Sometimes we can control our financial situations. Sometimes we cannot. The reality of Arizona bankruptcy is that most people never intended to end up there. Many fight as long as possible to avoid it. In these trying times, many people are losing their jobs, confronting unexpected medical bills and job losses. As a result, many people find themselves with a debt burden they cannot overcome.
The federal and Arizona bankruptcy laws are designed to protect people from unreasonable debt burden. No matter how you got there – job loss, medical bills, mortgage underwater, skyrocketing expenses, divorce, job loss, or health issues – you may be able to find relief by filing for bankruptcy. The first step is to consult with an experienced bankruptcy attorney who will help you make a plan for a better future.
Early legal consultation is important. It may be that you need to stop making payments on debts that you cannot repay, such as credit cards and mortgages on properties you plan to surrender. Planning is important. You cannot simply give away your valuables and home contents to relatives and friends, expecting to hide them. In bankruptcy, people can keep most of their possessions, but full disclosure about your assets and any transfers must be made. We will be able to counsel you regarding allowable and prohibited transfers as well as property that is exempt from the claims of your bankruptcy trustee.
Allowable bankruptcy planning can protect some of your assets.
Understand that your credit score is probably already damaged. While a bankruptcy filing will have an adverse effect on your credit, you will be able to rebuild your credit faster than you may think. More importantly, the discharge of your debts will allow you to build a better future.
Once your bankruptcy petition is filed, all the collection phone calls and letters will stop, allowing you to regain your peace of mind.
Try to make peace with your situation. The federal bankruptcy laws exist to allow honest people to get a fresh start.