Chapter 7 Bankruptcy in Arizona – A Perspective
When you file a Chapter 7 Bankruptcy and complete the process, you are declared free from all debts by court order. You are allowed to retain those assets that are considered exempt but you must surrender all other assets for liquidation to the bankruptcy trustee.
If you find yourself in a maze of debts, approach an experienced and knowledgeable Tucson bankruptcy lawyer for guidance. Only an expert attorney can analyze your situation by assessing your debts, remaining assets, and other related details. Once you lay out the facts of your situation, your attorney can guide you through the legal proceedings.
Generally, most of your debts are discharged within a brief period after you file your bankruptcy in the Tucson bankruptcy court. The court-appointed trustee is responsible for the liquidation of your assets and dealing with creditors.
If you are unable to pay your debts and you are determined to have a fresh start, Chapter 7 is the way to go. If you decide to devise a plan for repaying your debts within a possible time span, Chapter 13 is a viable option for many individuals. But be sure to retain an expert attorney to assist you in making a decision on the right bankruptcy option for your circumstances.
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