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Bankruptcy doesn't need to be thought of in a negative way, especially when you consider that he act of filing for bankruptcy was intended to give people facing financial challenges the opportunity of a fresh start. If you've been considering filing for bankruptcy in Arizona, it you may find it to be the solution to your financial dilema. This page shows you How to File for Arizona Bankruptcy.
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Arizona Bankruptcy Law Firm
In this video, Robert Teague talks about how bankruptcy may be the solution that will stop harrassing phone calls from creditors, wage ganishment and other financial hassles; even hassles with the IRS! Robert works for the largest consumer bankruptcy firm in Arizona and can get started on your case with no money down. They can even be contacted by phone 24 hours a day.
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Introduction
Your bankruptcy filing will take place in federal court since bankruptcy falls under the domain of federal law in all 50 states. However, Arizona law will still play a role at certain points in the process. For example, it could determine which assets are protected from forced liquidation and what the maximum dollar value of those assets can be. -
Step 1: Chapter 7 Bankruptcy Defined
Chapter 7 bankruptcy is a legal process in the United States created to release a person facing financial pressures from their unsecured debt. However, Chapter 7 does not eliminate secured debt that is backed by collateral like car payments or mortgages. This type of bankruptcy, since it's simpler than a Chapter 13 restructuring, is sometimes called a liquidation or straight bankruptcy. Some people are uncomfortable with the thought of filing for chapter 7 due to the possibility of asset liquidation, but forced sales can be completely avoided in many cases if you are able to pass the means test as covered in Step 2 on this page. However, even if a Chapter 7 bankruptcy is not quite right for you, it's still worth considering a Chapter 13 restructuring instead. -
Step 2: The Chapter 7 Income or Means Test
In order to pass the standard Chapter 7 Bankruptcy means test so you'll be allowed to declare Chapter 7 bankruptcy, you need to prove that your household income is at or below the state median in Arizona. Though this figure is determined by the Census Bureau, it does vary depending on the size of your family. The following maximum incomes apply in cases filed after March 15, 2009http://research.lawyers.com/Arizona/Bankruptcy-in-Arizona.html:- Single individual: $43,397
- Two person family: $57,620
- Three person family: $60,002
- Four person family: $71,867
- Five+ person family: $71,867 plus $6,900 for each extra individual over four
Step 3: Chapter 7 Exemptions in the State of Arizona
To declare bankruptcy in Arizona, you'll need to consult with a bankruptcy attorney about what you have a right to claim in terms of exemptions. As long as you have confirmed that you are free to declare chapter 7 bankruptcy under the means test detailed above, a bankruptcy lawyer will be able to formulate a winning strategy for you to keep as many of your assets as possible. Here are a just a few of the allowable exemptions in Arizona:http://research.lawyers.com/Arizona/Bankruptcy-in-Arizona.html- Homestead exemption, up to $150,000
- One watch, up to $100
- Household furniture, furnishings and appliances, up to $4,000
- Farm machinery, feed, grain, seed and animals, up to $2,500
- Engagement and wedding rings, up to $1,000
- Wearing apparel, up to $500
- Life insurance proceeds-cash surrender value, up to $25,000 and life insurance proceeds, up to $20,000
- Pets, horses, cows and poultry, up to $500
- Motor vehicle, up to $5,000 or $10,000 if disabled
- Personal tools, firearms and a burial plot, up to $500
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Tucson Bankruptcy Attorney - Lawyer Arizona Bankruptcy Court ...
My name is Phil Abromowitz.I have been a lawyer in Tucson for 30 years. My bankruptcy practice covers all of Southern Arizona, including Pima, Pinal, Santa Cruz, Cochise, Greenlee,...dropdebts.com
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