When the finances are out of control and there seems to be no way to rein them in, it makes sense to consider the possibility of seeking bankruptcy protection. The problem is that most people do not understand how the different types of personal bankruptcy work. This is where seeking advice from one of the Attorneys in Chandler AZ will make a difference. Understanding the Options With Personal BankruptcyOne of the first things that the attorney will do is take a look at the financial situation of the client.
The goal is to determine if that client meets the current qualifications for one or both types of personal bankruptcy. In most cases, the client will qualify for at least one type. After the review, the attorney will help the client understand what would happen if he or she decided to go with a Chapter 13 action, including the process for garnishing wages and incrementally paying off the outstanding debt. The attorney will also explain that rebuilding credit while the debts are being paid off can be very difficult. This is because current laws allow petitioners to amend Chapter 13 actions to include more creditors at a later date.
Most Attorneys in Chandler AZ will recommend that eligible clients seriously consider a Chapter 7 bankruptcy action. This approach can involve the necessity of selling any assets that the court does not consider exempt from that action, and using the funds to partially settle the total amount of debts. The attorney will explain that a court appointed trustee will review all assets, report to the court if any of those assets meet current laws in terms of being eligible for sale, and will then arrange for that to happen. Making the DecisionThe ultimate goal of the attorney is to urge the client to take the action that is likely to produce the best results over time. By doing so, it is easier for the client to begin rebuilding a sound financial base, and reduce the chances of ever needing the protection of the court again. For people who are wondering if bankruptcy is the answer, Click Here to learn more about how the process works and who can qualify for this type of legal protection. If the idea seems feasible, arrange for a consultation with an attorney. The financial strain may be alleviated in less time than the client ever dreamed.
