If you are struggling with debts and believe that you will not be able to repay your creditors, it may be time to consider bankruptcy. Through Chapter 7 or Chapter 13, you may be able to finally secure the financial freedom for which you have been searching. Bankruptcy can be confusing, but with the assistance of a caring and proven legal counselor, you can take back control from your creditors and achieve debt relief. Every situation is unique, so it is best to discuss your circumstances with an experienced bankruptcy lawyer before making any decisions. Bankruptcy may be the right choice if the following statements are true of your situation:

  • You are purchasing even basic necessities with credit cards
  • You are borrowing from friends and family just to pay your bills
  • You have to live paycheck to paycheck
  • You are constantly being harassed by your creditors
  • You have to dip into your retirement or savings accounts to make ends meet
  • Your financial problems are making your life stressful and overwhelming
  • You are always worried about your debts and inability to pay your bills

Do those statements describe your family’s financial troubles? If so, do not hesitate to speak to a skilled legal counselor as soon as possible. Although you can file for bankruptcy on your own, it is important to be fully informed before making any decisions, so that you are confident filing is the right choice for your family.

Chapter 7 vs. Chapter 13

After assessing your circumstances, if you believe bankruptcy is right for your family, the next step is determining which Chapter is best for your debt, with the help of a knowledgeable attorney. Chapter 7 uses the liquidation of nonexempt assets to repay creditors, and after the liquidation process is complete, the filer is released from the remaining balances of most of their unsecured debts. In
Chapter 13 bankruptcy, the filer works with their attorney and a court-appointed bankruptcy trustee to create a monthly repayment plan through which they will repay their creditors over a 3 to 5 year period.

There are a number of benefits to each Chapter, but there are also implications that must be considered carefully before making your choice. If you are interested in bankruptcy to help your family overcome debt and regain control of your financial future, our team would be proud to help. Our attorneys at Dodge & Vega, PLC have helped countless clients in Mesa and all over the state through the bankruptcy process, and we can assist you with exceptional legal counsel during this difficult time. To determine your available options and learn how bankruptcy could benefit your financial situation, please call our team at your earliest convenience!