Having experienced Arizona bankruptcy lawyers assist you in your financial decision-making allows you to be more informed when considering to file for bankruptcy. Oftentimes, there are details in bankruptcy laws that you have not thought about and a bankruptcy lawyer would provide you with the insight on the matter.
There are limitations set for those who wish to file for Chapter 13 bankruptcy. In general, this bankruptcy may be filed by any individual consumer or unincorporated business. Still, there is a limit on your debt amount. For unsecured debts such as credit cards and doctor and hospital bills, $360,475 is the limit and should not exceed that. On the other hand, secured debts like mortgages, auto loans and student loans should be less than $1,081,400. This is considered to be the
Chapter 13 debt limits in Arizona.
In order to pursue Chapter 13, you need to prove that you are able to make monthly payments to creditors from a regular means of income. To be able to qualify does not really mean a stable job. Some considerations may be a regular benefit payment or rental income.
Furthermore, you may not file for Chapter 13 when you have filed for one in the past 180 days. Another requirement for debtors to complete six months before filing is a credit counselling course from any agency which has the approval of the US Trustees Office.
Should I really file for Chapter 13?
Each financial situation is unique. What works for one may be detrimental to another. Some of the signs that could prompt you to consider filing for bankruptcy may be the following:
Your debts are mostly unsecured.
Your medical bills are more than what your insurance covers.
You have few assets.
You have minimal or no savings.
You are behind in your payments for more than one bill.
There are income taxes you cannot afford to pay.
Some of your properties have already been repossessed.
Lawsuits have been or are being filed against you.
Creditors are aggressively taking action to demand payment from you through phone calls, letters and personal contact.
The above-mentioned are not set in stone. Perhaps there are a few more financial details that you are worried about that can only be adequately addressed by
Arizona bankruptcy lawyers. Their vast experience on bankruptcy would only work to your advantage. Ultimately, the goal is to give you the financial freedom that has long been elusive until now.
