What is Chapter 7 Bankruptcy?
While Chapter 13 bankruptcy requires you to commit to a repayment plan, Chapter 7 involves a liquidation plan. When you file for Chapter 7 bankruptcy, your assets will be gathered and those that are nonexempt will be sold. The proceeds will then go towards paying back your creditors. Some property, like your home, will be considered exempt and will not be liquidated. Chapter 7 bankruptcy is an excellent way to eliminate your credit card debt, medical bills, and more.
Determining Your Eligibility
To qualify for Chapter 7 bankruptcy, you must pass a means test. This test will compare your average monthly income over a six-month period to the median income of a similar household in the state of Arizona. If your income falls below this median, you are eligible to file for Chapter 7 bankruptcy.
Chapter 7 bankruptcy is typically the right option for those with little to no disposable income and few assets. If you’re ready to discuss whether or not you qualify for Chapter 7, schedule a free consultation with our team today. We’re ready and willing to evaluate your personal financial situation and advise you on the best path forward.
Compassionate Guidance When You Need it Most
We understand that the thought of filing for bankruptcy may be just as overwhelming as the debt you’re facing. We’re here to show you that, not only is bankruptcy a viable option, but it may even be the best option if you’re trying to achieve financial stability.
With so much on your plate, the last thing you need to worry about is paying outrageous legal fees. At Compassionate Counsel, we offer needs-based pricing to fit your specific circumstances. Our number one priority is providing top-notch guidance at an affordable rate because we believe everyone deserves access to legal help.
Talk to a Chapter 7 Bankruptcy Attorney Today
We’ll serve as more than just your attorneys. We’ll be your resource when you have questions, your reassurance when you’re concerned, and your leaders on the path toward a more stable and secure financial future.
Don’t let debt rule your life. Take your power back by talking to our team about filing for Chapter 7 bankruptcy in Arizona. If Chapter 7 isn’t right for you, we also provide Chapter 13 services, as well as debt settlement and negotiation. If you are located in Scottsdale, Phoenix, Tempe, Mesa, or Chandler, schedule a free consultation with Compassionate Counsel today.