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Faith, Ledyard & Faith, PLC dba Faith Law
Faith, Ledyard & Faith, PLC dba Faith Law

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The potential benefits of a bankruptcy filing

It is common to face financial challenges in life, and there are times when these challenges affect a person’s ability to pay his or her bills. Arizona adults who are struggling to manage their financial obligations may find it necessary to take legal steps that will allow them to more effectively address their situation. One option that may be available to them is filing for bankruptcy. There are specific situations in which this is the ideal way to deal with a debt problem once and for all. 

A practical solution 

Bankruptcy offers a way for a consumer to address certain balances. Through a repayment plan or discharge, this process allows for the discharge of different types of debts. Consumers are often reluctant to move forward with this option as it is often seen as a negative step. However, there may be reasons to consider this step: 

  • The applicant needs a break from contact with creditors and debt collectors. 
  • The applicant is facing threats of foreclosure, wage garnishment or repossession. 
  • The applicant wishes to retain personal assets while finding a way out of current debt problems. 

There is no one-size-fits-all solution to dealing with debt. However, bankruptcy may be a reasonable way to achieve a fresh financial start. 

Seeking a practical way forward 

If considering bankruptcy, it may help to rely on the counsel of an experienced Arizona bankruptcy attorney. This can provide insight into options, as well as how this can be a beneficial choice. An assessment of one’s financial situation, debt details and more can reveal if bankruptcy is a smart way forward. 


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