7 will eliminate most kinds of debt, excluding mortgages or liens.

Once your Chapter 7 case is filed, all attempts by creditors to collect your debt will cease. You will no longer have to fear answering your phone or checking your mail. Temporarily, your house, car, and other property will be safe from creditors.

It is important to understand that when you file Chapter 7 Liquidation bankruptcy, some of your property or possessions may need to be liquidated. The trustee handling your claim will assess any valuable property you own and decide what can be sold to pay off your debts.

Chapter 7 bankruptcy typically takes around four to six months from beginning to end. At the end of the experience you should find yourself mostly debt free and able to start anew. Those debts which were eliminated in your bankruptcy petition are legally settled. That means those creditors may never attempt to collect from you again. However, be careful not to trap yourself in the same situation, because you cannot file for bankruptcy again for eight years.

It is true that filing bankruptcy will have a negative impact on your credit rating. However, one must consider the damage they are doing by continuing to pay bills late, or not paying them at all. Filing bankruptcy is at the very least a sign of responsibility, and will let creditors know that you are serious in obtaining a fresh start. Contact a bankruptcy attorney in the Mesa, Arizona area for all of your bankruptcy questions.

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