Tucson Bankruptcy Attorney
Tucson Bankruptcy Attorney
Tucson Bankruptcy Attorney can help you when you find yourself in financial trouble. You are not alone! Many of our clients find themselves underwater due to divorce, job loss, catastrophic medical expenses or credit card bills.
At Tucson Bankruptcy Attorney we have one important goal in serving clients: to free them from debt, either through Chapter 7 or Chapter 13 bankruptcy proceedings. We have streamlined the filing process to make it easier and less costly.
Many Tucson Bankruptcy Attorney clients are pleasantly surprised at how stress-free the filing can be. We offer every client a free initial consultation by phone, so you can review your financial situation with a skilled bankruptcy lawyer.
At Tucson Bankruptcy Attorney we do not ask you to fill in a long, exhaustive questionnaire before making an appointment at Tucson Bankruptcy Attorney. Instead, our firm will do the paperwork for you. All you have to do is answer the questions and provide needed financial verification such as paycheck stubs, bank statements and income tax filings.
Tucson Bankruptcy Attorney’s explain the Difference Between Chapter 7 and Chapter 13?
As a Tucson Bankruptcy Attorney client, we examine the alternative to help you understand your options. A major advantage of Chapter 7 is that it eliminates most of your debt in just 90 days. In order to qualify for Chapter 7, you must earn less than the median income for a household of your size. For example, a household of four can file if the income is less than $82,602 per year.
However, even if your income is too high, you may still be able to file a Chapter 7 if you can pass the means test. We will work with you to determine if you have enough of the standard offsets and deductions to put you in the category of people who still qualify to file a Chapter 7 even though they earn more than the median income.
Tucson Bankruptcy Attorney:
Maximum Household Income For Easy Chapter 7 Bankruptcy
One person $51,161 = $4,263/mo.
Two people $63,930 = $5,328/mo.
Three people $72,275 = $6,023/mo.
Four people $84,442 = $6,869/mo.
Five people $89,322 = $7,444/mo.
Chapter 7 Bankruptcy Eliminates Most of Your Unsecured Debts Chapter 7 bankruptcy is the short form. In most cases Chapter 7 bankruptcy eliminates your debts in 90-120 days. It eliminates most of your unsecured debts -credit cards, old repossessions, medical bills
If you do not qualify for Chapter 7, you may consider Chapter 13, a debt consolidation-debt reduction plan that allows you to radically write down the total amount you owe as part of paying a portion of it back. Chapter 13 also stops foreclosure and obtains an order from the Court requiring mortgage lenders to give mortgage borrowers the opportunity to catch up on monthly mortgage payments over a three to five year period, so they can remain in the family home.
Chapter 13 Bankruptcy is designed to catch up on your mortgage and
radically write down other debts.
Tucson Bankruptcy Attorney – Chapter 7 Bankruptcy
Tucson Bankruptcy Attorney’s use the short form for Chapter 7 bankruptcy. In most cases Chapter 7 bankruptcy eliminates your debts in 90-120 days. To prove you are eligible to file a Chapter 7 bankruptcy, we must show that
• You have not completed any kind of bankruptcy filing under eight years ago
• You do not have some very valuable asset like a non-IRA/non-401k stock portfolio, have excessive home equity (401k’s/IRA’s cannot be seized in bankruptcy)
• Your regular net income is less than or barely exceeds your ordinary monthly expenses
• Your total household yearly gross income during the most recent six months was less than the median income for a household of its size. However, the median income test is not set in stone. Even if you are over the median income, you may still be eligible under Chapter 7 if you have certain offsets like high mortgage payments, high car payments, child support payments, or expensive health insurance payments.
In most Chapter 7 bankruptcies, you will be granted a discharge, eliminating the majority of your debts from 90-120 days after we file. Discuss your options wit a Tucson Bankruptcy Attorney
Tucson Bankruptcy Attorney – Chapter 13 Bankruptcy
Chapter 13 bankruptcy gives you time to catch back up on your mortgage while protecting you from your other creditors. Chapter 13 bankruptcy is designed to give you a way to catch back up on mortgages that have fallen behind and to permanently write down the size of your unsecured debt.
Chapter 13 radically reduces your unsecured debts (e.g., credit card debt, medical bills) by obtaining the court’s permission to redirect your available income primarily to catching back up on mortgages that have fallen behind.
You make your payments to the Chapter 13 Trustee, who then pays your individual creditors. Your plan will last from 36 to 60 months. If you have a mortgage and car loans, you will continue to pay for these items in your plan. You also pay a reduced percentage of your unsecured debt in the plan.
Tucson Bankruptcy Attorney services all of Duval County.
Tucson Bankruptcy Attorney’s also service clients in San Marco, Miramar, Lakewood, Dupont and San Jose
Call a Tucson Bankruptcy Attorney for a free consultation regarding your legal options.
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