When the debts a person owes are way more than the income they have coming in, life can become difficult. Trying to keep up with current bills and past due debts can be more than anyone can handle. When bill collectors are owed, they quickly go into collection mode. They will work to get the money they are owed through any legal means possible. This often means sending harassing letters, calling, garnishing wages and taking people to court. Instead of having to deal with this situation alone, it is helpful to contact a bankruptcy attorney in Glendale, AZ.
Getting an attorney involved can be helpful in a couple of different ways. Should you be facing foreclosure or having difficulty working out arrangements on the bills you owe, a bankruptcy attorney in Glendale, AZ can contact your creditors and assist you in debt negotiation. If the collectors are unwilling to work out any arrangements, there are a couple of options for filing for bankruptcy.
When a client meets with their attorney for bankruptcy information, they will bring in their debts, income verification and asset information. This will allow the attorney to be able to guide them in deciding which type of bankruptcy will be most beneficial for their financial needs.
Chapter 7 bankruptcy is the quickest type to settle but is not for everyone. A mean’s test must be passed to ensure the applicant meets certain income criteria. If there is any non-essential property, this will be sold to pay off the debts a person owes. In the event that there is no property to be sold, the trustee over the case has the power to absolve certain types of debts. This process normally takes around six months to be fully settled.
Chapter 13 has no income criteria to meet, but applicants must make a monthly payment through the court. The amount paid goes towards paying off debts the applicant owes. The process for this type of bankruptcy takes around two to five years to be settled, and there is no requirement for the sale of property.
If you are dealing with more debt than you can handle, bankruptcy may be an option. For further information, contact the office of Asheton B Call. Allow him to help you overcome your debt.
