Phoenix Bankruptcy Lawyer – Treat Bankruptcy Like A Financial Tool
Posted: Tuesday, July 06, 2010
by Christy Thompson
Thompson Law Firm
A good phoenix bankruptcy lawyer is there to help you but if you are looking at filing bankruptcy in the state of Arizona there are important things you need to know.
If your filing for bankruptcy you're probably stressed and overwhelmed. You need answers.
The best thing to do is treat bankruptcy like a financial tool. You can change your finances and you can earn more money by discharging debts
As we stated the typical bankruptcy takes about four months. Now there can be other issues that come up. Sometimes the trustee has questions about assets, luxury goods; and they'll want to inquire about those.
If that's the case, then it can take longer. But the typical bankruptcy in Arizona from beginning to end and a good phoenix bankruptcy lawyer will get people through the process in no more than four months.
Many think that's not very long. They think it was a lot longer than that, maybe a year or something like that.
But first let's clarify that we're talking about a chapter 7 bankruptcy. Chapter 7's are the favorite of many people and the reason that they're the favorite is because people don't have to repay.
And when you do a chapter 7, you file your petition. Thirty days later, you attend what they call a meeting of creditors. It's typically between yourself and the trustee, who is appointed to oversee your case, and your attorney.
Then you usually have a hearing, which lasts for 5 to 10 minutes at the most. And then the balance of that time, the remaining 90 days, is the time that your creditors take a look at your petition to see if there're any assets listed.
Once the trustee makes the determination that there are no assets, then your bankruptcy, your debt, is discharged. It's pretty straightforward and really concise. And, again, you should treat bankruptcy like a financial tool, as if you were sitting down to make any type of financial plan in your life.
There's a lot of planning that can go into a bankruptcy so that, if you plan properly, you have quite a bit of money left over. Once you've stopped paying your creditors and you've paid on things that are truly important to you, your house payment, your car payment, maybe medical issues that you've put aside, or dental issues, or car repairs that you haven't taken care of, you can take care of all those things through your bankruptcy while your obligations to you creditors are put on hold.
With the right planning, your Phoenix Bankruptcy Lawyer will determine that you don't have any assets and, with a chapter 7, you're complete within four months and have a complete fresh start.
And now as an experienced Phoenix Bankruptcy Lawyer, I would like to invite you to take a free online bankruptcy evaluation. Just visit our site http://www.arizonalegaladvocacy.com
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