Arizona bankruptcy laws require strictly enforced stipulations, which are imposed on consumers who file a claim. For instance, all consumers must pass the means test which determines for which chapter of bankruptcy the consumer qualifies. For instance, if the consumer’s income is above the county’s median, they qualify for both chapter 13 and 7. If the consumer’s income is below the median, they qualify for Chapter 7 in Chandler AZ only.
What Qualifies a Consumer for Bankruptcy?
The median income for residents of Chandler is $70,456 for individuals and $81,720 families. The attorney representing the consumer establishes whether or not they qualify for their preferred chapter of bankruptcy by examining their financial records. When the consumer attends their initial meeting with their attorney, they should bring income statements, tax returns, and documentation for their properties and assets.
What to Expect ?
A claim filed for Chapter 7 in Chandler AZ allows the consumer to liquidate assets and properties to generate proceeds to settle their debts. The court assigns a trustee to assist and manage these efforts. The trustee may utilize the services of a real estate agency to assist them in selling residential or commercial properties. Through these efforts, the trustee can acquire a quick sale. This implies that the properties are sold at a reduced rate that is sometimes below the current market value. Other assets such as vehicles, boats, and recreational vehicles are sold based on the value achievable through a private seller. The blue book value of the vehicles is the typical selling price. This allows the trustee to generate proceeds to settle debt within the short time frame allowed for the liquidation process.
During this form of bankruptcy, the judge can discharge some debts owed by the consumer. Commonly discharged debts are unsecured credit card debts that do not possess a high overall balance. Any debts that are discharged are no longer the responsibility of the consumer. Consumers who wish to find lasting debt relief can achieve this goal through bankruptcy. However, the consumer should understand the stipulations assigned by the court before they file. If you wish to file a bankruptcy claim, you should contact Asheton B Call immediately.
