Understanding Arizona Bankruptcy: When Should I Declare Bankruptcy?

September 27, 2011 | Lawrence 'D' Pew

If you’re considering filing bankruptcy, you know it can be a confusing and overwhelming time. At The Pew Law Center, PLLC, we are dedicated to giving our clients the best possible legal guidance through life’s most challenging times. In this series, “Understanding Arizona Bankruptcy,” we will cover a multitude of bankruptcy facts and FAQs – but if you still have questions or concerns please don’t hesitate to contact one of our experienced bankruptcy attorneys  for further guidance.

At what point does it make sense to file for bankruptcy?

According to a recent article on investopedia.com, there are several reasons to file for bankruptcy. These include:

Liabilities exceed your ability to pay: If you simply cannot pay off your debt with your current income, declaring bankruptcy may be the only way to get out from under your financial burden and get a fresh start. This includes those who are barely able to pay the minimum amounts on their debts, with nothing left over to pay the principal.

You’ve tried to negotiate with your creditors: If you have asked your creditors to work with you to help you pay them back and they won’t or can’t, you may have no other option than to declare bankruptcy.

You want to preserve your retirement savings: Sure, you could empty out your 401k to take a dent out of your debts, but that would leave you with interest, penalties and taxes to pay, not to mention leaving you with nothing for retirement. The Supreme Court has stated that the 2005 federal bankruptcy law shields investment accounts from creditors during a bankruptcy.
At The Pew Law Center, PLLC, we believe that your life shouldn’t be defined by debt. We have helped hundreds of people just like you find the relief they deserve from harassing bill collectors, paycheck garnishment, foreclosures proceedings, and – most importantly – the constant worry about money and what to do about your debts.

We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.

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