Bankruptcy Lawyers in Phoenix
The pressures of mounting bills, compounding debt, and legal proceedings against your economic standing is incredibly stressful and overwhelming. Let us evaluate your case!
If you need legal assistance to block harassing calls from creditors and you want to obtain a complete and immediate debt discharge through the liquidation of your assets, CALL US. Silva & Fontes can help you file Chapter 7 bankruptcy – the most common form of personal bankruptcy.
The Various Chapters Of Bankruptcy
A majority of non-business debtors file under Chapter 7 or Chapter 13 bankruptcy.
Chapter 7 Bankruptcy
The filing of a Chapter 7 case automatically stops all collection against you, the debtor. Creditors are court ordered to refrain from any further action against you after you file for Chapter 7. Any creditor who does not abide by the rules will be held in contempt of court and may be liable to you for damages.
Not all debts are dischargeable, so it is crucial to find competent legal representation, instead of attempting to handle a straight liquidation on your own. In Chapter 7 bankruptcy, the greatest portion of debt is unsecured (medical bills, credit card debts, and loans that are not backed by any tangible assets or property). These unsecured debts will be discharged. On the other hand, secured debts (debts that are backed by a house or car) will be subject to creditors’ claims and can be recaptured in satisfaction of amounts still due for that property.
The principal advantage of Chapter 7 Bankruptcy is that you will be permanently released from all your dischargeable debts and gain a fresh financial start within months. The attorneys of Silva & Fontes can help you determine what property is exempt, if you will be able to prevent foreclosure on your home or repossession on your car, what you will be required to liquidate, and what the long-term consequences will be for you. We are ready to help you!
Chapter 13 bankruptcy
Chapter 13 is a form of bankruptcy that reorganizes your debt and sets a payment plan to be paid back over several years. So, in general, Chapter 13 bankruptcy is a repayment plan. The debtors financial situation determines the payment plan and how much of the debt needs to be repaid. Some people are required to pay less than 5% of what they owe, while others are required to pay 100%.