No one likes the idea of not being able to honor his or her financial obligations. Even so, all sorts of issues can make it impossible to follow through. Whether the problem arose due to health issues, a job loss, or a divorce, it pays to seek advice from a bankruptcy lawyer in Glendale, AZ.
Here are some of the ways that the lawyer can help.
Assessing the Situation of the Client
In order to provide advice that is relevant to the client, it is necessary to take a good look at the current financial condition. How much does the client owe in the way of unsecured debt, taxes, mortgages, and car loans? What amount of income is generated each month? Does the client have any assets that could be liquidated and used to help settle the more pressing debts? Once all these questions are answered, it will be easier to provide some ideas for the client to consider.
Choosing the Right Form of Personal Bankruptcy
If the client does meet the basic criteria for bankruptcy protection, a bankruptcy lawyer in Glendale AZ, will go over the pros and cons of each approach. For some people, only one type of bankruptcy will be viable.
With a chapter 13 action, the client is placed under the protection of the court. Payments are remitted to the court monthly, with the amounts submitted based on the income the client generates. Priority debts are addressed first and are usually paid in full over a period of three to five years. Unsecured debts may be discharged at the end of the period, or each creditor may only receive a percentage of the original debt.
If the client does qualify for a chapter 7 action, all debt included in the action will be discharged in a matter of months. This provides the client with a chance to make a fresh start immediately.
For anyone who is in deep debt and sees no way out, click here and set up an appointment with Asheton B. Call today. It will not take long to assess the situation and provide the client with the information needed to make the right decision.