Is Bankruptcy the Right Option for You?

No one wants to file for bankruptcy. It can be a long, sometimes frustrating process that many people find somewhat embarrassing. In some situations, however, it is truly the best option for climbing out of debt, ending an untenable situation, and gaining a fresh start in life. If you have been thinking about bankruptcy recently, you need to weigh the advantages and disadvantages carefully.

If you have any questions about your rights or responsibilities as a person in debt, the Harmon Law Office, LLC is here to help. Our Arizona bankruptcy lawyers have years of experience helping people in situations like yours. Call us today at 480-829-0494.

Questions to Ask Yourself

If you have been struggling with overwhelming debts, bankruptcy may seem like an appealing choice. However, there are also certain disadvantages to this option that need to be considered. Before you make any lasting choices about your financial future, ask yourself the following questions:

• Do I qualify for bankruptcy? Before filing for Chapter 7 bankruptcy, you must complete a “means test” to show that your income is below a certain average. To qualify for Chapter 13 bankruptcy, you must have the ability to follow and complete a repayment plan.
• Am I prepared to have this on my credit history? A Chapter 7 bankruptcy will remain on your record for 10 years, while Chapter 13 bankruptcies are usually listed for 7 years. However, there are still things you can do during this time to improve your credit report.
• Could credit counseling help me? Most people are required to undergo credit counseling before filing for bankruptcy anyway. If you are fortunate, you may find that budgeting and assistance can help you repay your debts. If this is not the case, however, bankruptcy may be the most reasonable option left for you.

These are only a few things that should be considered before filing for bankruptcy. Our knowledgeable Arizona bankruptcy lawyers can help you learn what you need to make an informed decision.

Contact Us

Having a qualified Arizona bankruptcy attorney working for you can greatly reduce the stress and anxiety of filing for bankruptcy. Contact the Harmon Law Office, LLC today at 480-829-0494.