Are creditors constantly calling you, threatening lawsuits?
Are your wages being garnished?
Are you behind on your mortgage or car payments?
Are you struggling to make your monthly debt payments?
Is your financial situation stressing you out, keeping you up at night?
We offer a free consultation to assess your situation, determine your options, and help your finances get back on track. Phoenix bankruptcy lawyer, Kyle Cramer will meet with you personally, make sure you understand the bankruptcy process, and provide advice and guidance throughout your bankruptcy case.
Chapter 7 bankruptcy allows you to discharge most or all your debts. It stops wage garnishments, creditor harassment’s, and making payments on your unsecured debts. Many of your belongings and personal assets are protected in a Chapter 7 and in many cases clients lose nothing in a Chapter 7. A Chapter 7 bankruptcy provides a fresh start and you can usually start to rebuild your credit immediately after filing. In most cases, you can apply for a car loan right after your case is filed.
In most cases, to qualify for protection under a Chapter 7 Bankruptcy, couples or individuals must meet certain financial requirements known as the “Means Test”. This test is based on your average monthly income, households size, as well as the amount of certain kinds of debt you have. The purpose of the test is to estimate whether or not you can afford to repay your debts. The majority of people that file for bankruptcy qualify for a Chapter 7, and choose this process.
A Chapter 13 bankruptcy is an ideal option if you are behind on car payments or your mortgage. In a Chapter 13 case we develop a Plan to repay past due balances in three to five years. During this time, creditors are usually stopped from collection actions, and if the terms of the Plan are met, there is no threat of repossession or foreclosure. Oftentimes unsecured (credit card, medical) debt can be eliminated with no or partial repayment in a Chapter 13.
Chapter 13 bankruptcy will allow you to get caught up on your mortgage payments and/or car payments, and the balance of any car loan will be paid back through the bankruptcy, often at a reduced interest rate and possibly by only repaying the market value of the car. This is known as a “cram-down”. In some cases, we can eliminate a second mortgage on a home, through a process called “lien-stripping”. Typically, Chapter 13 debtors only repay a small portion of their unsecured debt through the Plan, such as credit cards or medical debt. This pennies on the dollar payment will eliminate these debts at the end of the bankruptcy. When filing for bankruptcy, clients can also see this as a useful tool when the IRS is not willing to work out a reasonable payment arrangement, and pay a reduced amount, as some penalties and interest can be discharged at completion of the bankruptcy.
Copper Canyon Law can assist in discharging taxes through bankruptcy as well. Although the common thought is that taxes are not dischargeable in bankruptcy, that is not the case. Phoenix bankruptcy lawyer, Kyle Cramer has significant success and experience in tax resolution, tax-motivated bankruptcies that reduce or eliminate back taxes.
Copper Canyon Law can devise a plan to help you keep your home, your car, stop garnishments and creditor harassment, and help you get your finances back on the right track. We will ensure that your rights are protected and work to bring an efficient resolution to your case.
Take the first step today and reach out to Attorney Kyle Cramer today for a free consultation to determine if bankruptcy is the right step for you and your family.
Copper Canyon Law provides successful legal representation to clients looking for Phoenix AZ bankruptcy lawyers and Phoenix bankruptcy attorneys.