Get help to simplify bankruptcy filing

Despite an improvement in the economy over the last few months, many Arizona residents may still be struggling to make ends meet due to various reasons, both expected and unexpected. Losing a job and using up savings or suddenly becoming ill and racking up medical costs are some examples of unexpected reasons people face financial difficulties. Others may just be trying to get through the month and make their payments on time but increasing expenses make it difficult to do so.

For these struggling financially, there are some options of debt relief that can be availed in order to wipe out many forms of debt and put an end to wage garnishment. In fact, some options also allow debtors to put an automatic stay on foreclosure proceedings and repossession. Filing for bankruptcy, whether it is Chapter 7 or 13, is one federal option debtors can utilize to restart their financial life.

Determining which bankruptcy option is applicable to a person's individual circumstances can be complicated. Chapter 7 bankruptcy, commonly known as liquidation bankruptcy, requires passing what is known as a "means test." This test is based on the filer's income. As discussed previously on this blog, income figures are compared to the median income in the filing state and if the individual's income is lower, then they qualify. If they do not, they may still be eligible for filing for Chapter 13 bankruptcy, whereby the debtor makes payments to creditors based on income.

Dealing with the paperwork and the complexities of the legal process may be overwhelming for Arizona residents who are already emotionally drained from their financial troubles. Our law firm is dedicated to protecting debtor's assets and family as much as possible and we can help Arizona residents understand their legal options and how to avail them. Our law firm understands that people are hesitant to file for bankruptcy because they are uncertain of what other people will think of them, but rest assured many have taken advantage of the legal right assured to them in the Constitution and have come out smoothly on the other side. We may be able to help Arizona residents achieve their success story. Turn to our website for more information.