Bankruptcy is the legal process that allows people struggling with debt to get a
financial fresh start. For many years, bankruptcy has been a lifesaver for those who have been
drowning in debt, including many celebrities, businesses, and millions
of everyday Americans. Bankruptcy is not a sign of failure; it is a legal
right you have to get the help you need.
At the Neeley Law Firm, an Arizona bankruptcy lawyer will personally evaluate
your financial situation, help you understand your bankruptcy and debt
relief options, and walk you step-by-step through your legal journey.
Types of Bankruptcy
Bankruptcy is available to all people and businesses. Under the U.S. bankruptcy
Code, there are different Chapters of bankruptcy that you can use. Each
Chapter is unique and is designed for different types of financial situations.
– Individuals and families may choose to file under a specific Chapter
of the Bankruptcy Code that best fits their situation. The most common
types of personal bankruptcy are Chapter 7 and Chapter 13. Our firm will
help you understand which Chapter is best for you.
Business Bankruptcy –
Businesses and corporations may file bankruptcy under certain Chapters,
including Chapter 7 and Chapter 11. If you are a business owner considering
bankruptcy, we will help you understand your options, the filing requirements,
and how a specific Chapter may benefit your business.
Bankruptcy Alternatives – Although bankruptcy is an option for becoming debt free, it is
not the only one. At the Neeley Law Firm, we will help you explore all
of your available debt relief options, including common bankruptcy alternatives
such as debt settlement or tax debt resolution.
The Bankruptcy Process
The bankruptcy process will vary from case to case, but generally follows
the same timeline:
- The means test – a financial evaluation – is used to determine
which Chapter you can use.
- A bankruptcy petition is filed with the court.
- The court issues an automatic stay (protection from creditors and collections).
- A mandatory meeting with the bankruptcy trustee takes place.
- The case moves forward according to the Chapter of bankruptcy you file
under - Liquidation (Chapter 7) or Reorganization (Chapter 11 & 13).
- At the end of the case, the court grants a discharge of eligible debt.
Life After Bankruptcy
Ultimately, bankruptcy will allow you to
discharge certain debts. These debts are unsecured debts, which may include medical bills, payday
loans, and credit card debt, among other types of debt. By receiving a
discharge at the end of your bankruptcy case, the balance of your debt
will be forgiven and you will no longer have to make payments. This is
the financial fresh start that can set you on the road toward a debt-free life.
While bankruptcy does affect your credit score, the impact is not permanent.
You can rebuild after bankruptcy, and with our help, you can do so quickly.
We will give you the information and tools needed to rebuild your credit
after bankruptcy – tools like our 7 Steps to 720 program. Remember,
bankruptcy was created to help those in need, not to punish them.
Learn More About Bankruptcy
If you are considering bankruptcy, have questions about filing, or would
like more information about your debt relief options, we are here to help.
To request a FREE, personalized consultation with an attorney from our
firm, call 480-267-9046 or book an appointment online.