Bankruptcy Attorneys in Arizona in Yuma, Arizona For Sale

We are an expert Arizona bankruptcy attorney team that specializes in bankruptcy filings, consumer bankruptcy matters, home foreclosures, short sales, civil litigation and a list of other services. If you are in search of the best bankruptcy attorney in Scottsdale, bankruptcy attorney in phoenix or bankruptcy attorneys in Arizona, your search ends here. In Arizona, as well as across the United States, the law designates different types of bankruptcy. The law related to bankruptcy, or Bankruptcy Code, was created in the late xxxxs by the US Congress to standardize bankruptcies for everyone living and working in the United States. Six Types of Bankruptcy There are six basic Phoenix bankruptcy types that apply throughout Arizona, and are described in the Bankruptcy Code; each type has its own chapter. You may have heard of bankruptcy cases referred to as Chapter 7, or Chapter 11. Well, that?s why. The chapter of the law that the bankruptcy closely resembles is what determines the type that is used for each case. In all cases, the debtor or organization applying for bankruptcy protection has to qualify for the chapter type they intend to use. Chapter Breakdown Do Your Homework The following information is meant to educate you about filing for Arizona bankruptcy, and not meant to replace a discussion or working with a bankruptcy attorney. If you are considering bankruptcy, you are encouraged to contact your Arizona Bankruptcy Attorney, Olga Zlotnik. Chapter 7 ? called Liquidation, this type generally involves an individual debtor being released from personal liability on most or all of the debtor?s debts. Most Chapter 7 cases are ?no asset? cases (meaning the debtor does not have any assets to liquidate through the bankruptcy) and take an average of four to six months to complete from the filing of the bankruptcy to the date of the bankruptcy discharge. Chapter 9 ? called Adjustment of Debts of a Municipality, it is used so a city, county, school district or some other municipality can reorganize their debt. Chapter 11 ? called Reorganization, it?s the one we commonly hear about when it?s a company or organization filing for bankruptcy. It means that the company or organization wishes to consolidate debt and reorganize their business. The court must approve the company?s reorganization plan before they are allowed to take action. Chapter 12 ? called Adjustment of Debts of a Family Farmer or Fisherman with Regular Income, this type is reserved for farmers and fishermen who have income, but have amassed debt they would like to repay over a period of no more than five years. The court must approve the plan for repayment. Chapter 15 ? called Ancillary, or Other Cross-Border Cases, it?s used in cases where the debtor has assets or debts that cross government boundaries, like other countries. Note: ?The bankruptcy law services described herein are with respect to bankruptcy relief under the Bankruptcy Code. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.? If you are still caught in financial distress or looking for Scottsdale bankruptcy attorneys, feel free to contact us at (928) 978-xxxx or (480) 788-xxxx for free consultations on consumer bankruptcy and other matters. Visit our website http://www.olgazlotniklaw.com/ for more details.