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By: Libera Ferrari
It could get exhausting avoiding creditors all day long. Paying bills is a fact of life all of us have to deal with. You have to pay if you don't want to be penalized. What do you do then when you've got no more money in the bank to pay for all your bills? Just accept the fact that you are broke and require the expertise of a bankruptcy lawyer. Phoenix residents and business owners who are in dire financial straits will find these legal experts helpful in moving the process along, in particular when it involves Chapter 7 or Chapter 13 filings.

What does it mean when you file for Chapter 7?

It's not at all unusual to file for Chapter 7. In the US, numerous private citizens and businesses file for this chapter. When you talk with a bankruptcy attorney in Phoenix to talk about this, you're to liquidate all your assets. This will enable your past and current creditors to start getting whatever money you owe them. What makes this an ideal situation is the debt discharge feature. When you file and complete the requirements, you can start your financial life once again.

The only downside is you have to fix the assets you need to dispose. This process will last around four to seven months. Undergoing bankruptcy can be taxing, especially when you are searching for a job or seeking to start a new business.

What are the differences between Chapter 13 and Chapter 7?

Chapter 13 is another process you could go through. This is great for individuals who still need the capacity to pay back a portion or majority of debts owed. You should do this when you've got important properties and assets that you would like to keep and save for the future.

Which one should I file for?

It will really depend on the situation you're in. For instance, if you want to dispose all your assets and pay off your creditors, go for Chapter 7. If you are still earning money and have the means, file for Chapter 13 so that you can keep the essentials such as your house or car.

What do I need to consider when filing?

You should get a hold of a bankruptcy lawyer. Phoenix citizens who find themselves in these situations often end up lost during the proceedings. Having a legal expert at your disposal can speed up the work so you can get on with your life as quickly as possible.

Aside from getting things done for you, they will become your representative in court. Any documents you must submit or sign will require the approval of this person.

Mediation is yet another instance where you will require this kind of help. It is more than likely that your creditors and debtors are going to have a representative on hand who will sort papers before they are able to reach an agreement on certain issues.

How soon should I begin the consultation process?

Start consulting as soon you make the decision to file. Once you have a legal professional helping you, you can get all the information on the pros and cons of your decision. You could get all the advice you need so you'll know what you're getting yourself into.

Experience is what counts the most when finding a bankruptcy attorney in Phoenix. Get advice from former clients or visit their website for some testimonials and reviews. The earlier you get things going, the quicker you can be back on track.

Libera Ferrari is a bookkeeper who worked with a bankruptcy attorney Phoenix as well as bankruptcy lawyer Phoenix firms.

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