Chapter 7 Bankruptcy Can Offer You a Fresh Financial Start
The current economy has taken its toll on many individuals and families. Unemployment rates are up. People are being forced to live off credit cards — a solution that is very temporary. As debts grow higher, the light at the end of the tunnel seems to grow dimmer.
Do not give up. A solution for debt relief may be just around the corner.
At the Law Office of Hector A. Montoya, P.C., in Tucson, Arizona, we have answers to your questions regarding eligibility for consumer bankruptcy. Chapter 7 bankruptcy may be able to give you a fresh financial start, helping you build a sturdy foundation for the future.
To arrange an appointment with experienced Chapter 7 and Chapter 13 bankruptcy attorney Hector Montoya, call our office at 520-762-6164. Relying on his past experience not only as a lawyer, but also a financial analyst, Mr. Montoya can help you evaluate your options for getting your feet back on solid ground.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, often referred to as asset liquidation, is a process of eliminating a majority of your debt. Eligibility is determined by a bankruptcy means test that measures your income to debt ratio. If you are determined eligible, some of your assets may be sold to pay creditors. Any outstanding dischargeable debt will then be discharged.
If you do not qualify for Chapter 7 bankruptcy, you may be eligible to file for Chapter 13. Chapter 13 bankruptcy is often a good choice for those who own significant assets and have a steady source of income. In this form of bankruptcy, your debts will be subject to a repayment plan, typically lasting from three to five years. Upon successful completion of the repayment plan, remaining dischargeable debts will be eliminated.
Filing for Bankruptcy Will Stop Harassment From Creditors
As soon as you file for Chapter 7 or Chapter 13 bankruptcy an automatic stay is put in place. This halts all collections activities against you. Creditors will no longer be allowed to send you threatening letters or harass you over the telephone.
Your Decisions, Our Attorney — Call 520-762-6164
Call our Tucson, Arizona, law offices to schedule an initial bankruptcy consultation or contact us online.
