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You are here: Home / Bankruptcy

Bankruptcy

filing bankruptcy in arizona

Bankruptcy

For most individuals there are two common types of bankruptcy, Chapter 7 and Chapter 13.  In rare cases, an individual would consider filing a Chapter 11 or Chapter 12. A Chapter 7  bankruptcy eliminates most debts, and most people who file a Chapter 7 keep many of their assets and personal belongings.  Some people have too much income or non-exempt assets to file Chapter 7.  Those people may choose to file a Chapter 13 which involves making regular monthly payments for 3-5 years to pay back a portion of debts owed.

Filing Chapter 7 Bankruptcy

A Chapter 7  bankruptcy eliminates away most debts, including credit cards, payday loans, repossession deficiency balances, most judgments, some tax obligations, and personal loans. Most people who file Chapter 7 keep many of their assets and personal possessions after filing chapter 7.
State and Federal law dictate what assets are exempt from creditors and the Bankruptcy Trustee. Catalyst attorneys will advise clients what property you get to keep and what property may be at risk. Typically, debtors keep their homes, cars, clothes, furniture, wedding rings, 401(k), IRA cash value life insurance policies, and annuities. Also, you can view a list of Arizona Bankruptcy Exemptions for more information.

Filing Chapter 13 Bankruptcy

Some people have too much income or too many non-exempt assets to use a Chapter 7.  Those people may choose to file a Chapter 13.  A Chapter 13 does not immediately give a person a fresh start, rather a Chapter 13 typically lasts from 3 to 5 years and consists of a person making regular monthly payments to a Bankruptcy Trustee assigned to the case. Typically, your payment to the Trustee will not exceed the amount of income that is left over each month after you pay your bills.  If a person makes all scheduled payments to the Trustee, at the end of  the Chapter 13 term (3 to 5 years) any unsecured debts that remain are discharged and you are free from the obligation to pay any unpaid debt–just like in a Chapter 7.

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You’ll Find More Detailed Articles About Filing Bankruptcy Below.

Reset with Bankruptcy

September 2, 2016

Reset with Bankruptcy

Bankruptcy – the Short and Sweet Definition According to the federal laws of these United States, bankruptcy is simply this: “…a legal process designed to help individuals and businesses either eliminate their debts or repay them…” Take note of the word “help” because that’s exactly what bankruptcy is meant to do. Bankruptcy is a legal […]

What if a debtor files bankruptcy because of a judgment?

September 2, 2016

Many debtors incorrectly view bankruptcy as a magic button – press it and all their debts go away.  Although bankruptcy can be a powerful tool when appropriately used, not all debts are dischargeable in a bankruptcy.  For more information on what types of debts are not dischargeable, click here. If a debtor files bankruptcy because […]

The person who defrauded me is filing bankruptcy. What do I do?

September 2, 2016

Oftentimes bankruptcy proceedings involve a debtor (the individual who owes money) who has fraudulently borrowed money prior to filing bankruptcy but is attempting to scrub that debt off.  If a borrower can prove that the debtor fraudulently borrowed the money, a court may not allow the debtor to discharge that debt through bankruptcy.  The particular bankruptcy […]

Taxes and Bankruptcy

September 2, 2016

IRS Back Taxes and Bankruptcy – Yes, They Might Be Dischargeable! Most people believe that any IRS tax debt can never be discharged in a bankruptcy – but like many terrifying myths that surround bankruptcy – this isn’t always true either. Back in 1966, there was an addition to the Bankruptcy Code that allowed some […]

Social Security and Bankruptcy

September 2, 2016

Social Security and Bankruptcy

Bankruptcy and Your Social Security Income – Can I Still File? When people aren’t working, either because they are retired or because they are disabled, finances becomes an all-too-common struggle. The majority of the time, Social Security doesn’t cover what people really need to live on, and when you aren’t able to work – the […]

Rebuilding Credit After Bankruptcy

September 2, 2016

Bankruptcy – You WILL Have Great Credit Again – Sooner Than You Think!  Raise your hands – everybody who thinks bankruptcy somehow spells the end of your good reputation. How many of you think that bankruptcy dooms any hope that you’ll ever attain a decent FICO score again – or a car or a home […]

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