What is Bankrupty?
Is Bankruptcy Right for Me?
Will I lose my Stuff if I file for Bankruptcy?
What do I need to do to File for Bankruptcy?
How much does it cost to file for Bankruptcy?

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What is Bankruptcy?
Bankruptcy wipes the slate clean for most unsecured debt. It stops collection efforts by creditors including garnishments, foreclosures, bank levies, and harassing creditor calls and collection letters. Bankruptcy is governed by Federal Law under the Federal Bankruptcy Code. This is also known as Title 11. The two most common forms of bankruptcy are Chapter 7 and Chapter 13. Throughout history many famous people have filed for bankruptcy protection. Bankruptcy is a vital part of a thriving economy, because it encourages risk taking and innovation. Imagine how much more cautious we would all be if we didn’t know that we could file for bankruptcy protection as a last resort. There are still a few countries in the world who have not grasped the concept of bankruptcy, and many of their economies are stuck in the dark ages.

Is Bankruptcy Right for Me?
Bankruptcy is not for everyone. The decision to file for bankruptcy must be informed by a number of different factors, which includes your income/expenses, assets, debts, urgency (such as a pending foreclosure or garnishments) and your ability to repay your debts outside of bankruptcy. An experienced bankruptcy attorney can evaluate your circumstances and help you decide whether bankruptcy is right for you. For a free bankruptcy evaluation, click here.

Will I lose my Property if I file for Bankruptcy?
Many people are surprised to hear that they can keep all of their property when they file for bankruptcy. This includes their house, cars, furniture, etc. The term we use in the bankruptcy world to protect an asset is called “exemptions.” If you have lived in Arizona continuously for the two years prior to filing your bankruptcy, then you will be permitted to use Arizona’s bankruptcy exemptions. Among other things, Arizona allows a bankruptcy filer to protect $150k equity in the home they reside in. Arizona also allows you to keep a vehicle (up to $6k equity), household goods (up to $6k), wedding & engagement rings (up to $1k equity). For a summarized list of all Arizona exemptions, click here. It’s important to note that exemption laws are not all black and white. An experienced bankruptcy attorney will be able to evaluate your assets and determine which assets will be protected in your bankruptcy filing. Furthermore, if it is found that you own property that is not covered by an exemption (such as a boat, for example), then your attorney will be able to discuss pre-bankruptcy planning options that will help to limit your losses without running afoul of the law. For a free bankruptcy evaluation to discuss your assets and exemptions, click here.

What do I need to do to File for Bankruptcy?
There is a three step process. STEP 1: Meet with attorney Alexander D. Sanchez (“Alex”) for a free case evaluation. During this meeting we’ll advise whether bankruptcy is right for you and which Chapter we recommend. During this meeting we will also introduce our petition preparation packet (“PPP”). STEP 2: Complete the PPP and return it to the Firm with attached documents. STEP 3: Once we have completed a final draft of your petition, we will meet to review it and obtain required signatures. Once the above steps are completed, we will be able to file your bankruptcy petition with the court.

How much does it cost to file for Bankruptcy?
If you feel confident enough in your own ability to navigate the quagmire of bankruptcy laws, then your main cost will be the filing fee. For a full listing of the filing fees, click here. If you want to make certain that your case is handled the right way, then we highly recommend hiring an attorney to file for bankruptcy. Attorney fees run an average of $1200 to $1700 for a basic Chapter 7 filing. At our firm we strive to make access to legal representation affordable to all. Our full service basic Chapter 7 cases will cost you $695, with affordable payment plans available to fit any budget. For full details on the fees and costs at our firm, click here.