Chapter 7 Bankruptcy is liquidation bankruptcy. It is available for individuals or businesses who no longer have the means to make payments on their debt. Most debtors who file bankruptcy under Chapter 7, do not have any disposable income after paying necessary expenses, nor any assets or property that can be sold to repay their debts. If the debtor does have assets, only exempt property will be protected from the trustee. Any non-exempt property becomes part of the bankruptcy estate and may be sold to pay down their debt. In return, most or all of their unsecured debts will be erased. They will get to keep any property that is classified as exempt under the state or federal laws. In reality, most debtors who file for Chapter 7 bankruptcy are pleased to learn that all of their property is exempt. File bankruptcy in Arizona with Gordwin Law, Chandler bankruptcy lawyer Ursula Gordwin and her associates. Chandler bankruptcy attorneys can help you file bankruptcy in Arizona right now.
Contact an Arizona Bankruptcy Lawyers at Gordwin Law today. Call our Chandler bankruptcy attorneys right now at (480) 786-1800.