Arizona Chapter 13 Bankruptcy Attorney Helps You Repay Debts
The situation
You are living in Arizona, agree that you have debts to be repaid, and you definitely do not have any intention of cheating your creditors. But your debt is too great to be paid back in a normal timeframe given your income, so you have gotten behind in your payments. In this situation, Chapter 13 may be your best option.
The Law
Chapter 13 of the U.S. Bankruptcy Code for the State of Arizona states the following:
If you are an individual with income and overcome by debt, Chapter 13 is a way to bargain with your creditors so that your entire debt can be repaid within three to five years. During this period of repayment, you are also given the protection by the court itself.
The whole process is best handled with the help of an Arizona bankruptcy attorney who will make your debt repayment experience a smooth one.
The middle ground
Opting for Chapter 13 helps you retain your assets unlike in Chapter 7 where you opt for a complete bankruptcy as a result of which you may have to start afresh. Also this will be a win-win situation for you as well as your creditor.
Copyright© 2012 LexisNexis. All rights reserved.