Phoenix Chapter 7 Bankruptcy Lawyers – Arizona Chapter 7 Bankruptcy Attorneys
“Liquidation” does not mean you will lose everything you own. It will give you a fresh start, an opportunity to have a blank financial slate with no bills and no creditor harassment.
Chapter 7 bankruptcy is not available to everyone. You must qualify by passing a means test. There are two ways to “pass” the test. The first way is to compare your household income to the median household income in the county where you live. If yours is less, then you pass and you can probably file under Chapter 7. If yours is more, then you may still qualify to file under Chapter 7 depending on the amount and type of debt you have..
If you feel you qualify or if you are close to qualifying, review your financial information with Phoenix Chapter 7 bankruptcy lawyer Brian Blum. Bring to your free consultation:
- Information about your last six months’ income (pay stubs and any other income)
- Your expenses for the past six months
- A list of all your assets (exempt and non-exempt)
- Information regarding tax debt, child support and ongoing medical expenses.
- Information regarding secured debt like house payments and car payments.
Exempt assets do not have to be handed over or sold in an Arizona Chapter 7 bankruptcy, but non-exempt assets do.
What is an exempt asset? Most of the time you can keep your clothes, furniture, car and house as long as their values are below certain limits. Any IRA, 401(k) or pension accounts you have are off limits for paying debts in Arizona Chapter 7 bankruptcy. You do not have to give them up. They are yours to keep.
What are non-exempt assets? Example: If you have home equity greater than $150,000 or vehicle equity greater than $5,000, the amount above those limits is considered non-exempt. Bring in your list of assets, and we will help you determine which are exempt and which are non-exempt.
Learn more in a free consultation with an Arizona Chapter 7 Bankruptcy Lawyer.
A lawyer experienced with bankruptcy law is the best source for understanding whether you qualify for Chapter 7 bankruptcy and whether certain assets are exempt or non-exempt. Contact our Phoenix Chapter 7 bankruptcy attorney for a free consultation.
