Debt Relief For Arizona Residents
At Mark W. Lischwe, P.C., we are ready to help you find an appropriate path to debt relief, suited to your specific situation. With nearly 40 years of experience, the firm is well-equipped to address the unique financial issues that you face. If credit counseling or debt settlement is no longer an option, Chapter 7 or Chapter 13 bankruptcy may be the solution that you need.
We welcome the opportunity to discuss any of these areas of bankruptcy law with you in relation to your debt challenges.
Ready To Answer Your Questions
Bankruptcy was designed to help people obtain a fresh start. A few of the most popular questions about bankruptcy include:
- Am I a candidate for bankruptcy?
- Will I be able to keep my house? My vehicles?
- Are there any debts that I will still owe?
- Will garnishments, foreclosures and other collections stop once I file?
Ask us about alternatives to bankruptcy and the required means test that will help determine whether Chapter 7 or Chapter 13 bankruptcy is appropriate for your circumstances.
Debt Discharge Through Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a straight liquidation of your debts and assets. If you qualify for Chapter 7 bankruptcy, it is probably because your monthly income is lower than your expenses. A successful Chapter 7 filing will result in the discharge of many, or all, of your consumer debts within three to four months. Any nonexempt assets can be sold by the trustee, and the proceeds will be distributed to your creditors on a pro-rata basis.
Keep in mind that you may be able to keep most or all of your personal property if it falls within the list of allowable exemptions. At a free initial consultation, we will discuss whether you also own nonexempt property and what options exist to protect assets that are important to you.
Debt Reorganization Through Chapter 13 Bankruptcy
Chapter 13 bankruptcy involves a reorganization of your debts. If this form of bankruptcy is appropriate for you, it is because your income is greater than your expenses. With a Chapter 13 bankruptcy, your debt will be reorganized, and over three to five years, you will make monthly payments to a trustee, who will pay off your mortgage arrears, child support arrears, back taxes, vehicle payments and other secured debt.
Your monthly payment may also include a portion of your unsecured debts such as credit card balances and medical bills. Meanwhile, you may continue making your normal current mortgage payments directly to the lender. Once your plan and corresponding requirements have been completed, you will receive a discharge of remaining unsecured debts.
If you are facing foreclosure of your home, filing for Chapter 13 bankruptcy prior to the sale can stop the process and allow you to keep the house. Your debt reorganization plan can include repayment of the mortgage arrears that put you at risk of foreclosure.
You may also be able to get a second mortgage reduced or discharged, depending on your financial status and the details of your loans.
How This Firm Can Help You Get A Fresh Start
At Mark W. Lischwe, P.C., we are here to help you find debt relief. Our firm is one of the oldest consumer bankruptcy law firms in Arizona. Schedule a free initial daytime, evening or Saturday consultation at your convenience. Reach out to us online or call 602-252-7552.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.