“Life comes at you fast.” No one ever plans to declare bankruptcy. Generally, individuals try to save money when possible, budget their income appropriately, and establish some kind of financial plan in cases of emergency. Unfortunately, life does not always go as planned.
Recent statistics from US Bankruptcy courts show that nearly 97% of bankruptcy filings are for individuals, rather than businesses. Beyond that, there were nearly 1 million annual bankruptcies filed as recently as 2016. At The Peterson Law Firm, we are committed to helping those who have been negatively affected by unforeseen events. We know that the events and circumstances that drive an individual to seek out financial help are unique, with no one case being identical to another. That is why we focus on you and your concerns. We make ourselves easily accessible so that we can work with you to determine the best plan of action for your case. We do not resort to bankruptcy as your first option. We carefully review all of the options available to you and determine the best strategy to settle your debts.
Bankruptcy and debt have an inherent stigma associated with them, which makes it difficult for individuals to accept and even more difficult to request help. Many people are under the impression that if they file for bankruptcy, everyone will find out about it. This is a common misconception. Prominent individuals and major businesses or corporations can understandably experience much more public bankruptcies. But for you or any normal person, the only people who will typically know about your financial situation are your creditors.
There are many other misunderstandings regarding bankruptcy. Some people are under the impression that if they declare bankruptcy, they will lose everything they own. These people operate with the idea that their creditors or the government will be able to swoop in and take their homes, cars, clothing, even the grocery money. This idea is enough to scare anyone away from filing. An experienced attorney at The Peterson Law Firm can help you understand Arizona’s bankruptcy laws. Once you sit down with us, we can explain how to manage a bankruptcy while still retaining important assets like your house, car, and other vital items.
Others are frightened of exploring the possible option of bankruptcy because they believe that if they declare bankruptcy, they will never be able to get or build credit again. This is not necessarily the case. A company considers many factors when deciding to extend credit to an individual. If a person has declared bankruptcy, this is certainly a factor that companies will consider. However, those companies also look at the amount of time that has passed, the current credit score of the individual, and several other factors.
At The Peterson Law Firm, we understand that the idea of filing for bankruptcy is intimidating, especially for those who are thinking of embarking on the journey without an experienced attorney by their side. Come talk with us so we can help you evaluate your options. We will work with you to understand your individual needs and find the most efficient way to help you manage your debts.
There are several different chapters or types of bankruptcy, but at The Peterson Law Firm, we focus specifically on Chapters 7 and 13 of the bankruptcy code. Each of the different chapters of bankruptcy serves a purpose and delineates the unique requirements and policies for that chapter. It is important to remember that, depending on your financial situation, one type of bankruptcy may be more beneficial than another. More importantly, there are specific requirements that have to be met to determine which chapter of the code will control your bankruptcy. If you are thinking about bankruptcy, you need to work with an attorney who will be accessible to you and who will make sure to understand the unique circumstance of your case. That is what you will find at The Peterson Law Firm. You can trust us to give you the guidance you need to make the best possible decision regarding your case.