In Arizona, consumers could face difficulties based on financial circumstances. These circumstances could lead to adverse legal action by their creditors. This includes Foreclosure Casa Grande AZ. A local attorney could help the consumer choose an effective option to avoid foreclosure and the additional negative impact of the action.
Qualifying for Bankruptcy
To qualify for chapter 13 bankruptcy, the consumer must have an income that is higher than $44,719. They provide evidence of their income for the last six months to show this greater value. If they prefer, they could also choose chapter 7 with this income value. However, if they don’t have a higher than average income level, they qualify for chapter 7 only.
Reviewing Your Options
Chapter 13 provides consumers with a reorganization of their debts. It gives them up to five years to pay off these debts at a lower value. The consumer must submit monthly payments and use their disposable income to pay debts that aren’t included in their claim. They also acquire an automatic stay throughout the full duration of their case.
Chapter 7 allows them to settle their debts through liquidation. Select properties and assets are sold through the court. A trustee manages all payments sent to creditors to settle these accounts. The consumer gains an automatic stay for up to six months.
The Meeting of Creditors
During the meeting of the creditors, the creditors state if they want their account included in the bankruptcy. The court also follows steps to verify the validity of the account. Any accounts that are charged off and paid off through alternative measures are discharged.
What is Expected of You During Bankruptcy?
The court manages all bankruptcy cases. The consumer must follow all requirements for their chapter or face discharge. A discharge of the case makes the consumer responsible for all debts involved in the claim.
In Arizona, consumers need clear opportunities to manage excessive debt. When they are facing dire circumstances, they should consider the benefits of bankruptcy. Consumers who need help with Foreclosure Casa Grande AZ should Browse the site or contact Asheton B Call to schedule an appointment today.