Bankruptcy Attorney in Mesa, Arizona

Bankruptcy is a legal process that can provide individuals and businesses with a fresh start by eliminating or repaying their debts under the protection of the court. It's often viewed as a last resort for those who are struggling to meet their financial obligations. If you're facing overwhelming debt, it's essential to understand your options and seek guidance from an experienced attorney. 

At Atchley Law Firm, PLC, our trusted bankruptcy and asset protection attorney, Mark Atchley Attorney at Law, has over 25 years of experience helping numerous clients navigate the complexities of bankruptcy and achieve financial stability. We offer personalized service and trusted guidance throughout the entire legal process, advocating for you and your future every step of the way. If you’re located in or around Mesa, Gilbert, Tempe, Chandler, Phoenix, or anywhere in Arizona, contact us today to start your journey to financial recovery.

Understanding Bankruptcy

Firstly, let's address the myth that filing for bankruptcy is a reflection of poor financial management or bad personal choices. While it's true that some people file for bankruptcy due to overspending or other financial mistakes, many people find themselves in need of bankruptcy due to unexpected life events such as medical emergencies, job loss, divorce, or natural disasters. 

If you're considering bankruptcy as an option, it's crucial to seek the advice of an experienced bankruptcy attorney who can guide you through the process and ensure that you are making the best decision for your unique financial situation. 

Bankruptcy Options

Now, let's dive into the different types of bankruptcy. Chapter 7 bankruptcy is also known as "liquidation bankruptcy." It's designed for individuals and businesses who have few assets and a large amount of unsecured debt like credit card debt, medical bills, or personal loans. In a Chapter 7 bankruptcy case, the debtor's non-exempt assets are sold to pay off creditors. After the debts are discharged, the debtor is no longer obligated to pay them back. 

Chapter 13 bankruptcy, on the other hand, is suited for individuals with a regular income who have fallen behind on their mortgage payments or other secured debt. This type of bankruptcy allows debtors to keep their assets and repay their debts over a three-to-five-year period through a court-administered payment plan. 

It's important to note that both types of bankruptcy have certain eligibility requirements and restrictions. For example, individuals who have filed for Chapter 7 bankruptcy in the past eight years are generally not eligible to file again. 

Our attorney specializes in Chapter 7 and Chapter 13 bankruptcies, providing clients with options to address their specific financial situations. Whether it's liquidating nonexempt assets in Chapter 7 or creating a repayment plan in Chapter 13, Mark has the knowledge and experience to guide individuals toward the best course of action. He also offers estate planning and asset protection services, helping clients protect their assets and plan for the future. 

Overview of the Bankruptcy Process

Before filing for bankruptcy, it's essential to understand who can file, the eligibility criteria, how to file, and what happens after filing: 

• Who Can File: Both individuals and businesses can file for bankruptcy. 

• Eligibility Criteria: These vary depending on the type of bankruptcy. For Chapter 7 bankruptcy, you must pass a "means test". For Chapter 13, you should have a regular income and unsecured debt within certain limits. 

• How to File: Filing for bankruptcy involves preparing a petition and other paperwork detailing your financial situation. 

• Post-Filing: After filing, an automatic stay comes into effect, stopping most collection actions against you. 

How Can a Bankruptcy Attorney Help?

A qualified attorney can be instrumental in guiding individuals through the process and achieving the best possible outcome. An attorney can provide personalized service, expert advice, and trusted guidance to clients seeking financial freedom. 

One way an attorney can assist with the bankruptcy process is by helping to determine which type of bankruptcy is right for the individual. Depending on their income and assets, Chapter 7 or Chapter 13 bankruptcy may be the best course of action. This decision can be challenging to make without proper legal guidance, but an attorney can help make the choice clear by conducting a thorough analysis of your financial situation. 

Additionally, a skilled attorney can help with the means test, which determines eligibility for Chapter 7 bankruptcy. They can provide advice on what to bring to a bankruptcy consultation and answer frequently asked questions about the bankruptcy process. 

It's also essential to note that our attorney—Mark Atchley—can assist with estate planning and asset protection. He can create a comprehensive plan to protect your assets and guide you through the complex processes of filing for bankruptcy or planning for your estate and loved ones.