A Fresh Start: Chapter 7 or Chapter 13 Bankruptcy
The decision to file for bankruptcy is always hard. But it may be the best or only recourse if home foreclosure is looming or your debts have accumulated beyond an ability to pay back those creditors.
Free Initial Consultation • Payment Plans Available
The bankruptcy lawyers of Faith, Ledyard, Nickel & Shelsky, PLC, provide solid counsel and representation in consumer bankruptcy. Our Avondale firm represents individuals and families in the West Valley, greater Phoenix and Arizona statewide. Contact us today to explore your debt solutions.
Stop Foreclosure, Repossession and Creditor Harassment
Bankruptcy is a legal proceeding to declare your inability to pay consumer debts and obtain relief from creditors. There are two types:
In Chapter 7 bankruptcy, the debtor seeks to completely discharge unsecured debts such as credit card debt, medical bills and judgments. In Chapter 13 bankruptcy, the debtor agrees to repay debts over 36 months or 60 months by making a fixed payment each month to a bankruptcy trustee who then pays your creditors from that payment.
In either filing, creditors must immediately halt efforts to foreclose, repossess property or garnish wages, and must stop collection actions, including phone calls to your home.
Our attorneys have substantial experience to handle your unique situation.
We will run your numbers through the income means test to determine if you qualify for Chapter 7 discharge of debts, or if you must file Chapter 13.
Contrary to myth, you do not "lose everything" by declaring bankruptcy.
In Chapter 13, you do not forfeit any property as long as you keep up with your payments. In Chapter 7, most of our clients lose little or nothing because of the following exemptions:
- Homestead residence
- Household furnishings
- One motor vehicle
- 100 percent of retirement accounts (pension, 401(k))
- Life insurance plans
- Tools of a trade or profession
- Engagement and wedding rings
- Clothing
- One firearm
* (Only your attorney can analyze the applicability of all available exemptions to your particular circumstances)
There are many other exemptions not listed here that, with the aid of our experienced bankruptcy attorneys, enable clients to retain most of what they own. If you have substantial property that is not exempt, we can help you decide whether to forfeit the asset or file Chapter 13 and keep the asset.
Contact Us
We offer a free initial consultation, and payment plans are available. Contact us at 888-350-8767 or 623-806-8994 to arrange a consultation. If it is not convenient to meet at our Avondale office, we can assist clients by phone and process all bankruptcy documents by mail.
