Bennett Parker Law
We are living in tumultuous economic times, and more than ever people are finding themselves in situations where they have to engage in debt negotiation and even file for bankruptcy. These decisions are never easy and many of our clients come to us feeling upset and confused. The good news is that bankruptcy laws can provide you with a path through this difficult situation. But like any legal process, there are pitfalls along the way and competent legal counsel is critical to achieving the best possible result.
It doesn’t matter why you ended up in this position – we will treat you like a friend or family member with care, kindness, courtesy, respect, professionalism and dedication. We get great satisfaction in guiding our clients through this process to a result that will dramatically improve their life and their financial position.
Our Phoenix-based bankruptcy law practice will help you end the harassment of debt collectors and make the right decisions when it comes to bankruptcy or debt negotiation. Below are some of the options you have when it comes to relieving your debt burden.
Exemption Planning: For some law firms, the filing of a bankruptcy is the first step in their representation of a client. For us, the bankruptcy filing is a small and calculated part to a greater debt resolution plan. State law specifically identifies assets which are beyond the reach of creditors and it is not uncommon for us to find that clients have not maximized the value of their assets in these protected categories. Prior to entering into any debt resolution plan, our attorneys analyze our clients’ assets and advise which assets are protected, which are not, and which could be moved to maximize their protected status. For some clients, this step could involve only minor changes while for others, the changes could be extensive resulting in significant asset preservation as part of the client’s debt resolution plan. In certain circumstances, proper exemption planning may be all that is required to adequately protect a client’s interests from their creditors.
Chapter 7 is the form of bankruptcy that is most commonly filed for in the United States. Individuals or businesses may file for Chapter 7 if the debts they owe to their creditors become unmanageable. Filing for Chapter 7 allows you to keep some property that is considered exempt to the liquidation of assets, such as a real estate mortgage. A Chapter 7 bankruptcy will remain on your credit report for 10 years after filing. The negative effect of this blemish on your credit report may be preferable, however, to the effect not paying your current bills is having, as filing for Chapter 7 will remove the unpaid debts from your credit report.
Chapter 13 allows you to retain your assets provided your debtors accept your plan to pay them within 3 to 5 years. This will allow you to stop foreclosures, eliminate your debts after a period of time, and end collection efforts by third party collection agencies. To file for Chapter 13, you do need to have the financial ability to follow the payment plan you have outlined. Chapter 13 filing does remain on your credit report for 10 years, but allows for the discharging of a wider array of debts than allowed under Chapter 7. Our firm employs some of the best bankruptcy attorneys in Phoenix, and can aid in any type of bankruptcy filing, including Chapter 13 and 7.
Debt Negotiation is an alternative to filing for bankruptcy. In this scenario, you and your creditors will agree on a reduced amount that can be paid to settle your debt. Debt negotiation can help you to avoid the credit stigma associated with filing for bankruptcy. While approaching your creditors to settle a debt can be daunting, a lawyer can act as your representative and do all the negotiating for you.
A high debt burden can be a stress on your mental health as well as your financial status. Let us help you move toward financial freedom!