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To discuss your financial situation and learn more about your debt relief options, give us a call at (520) 745-4429 or (480) 788-0098.
Although commonly seen as a last resort, bankruptcy is actually a new beginning. Bankruptcy protections were written into the United States Constitution because they provide struggling Americans with an avenue to financial freedom. Many Tucson residents and businesses are considering filing for bankruptcy in Arizona, and there are multiple types of bankruptcy designed to address your specific financial needs. Nonetheless, filing for bankruptcy is a serious decision that can have lasting financial, professional, and personal implications.
For some, bankruptcy isn’t the right choice. For others, it’s the only choice. Despite the negative connotations associated with the term, bankruptcy is designed to provide relief, protection, and a fresh start to overwhelmed debtors. This relief comes with certain conditions, such as potential property loss, a lower credit score, and difficulty obtaining future financing, and top-rated bankruptcy attorneys concern themselves with their clients’ present and future best interests.
Tucson bankruptcy and debt relief lawyer attorney German Yusufov of Yusufov Law Firm analyzes each client’s financial situation and future goals to develop a holistic plan for relieving debt and rebuilding credit. Schedule your free, confidential personal or business Tucson bankruptcy consultation today by calling (520) 745-4429 or contacting him online.
Individuals and businesses struggling to pay their debts during this economic downturn may be considering bankruptcy. There are actually six different types of bankruptcy in the United States, but most cases are filed in one of the following classes:
Experienced Tucson bankruptcy attorneys analyze your assets, income, and liabilities to determine whether bankruptcy is necessary and which type is best for you. High-earners must generally file for Chapter 13 bankruptcy, while individuals with minor assets may benefit from Chapter 7 liquidation.
Not everyone can file for bankruptcy. To qualify for Chapter 7 bankruptcy, the debtor must submit to a “means test.” The debtor can satisfy the means test in one of two ways. First, the debtor must make less than the state’s median yearly income depending on household size. These amounts fluctuate, and change several times each year. In Arizona, the median income has ranged from about $45,000 to about $55,000 per individual over the last several years ($50,000 to $70,000 per couple). The second alternative, for debtors whose income is above the median, is to show that the debtor’s necessary expenses do not leave sufficient disposable income to pay back the debt. This is a complex calculation that requires strong knowledge of the applicable laws and rules, and sometimes even judicial rulings. In most cases, a non-attorney will not be able to properly conduct this calculation.
Those who don’t qualify for Chapter 7 bankruptcy may qualify for Chapter 13 bankruptcy. Chapter 13 bankruptcies require debtors to have less than approximately $400,000 in unsecured debts (personal loans, student loans, credit cards) and less than approximately $1.2 million in secured debts (mortgage, car). The petitioner must also have steady income sufficient to maintain any proposed payment plan. Businesses that don’t qualify for Chapter 13 may qualify for a Chapter 11 restructuring.
An experienced Tucson debt relief and bankruptcy lawyer will review the benefits and drawbacks of each type of bankruptcy with his clients. Some of the benefits of bankruptcy include:
Some of the drawbacks to bankruptcy include:
Don’t file for bankruptcy in Tucson without speaking with a qualified Tucson debt relief attorney to weigh the benefits, drawbacks, and alternatives to bankruptcy in Arizona.
Bankruptcy is a serious decision, and the right Arizona debt relief attorneys will explore the following alternatives with clients:
Simply having a Tucson debt relief lawyer in your corner can bring creditors to the negotiating table. Tucson bankruptcy attorney German Yusufov of Yusufov Law Firm takes a holistic approach to debt relief proceedings. From analyzing your options to helping you rebuild your credit after bankruptcy. Call him today at (520) 745-4429 or contact him online for your free, no-obligation Tucson debt relief and bankruptcy consultation.
To discuss your financial situation and learn more about your debt relief options, give us a call at (520) 745-4429 or (480) 788-0098.
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