Scottsdale Bankruptcy Attorney
Lawyers, Debt Relief, Credit Repair, File Chapter 7, 11, 13, Arizona.
Chapter 7 Bankruptcy is going to be geared more towards individuals. Anyone living in the US is able to file a Chapter 7 Bankruptcy. This form of bankruptcy is consists of a complete and total liquidation of all debt. This is going to wipe out all debt you have remaining on your credit report. You are wiping out your debt in order to start over with a clean slate. You will have the bankruptcy on your credit report for 10 years and companies who check your credit are going to be able to see that you did in fact file for a bankruptcy. However, if you are thinking about filing for a bankruptcy, your credit score is probably not top notch anyway.
Chapter 11 Bankruptcy is a bankruptcy code that is used to identify a certain type of bankruptcy and will offer protection to consumers who file it. This form of bankruptcy is primarily used by businesses as it can be rather pricey and is complex in some cases. The process itself can also be rather complex and it is typically used when a specific business needs to have restructure done to their debts and they need to get their finances in order so that they can remain in business. Chapter 11 Bankruptcy is going to allow a business to hang on to its assets unlike a Chapter 7 which requires complete liquidation.
Chapter 13 Bankruptcy, “Adjustment Of Debts Of An Individual With Regular Income”, is a form of bankruptcy utilized primarily under the following circumstances:
1.Where a person has already filed a Chapter 7 Bankruptcy within the immediately preceding eight years and is therefore presently ineligible to file another Chapter 7;
2.Where a person is in substantial arrears on their home mortgage obligation and cannot catch up prior to foreclosure;
3.Where a person has property interests in excess of those which are exempt and would therefore be lost to the trustee in a Chapter 7 Bankruptcy;
4.Where a person has items of personal property which is subject to lien obligations substantially in excess of their fair market value and the person does not have funds with which to effectuate the cash redemption provided for in Chapter 7 Bankruptcy;
5.Where a person has debts which cannot be discharged under a Chapter 7 Bankruptcy such as taxes or student loans and the creditor will not permit a voluntary time repayment or abate the accrual of interest and penalties;
Law Offices of Bill King PC:
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602-840-0057 
7150 E Camelback Rd. # 444, Scottsdale AZ 85251
71113bankruptcy.com
