Arizona Chapter 7 Bankruptcy

Who Files Arizona Chapter 7

The most commonly declared form of bankruptcy is Arizona Chapter 7 bankruptcy. Chapter 7 is the most common type of bankruptcy because it works with a large variety of different situations. There are a few requirements to qualify for Arizona Chapter 7, the first being an income requirement. People who have less than median income for the size of their household or who have special expenses qualify for Arizona Chapter 7.

People who file Arizona Chapter 7 often do not have many assets. The court will take and sell any non-exempt assets when a person files Chapter 7. The court decides whether an asset is exempt or not by evaluating the equity in the asset--meaning the market value of the asset less debt against it. If the equity in the asset is larger than the Arizona exemptions then the asset is non-exempt. If the equity in the asset is smaller than the Arizona exemptions then the asset is exempt.

Arizona Chapter 7 Basics

When a debtor decides to declare Arizona Chapter 7 bankruptcy, the court requires that he or she gives up any non-exempt assets. The court will then sell those assets and split the proceeds between the debtor's creditors to pay for the debtor's debts. Arizona Chapter 7 is also known as liquidation bankruptcy because of this selling of non-exempt assets. After the selling process, the court gives the person fining Arizona Chapter 7 a discharge of his or her remaining dischargeable debt.

Most of our clients are able to keep their assets with the help of our experienced bankruptcy attorneys. Our attorneys have many years of experience with Arizona Chapter 7 and can help our clients prepare for bankruptcy filing. Let us help you keep your assets when you file Arizona Chapter 7.

Arizona Chapter 7 Attorney

Scottsdale Fresh Start is ready and prepared to help you with your financial situation. Contact us today and let one of our attorneys help you get back to your normal life. Fill out our free Arizona Chapter 7 evaluation today to begin the process.

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