Along with deciding that bankruptcy is the only real solution to debt woes, the client also has another decision to make. That decision is which type of personal bankruptcy is the best approach. This is where the counsel provided by a bankruptcy attorney will come in very handy.
Qualifying for Bankruptcy Protection – With any type of bankruptcy action, it is necessary to make sure the client meets the qualifications put in place by the state. Many clients do meet the qualifications that apply for a Chapter 7 in Chandler AZ as well as a Chapter 13. When this is the case, the attorney is likely to recommend the former action rather than the latter. Why Chapter 7? The bottom line is that choosing a Chapter 7 in Chandler AZ is the quickest and the cleanest way to deal with financial issues. Clients who do qualify for this type of protection will not have to deal with having their wages garnished or making payments to the court for several years. Instead, a trustee will verify all the information related to debts, income levels, and any assets that the debtor happens to own. If any of those assets are considered eligible for sale, then the trustee will arrange the sale and the court will distribute the proceeds to the creditors. Any remaining balances are dismissed.
The Issue of Credit Rating – There is no doubt that financial issues of any type can damage a credit rating. The thing to remember about Chapter 7 as a solution is that the chances of being able to rebuild that rating in a shorter period of time are definitely there. By employing the information learned in the court ordered financial classes, the former debtor will learn how to draft a budget, live within his or her means, and open one or two credit accounts that will help to build the credit score. Working with Asheton B. Call will help a client determine if this particular solution is really the best one. Once the decision is made, work closely with the attorney and the court appointed trustee. Provide full disclosure about all assets and income sources. Doing so will help expedite the action and also ensure that the outcome is in the best interests of the client.