Chapter 7 Bankruptcy   

        Phoenix, Arizona, Bankruptcy Law Attorneys

        A Chapter 7 bankruptcy is commonly called a liquidation.  That is because

       the debtor’s non-exempt property is taken by the bankruptcy trustee and

       liquidated to pay off the debtor’s creditors.  At the conclusion of a Chapter 7

       bankruptcy all of the debtor’s debts (aside from some such as student loans,

       taxes, child support, spousal maintenance, etc.) are wiped away. 

       A list of common exemptions in Arizona include $5,000.00 of equity in a

       vehicle, $150,000.00 of equity in your primary residence, $1,000.00 in

       engagement and wedding rings, and $4,000.00 in household furnishings.

       For many debtors, they will lose no property whatsoever.  For those who

       are facing the prospect of losing a great deal of assets, a Chapter 13 may

       be a better choice.

       In recent years, Congress has made it more difficult to file a Chapter 7

       bankruptcy.  There is now a means test that a debtor must pass to qualify

       to file a Chapter 7 bankruptcy.  If you don’t qualify, you will be forced to file

       a Chapter 13 bankruptcy.

        To learn more about Chapter 7 bankruptcy contact us today at

        602-910-2642 or 623-239-4610 or email us for a free consultation.