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Understanding The Most Popular Arizona Consumer Bankruptcy Filings - Chapters 7 and 13 by Nicholson Pittman





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Understanding The Most Popular Arizona Consumer Bankruptcy Filings - Chapters 7 and 13 by
Article Posted: 09/17/2012
Article Views: 54
Articles Written: 6
Word Count: 640
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Understanding The Most Popular Arizona Consumer Bankruptcy Filings - Chapters 7 and 13


 
Law
Many filled bankruptcy cases due to financial loss. Most of the cases centered on Chapters 7 and 13. If you are one of these people who are thinking of this financial relief, you should know which of these two is applicable in your case. You do not choose one because you think it is what you need. It has always been advised that your best way to know your stand is to understand these two

With the great financial despair affecting a lot of people and businessmen, bankruptcy rates had escalated. With the global crisis starting in America, there happens to be more affected people in this continent. In Arizona alone, statistics disclosed the huge increase in the bankruptcy rates and as the economy had not yet recovered, so did many citizens in this State.

Of the many filled cases of financial loss, most of the fillings centered on Chapters 7 and 13. If you are one of these people who are thinking of availing this financial relief, you should know which of these two you should go for. You do not choose one because you think it is what you need. How dexterous do you think you are to be able to determine which Chapter to file? It has always been advised that your best way to know your stand is to understand these two. And any citizen in the State of Arizona needs to check this with an Arizona experienced bankruptcy lawyer.

In trying to analyze which to take, you should be aware that the types of bankruptcies come from their specific location in the bankruptcy code. Chapter 7 is also known as liquidating bankruptcy. The provisions of this chapter state that all non-exempt assets of the filer will be monetized or liquidated thru a trustee. The proceeds of the sale minus the fees of the trustees will all be accounted to be used for paying the creditors. But Arizona law is generous wherein debtors are usually allowed to keep most or almost all of the existing properties.

The benefits under this chapter stipulate that all non-secured debts will be discharged. This will make the debtor free of any obligations. There are different types of non-secured debts. These include credit cards, medical bills and unsecured loans. The kinds of debts that cannot be discharged or are non-secured include student loans, unpaid taxes and other secured loans like mortgage and car loans.

If you have a steady income, Chapter 13 is more suitable for you. Under this law, you will be given a period of 3 to 5 years to pay your debts. The restructured amortization schedule is a proposed payment plan which will be submitted by your Arizona lawyer for court’s approval. You will be given the chance to retain your properties. Under this section, the cram-down tool is very powerful. This will allow for modifications of your secured debts. Under the crammed down, you only pay the actual worth of the item. Any debt in excess of the value will be discharged.

However, there is limitation to the cram-down because under this law only cars purchased more than two and a half years before the filing are included. You cannot use this section for primary residences, which in actuality are the homes of the people or members of the family. All other houses like vacation houses and rental homes are subject to the bankruptcy provision.

You have now realized that either of these two chapters award benefits. To find the best one for you, hiring of your Arizona bankruptcy lawyer is very immediate. Without the professional advice of this fellow, you may not be able to choose between the two.

The Law Office of Kathryn L. Johnson, PLC is your source for Tucson Bankruptcy Lawyers. To learn more about your bankruptcy options, you can check http://www.kathyjohnsonlawoffces.com.

Related Articles - bankruptcy tucson, lawyers in tucson, lawyer in tucson, tucson bankruptcy lawyers,

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