Bankruptcy Overview
Experienced Chapter 7 and Chapter 13 Bankruptcy Lawyers
Definition of Bankruptcy
Bankruptcy is a legal process that is initiated by people who are in debt (debtors). Debtors file bankruptcy petitions and ask that the U.S. bankruptcy courts discharge their debts or allow them to repay their debts over a set period of time. In the United States, the most common type of bankruptcy that is filed is consumer bankruptcy and there are two types: Chapter 7 and Chapter 13.
Why do People File for Bankruptcy?
There are numerous reasons why people choose to file for bankruptcy. Some of the most common reasons are:
- to get out of debt quickly
- to prevent foreclosure on their homes
- to stop repossession of their vehicles
- to eliminate costly medical bills
- to put an end to creditor harassment
- to discharge debts while unemployed
When the majority of people file for Chapter 7 or Chapter 13 Bankruptcy, their aim is to get out of debt and to move on with their lives. Having to constantly struggle with debt is not only stressful, it can also be very embarrassing. Over time, stress and fear can take its toll people and they will have to make a choice – to file for bankruptcy or to keep on struggling.
Should I Hire a Bankruptcy Lawyer?
After a person has decided to file for Chapter 7 or Chapter 13, they should definitely retain the services of a trusted bankruptcy lawyer. People who have an attorney will reap the rewards as their lawyer will help them complete all legal paperwork, file legal documents, negotiate with creditors and represent them throughout each proceeding. This will not only save people a great deal of time, but also prevent people from getting stressed as they move through the bankruptcy process. Most importantly, people will have someone on their side who truly understands how they feel and who is willing to offer continual support. Contact The Prescott Bankruptcy Law Firm to get out of debt today!
The Prescott Bankruptcy Law Firm helps people throughout Prescott, Arizona file for Chapter 7 and Chapter 13 Bankruptcy and also represents victims of creditor harassment.