Benefits of Chapter 7 Bankruptcy

Recent changes to the US Bankruptcy Code have made it somewhat difficult to qualify for a Chapter 7 bankruptcy. However, some people simply have too much debt, or too little income, for any other option. If this sounds like you, a Chapter 7 bankruptcy may be the best option for restoring your credit score. By following this procedure, you will sell some of your assets and send the money to a court-appointed trustee, who will use it to repay your creditors.

If you are being constantly harassed by creditors, or are struggling to make ends meet, the Harmon Law Office, LLC can help you review your options and make a wise choice. Our experienced Arizona bankruptcy lawyers will work closely with you at every step of the process. Call us at 480-829-0494.

How Chapter 7 Can Help

There are certainly challenges for any person or business that files for Chapter 7 bankruptcy. However, there are also certain advantages. Some of the benefits of this process include:

• The automatic stay. As soon as you file, the judge overseeing your case will issue an automatic stay on most collection actions being taken against you. This means most of your creditors will not be able to contact you, repossess your belongings, or take other steps against you. It is important to note that the stay does not apply to certain tax or legal proceedings.
• Getting out of debt. Some debt-management strategies, including Chapter 13 bankruptcy, can take years to complete. By filing for an Arizona Chapter 7 bankruptcy, you can pay off your creditors relatively quickly. The average Chapter 7 bankruptcy takes about four to six months.
• Repairing your credit. It is true that a past bankruptcy will remain on your record for 10 years after you file. However, this does not stop you from working to increase your credit rating. At the end of the 10 years, you could be able to face life with a completely clean financial slate.

If you have any further questions about the pros and cons of this process, our Arizona Chapter 7 bankruptcy lawyers can help.

Contact Us

The Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC strive to help each client get out of debt as efficiently as possible. Contact us today at 480-829-0494 to learn more about how we can help you.