Filing for Chapter 7 Bankruptcy in 3 Easy Steps

Otherwise known as liquidation bankruptcy, Chapter 7 bankruptcy gives debtors the opportunity to have their debts discharged in order to escape their financial hardship. In many cases, this involves the debtor liquidating his or her property or assets in order to pay off creditors. Even though Chapter 7 bankruptcy can initially damage your credit, it gives you a chance to overcome debt and begin rebuilding your credit score right away.

If you are interested in filing for Chapter 7, it is important to realize that you must first qualify for this type of bankruptcy. To speak with a qualified legal representative about your legal options and to see if you qualify, contact an Arizona bankruptcy attorney of the Harmon Law Office, LLC, today at 480-829-0494 and schedule a free consultation regarding Arizona bankruptcy.

Chapter 7 Bankruptcy Process

There are several necessary steps that you must take in order to file for Chapter 7 bankruptcy. To file for this type of bankruptcy successfully, be sure to follow these three steps:

Step 1: Collect All Financial Records

Before you can move forward with any bankruptcy action, courts require you to provide certain financial records such as current income and a list of assets and debts.

Step 2: Take Credit Counseling

Debtors are also required to go through some form of credit counseling to explore all possible options for getting out of debt.

Step 3: Check the Means Test

In order to prevent individuals and businesses from abusing the Chapter 7 bankruptcy privileges, all debtors must also pass the means test before they can file for Chapter 7 bankruptcy. This is essential to prove that you are eligible for Chapter 7 bankruptcy.

Contact Us

Filing for Arizona bankruptcy can be a very difficult time in your life. You need someone on your side to help you every step of the way. Contact an Arizona bankruptcy attorney of the Harmon Law Office, LLC, today at 480-829-0494 to learn more about how we can assist you.