Most of us face financial difficulty from time to time and may even accrue “unconquerable” debt.

Fortunately, there is a way to shrink that “mountain” of debt down to a manageable size – you can file for bankruptcy with the help of an experienced Phoenix, Arizona bankruptcy lawyer in Phoenix at Lerner and Rowe Law Group.

What Is A Bankruptcy?

According to Investopedia, Bankruptcy is a legal proceeding involving a person or business that is unable to repay its outstanding debts. 

The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. 

All of the debtor’s assets are measured and evaluated, and the assets may be used to repay a portion of the outstanding debt.

Types Of Lerner And Rowe Bankruptcy

As of today, there are two types of Lerner And Rowe Bankruptcy available for individuals and families who are looking for a fresh financial start.

These are the Chapter 7 and Chapter 13. In the following paragraph, I will walk you through the details of these two types of bankruptcy.

Lerner And Rowe Bankruptcy: Chapter 7

Chapter 7 is the most common type of bankruptcy and is generally best for those with minimal income and large amounts of unsecured debt.

Most individuals will have to give up little to nothing when they file Chapter 7. An experienced Lerner and Rowe bankruptcy lawyer will help plan your bankruptcy and protect your assets.

Lerner And Rowe Bankruptcy: Chapter 13

With Chapter 13, you will not be required to liquidate unprotected assets. You’ll make monthly repayments to a Trustee for up to five years, at which time the remainder of the debt will likely be discharged.

If you don’t qualify for Chapter 7 bankruptcy, a Chapter 13 bankruptcy may be more suited to your circumstances.

Payments to a trustee can be as little as $100 a month, depending on your case. Chapter 13 can pay off past due house payments to stop a foreclosure. You may even be able to strip a second mortgage off your home.

Should You File for Bankruptcy?

Should you file for Bankruptcy? If you are confused right now about what to do, let a skilled Phoenix, Arizona bankruptcy lawyer at Lerner and Rowe Law Group guide you through the process.

They will help you protect four important assets; your home, vehicle, retirement, and other personal belongings.

After reviewing your case, they will advise you on which type of bankruptcy (Chapter 7 or 13) will benefit you the most.

For more details about Lerner And Rowe Bankruptcy, call 602-667-7777 for a free consultation. They are always available to help you break free from debt.