Bankruptcy Attorney | Lawyer in Scottsdale, AZ | Pearson Law
Are you struggling to make car, credit card, or mortgage payments?
An experienced bankruptcy lawyer can help you determine if filing bankruptcy is the right solution for your situation.
My name is Karl S. Pearson, Scottsdale, AZ bankruptcy attorney and founder of Pearson Law, PLC.
With over 25 years of experience, when it comes to your financial health, at Pearson Law, you can count on knowledgeable legal strategies and personal representation.
What is Bankruptcy?
Bankruptcy is a way to help you deal with your debt. Most individuals file either a Chapter 7 or a Chapter 13 Bankruptcy. Chapter 7 is a liquidation bankruptcy that eliminates most unsecured debts such as credit cards and medical bills without making any further payments. In most Chapter 7 bankruptcies, the debtors are able to keep most if not all of their assets.
A Chapter 7 bankruptcy is not available if you make too much money. If your income exceeds the Median Income and you do not pass a “Means Test,” you may need to file a Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy involves a payment plan after which your remaining debts will be discharged. A Chapter 13 bankruptcy may also allow you to keep property that would be liquidated in a Chapter 7 bankruptcy.
There are advantages and disadvantages to each type of bankruptcy. Consult an experienced Bankruptcy Attorney
to determine what is right for you.
A Chapter 7 bankruptcy will stop harassing phone calls and letters. It will also stop wage and bank garnishments.
What debts can I discharge when filing Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy will discharge most of your debts including:
- Medical bills
- Credit card debt
- personal loans
- Older taxes
Unsecured debts that usually are not discharged through chapter 7 bankruptcy include the following.
- Student loans
- Child support
- Court fees & Penalties
- Some tax debt
Should I file Chapter 7 Bankruptcy?
The decision to file for bankruptcy can be difficult. But if you are facing insurmountable debt, bankruptcy can be your “bailout.” It will give you a fresh start and allow you to take back control of your life. Once you file, an Automatic Stay is ordered preventing creditors from contacting you.
To file Chapter 7 bankruptcy, you must pass a means test to qualify for bankruptcy protection.
If your current monthly income is below the adjusted median income in Arizona, you automatically qualify for a Chapter 7 Bankruptcy. If you earn more than the median income, you can still qualify for a Chapter 7 Bankruptcy if you pass a secondary "Means Test" that takes into account certain expenses, such as vehicle loan payments and mandatory payroll deductions.
Certain property is exempt from bankruptcy liquidation and may not be used to satisfy the claims of your creditors. Most of your ordinary belongings are exempt. You can also protect up to $150,000 in equity in your home (the "Homestead Exemption"). Retirement accounts may also be exempt. With proper planning, you may be able to convert a non-exempt into an exempt asset. You should consult with an experienced bankruptcy attorney to ensure that you plan appropriately.
It is essential to have an experienced bankruptcy lawyer on your side to help guide you through the complicated process.
Should I file bankruptcy in Scottsdale, AZ, myself?
As you know, the legal system is a complex maze of rules, laws, and regulations, and creditors have aggressive legal counsel to fight you.
It is unwise to try to negotiate the complex process of filing for Chapter 7 Bankruptcy without seeking the help of experienced legal counsel. Pearson Law has helped hundreds of individuals in Scottsdale, AZ and the Greater Phoenix area get out from underneath a mountain of debt and move on with their life.
Putting a Stop to Collections Actions
After filing for Chapter 7 Bankruptcy, all collection activities from creditors will be stopped by what is known as an Automatic Stay.
Approximately four months after your filing, you will receive a Chapter 7 discharge, which will release you of any personal liability on most debts and prevent creditors from contacting you in the future regarding these discharged debts.
Bankruptcy Attorney in Scottsdale, AZ
Representing individuals as well as Arizona businesses of all sizes, I believe that everyone deserves straightforward answers.
Unlike large law firms, at Pearson Law, you can expect personal attention every step of the way. When Clients hire me, they have direct access to me throughout their case. You will not be assigned to an associate attorney with little experience.
When facing financial struggles, it can be stressful for anyone, and the last thing you need is unreliable legal representation.
At Pearson Law, I understand that you have a lot on your plate, and complex legal issues shouldn't be one of them.
I will help you determine the options that are best suited for your particular situation and provide you with experienced legal counsel designed to help you get through the hurdles of filing bankruptcy.
Legal Experience you can count on!
From Chapter 7 bankruptcy to business litigation and formation as well as keeping track of your finances, you have a lot to deal with, and I can ensure that legal issues aren't one of them.
At Pearson Law, I have helped hundreds of clients resolve legal disputes involving their business as well.
Free Initial Bankruptcy Consultation
With over 25 years of experience, when it comes to your financial success and future, at Pearson Law, you can count on knowledgeable strategies with a personal touch.
We are a debt relief agency helping people file for bankruptcy relief under the Bankruptcy Code. My goal is to resolve your case a quickly as possible. However, I will never do so if it is not in the best interest of my client.
During a free initial consultation to determine if you qualify for bankruptcy or avoiding it altogether, we can explore those options and identify the best steps to take in your particular situation.
When you find yourself struggling to manage your debt, I can help you reset your financial struggles to get you back on track. I provide my services in a friendly and highly personalized fashion, which enables me to establish a relationship with my clients for many years to come.
To learn more about filing Chapter 7 bankruptcy, contact Scottsdale, AZ Business Attorney Karl Pearson
, to determine what your legal options are or call (480) 820-1800.
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