Bankruptcy Scottsdale

Life can be excellent in Arizona. People live here for the sunshine, the amazing deserts and snowy mountains. Unfortunately, a lot of people in Arizona, as around the country, are finding themselves in dire financial straits. During the so-called housing bubble, many people were able to buy far more house than they could actually afford. When mortgage rates adjusted and the economy changed, many Arizonans began to feel the financial effects. Nowadays, good people are going broke all over the place. Sometimes, bankruptcy in Scottsdale is the right choice.

The decision to declare bankruptcy in Scottsdale or anywhere else in Arizona is never an easy one. It should be a careful decision, made with the right information. If you speak with a legal professional at Stockton Law Offices, they will be able to explain everything about bankruptcy in Scottsdale, or wherever in the southwest you happen to be. There are several types of bankruptcy allowed by US and state law. Each type has its own inherent rules and regulations. Businesses file under different rules than the average citizen. Individuals and married couples most often file for bankruptcy in Scottsdale under Chapter 7 or Chapter 13. Chapter 7 is commonly referred to as a "liquidation" bankruptcy, while a Chapter 13 is known as a "reorganization" case. Both are viable ways to declare bankruptcy in Scottsdale or anywhere in Arizona.

When you consult with an attorney at Stockton Law, they will review your unique information to determine if you are indeed eligible to file for bankruptcy in Scottsdale under federal and state guidelines. If you are able to file for Chapter 7, you may emerge virtually debt-free. You may be required to sell, or "liquidate" most of your big-ticket items such as yachts and furs and expensive cars. You will probably be allowed to retain ownership of one vehicle and your tools and equipment needed for work. A Chapter 7 bankruptcy in Scottsdale or anywhere else may be able to give you a fresh start, so to speak. You will still be required to pay certain bills, including alimony, child support and student loans. Of course, you will most likely not be able to obtain credit for a number of years following a bankruptcy. Bankruptcy should never be anyone's first choice, but sometimes it really is the best and only option.

Not everyone qualifies to file for bankruptcy under Chapter 7. If you have income sufficient to pay your obligations, you may be required to file under Chapter 13. This type of "reorganization" of your debts may allow you to spare the home you have worked so hard for. An attorney at Stockton Law may be able to negotiate the terms of your mortgage with your lender. If you have received a foreclosure notice, stay in touch with your lender until we advise you to do otherwise.