If you are burdened with debts and you do not see any way of paying the debts off, then you need to talk to an attorney who has experience in filing a Chapter 7 bankruptcy. Chapter 13 may be an option, but let the attorney, Asheton B. Call, who knows the law recommend one of the two methods for eliminating debts. They are knowledgeable in bankruptcy law and how to use the law to help you.
Filing Chapter 7 in Chandler AZ will require you to identify all of your assets including cash and other liquid assets as well as your real and personal property. A bankruptcy trustee will be appointed and they will cancel many, if not all, of your debts. At the same time, the trustee might sell some of your property to pay your creditors. The trustee is appointed by the bankruptcy court to ensure that your creditors are paid as much as you can from assets which the trustee will liquidate. If you have an antique car worth $15,000 you can be almost certain that it will be sold to pay some of your debts. However, your house will not be sold.
Chapter 7 bankruptcy puts into immediate effect an “Order for Relief” which is also as the “automatic stay.” The automatic stay protects you by immediately stopping most creditors from trying to collect what you owe them. This is a temporary order which prevents creditors garnish your income, empty your bank account, go after your house, or car.They cannot cut off your utility service or welfare benefits. They cannot take your pension. Chapter 7 does require you to attend government approved credit counseling classes.
Chapter 7 places your financial affairs in the hands of the trustee. Filing Chapter 7 in Chandler AZ is a process which will result in a full explanation of this requirement. The trustees job is to recover as much as can be recovered from your assets to pay off your creditors. If you own property which is secured by a mortgage or a lien is placed on it, you may not loose it if your payments are up to date.