At the Law Offices of Campbell & Coombs, P.C., we help people escape from overwhelming debt. Each case is different. In some cases, we find that Chapter 7 bankruptcy is the best solution to debt problems. We represent people throughout Arizona in matters related to Chapter 7 bankruptcy.
Chapter 7 bankruptcy is sometimes known as liquidation bankruptcy. It wipes out all your bills, with certain exceptions. In order to qualify for Chapter 7, you must meet certain income requirements such as passing a means test that is mandated by law.
This is the most common type of bankruptcy and discharges most debts to give you a fresh start. In exchange for this discharge, a trustee will sell some of your assets in order to pay your creditors. However, you get to keep many assets such as furniture, appliances, the house you live in (with up to $150,000 equity) and a car (with up to $5000 equity), along with your retirement plans. In order to file Chapter 7 now, you must first pass the Means Test, which is supposed to determine if you are making too much money to file a Chapter 7.
Chapter 7 can be a tremendous fresh start. For many people, the best thing about it is that it immediately stops all creditor harassment, repossession and wage garnishment. The "automatic stay" means that these proceedings are put on hold as part of the bankruptcy process. Chapter 7 may even discharge taxes in certain situations.
Many people worry about which possessions they will be able to keep and which they will have to give up in Chapter 7 bankruptcy. If you are uncertain, you should know that the vast majority of people get to keep all of their household items. If you have a home or a vehicle and wish to keep these items, we can file a reaffirmation agreement with the bankruptcy court.
Contact a Phoenix Personal Bankruptcy Attorney
To talk to a Mesa area Chapter 7 attorney, call for a free and confidential consultation. Our bankruptcy lawyers serve clients throughout Arizona and are available by calling 480-630-3186 or toll free at 866-430-1277. You may also contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
