While practicing Arizona bankruptcy, in attorney Lawrence ‘D’ Pew’s experience, he has noted over the years that people often assume that filing for debt relief under Chapter 13 (individual debt reorganization) is too complex, too lengthy, or too much effort. More often than not, these feelings stem from the Chapter 13 Arizona bankruptcy inclusion of a three to five year repayment plan. Having to prepare and submit a repayment plan frequently intimidates people into either filing for Chapter 7 (assuming they are eligible for that Arizona bankruptcy), into delaying bankruptcy until their situation is an emergency, or into abandoning the idea of bankruptcy protection altogether. But there are many reasons why filing under Chapter 13 will give you a fresh start to a sound financial future.
Benefits of Filing a Chapter 13 Arizona Bankruptcy
In the event you are contemplating bankruptcy, the repayment plan under a Chapter 13 Arizona bankruptcy includes significant debt resolution benefits:
• The Chapter 13 Arizona bankruptcy involves immediate debt relief, even though the final discharge takes three to five years.
• The Chapter 13 Arizona bankruptcy includes monthly payments based not on what is owed, but on what the debtor can afford to pay regularly.
• The Chapter 13 Arizona bankruptcy incorporates the debtor’s ordinary living expenses into his or her monthly plan, before the payment amount is determined.
• The Chapter 13 Arizona bankruptcy, in many cases, will allow a second mortgage on the debtor’s home to be stripped off, so only the first mortgage remains.
• The Chapter 13 Arizona bankruptcy in most cases will cure past mortgage defaults and reinstate the debtor’s home mortgage.
• The Chapter 13 Arizona bankruptcy, in all cases, eliminates the need for the debtor to repay any discharged unsecured debts, including credit card balances, payday loans, certain taxes, most judgments, and more.
At the Pew Law Center, PLLC, we have helped many clients through the process of Chapter 13 Arizona bankruptcy. In confidential consultations with our clients, we identify their goals and isolate their most serious and immediate financial concerns, whether that be wage garnishment, foreclosure, repossession, or pending lawsuits. You can put your trust and confidence in our lead Arizona bankruptcy in-house attorney, Lawrence ‘D’ Pew.