BANKRUPTCY

Filing a Chapter 7 Bankruptcy

Many important factors, such as your marital status, number of dependents, the type of debt you owe, and the type of assets you own, determine the outcome of filing for bankruptcy. A bankruptcy case is initiated by filing a Bankruptcy Petition. The debtor is required to complete two debtor education courses throughout the bankruptcy proceeding and attend a Creditor’s Meeting with the Trustee assigned to your case. Upon the successful completion of these steps, the debtor will generally receive a discharge of debts. For you this means financial relief from your most
common consumer debts as you will no longer be required to pay back your creditors.

Prior to filing a petition, it is important to determine whether you qualify to file for a Chapter 7 Bankruptcy based upon your income, expenses, and income to debt ratio. The Law Office of Maya Milovic, PLC will help you decide whether a Chapter 7 Bankruptcy is right for you. Call us today for a free bankruptcy consultation and speak one on one with our knowledgeable bankruptcy attorney.

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Chapter 7 Bankruptcy

Bankruptcy Attorney in Arizona
A chapter 7 bankruptcy, the most common type of consumer bankruptcy, provides the debtor with financial relief from most consumer debts. However, the bankruptcy rules permit the trustee to collect and liquidate any non-exempt assets in the debtor’s possession. Therefore, it is important to conduct a thorough analysis to determine if your most important possessions are exempt from liquidation and whether your debts are dischargeable.

The Law Office of Maya Milovic, PLC is dedicated to educating our bankruptcy clients in order to ensure a smooth and successful process. Our bankruptcy attorney will provide a conducted and detailed explanation of how your assets and debts will be treated throughout your bankruptcy case. We work to ensure that your assets are protected and your debts are discharged.

Call the Law Office of Maya Milovic, PLC for a free consultation and speak one on one with our knowledgeable bankruptcy attorney today.

Automatic Stay

Do’s and Don’ts

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Filing a bankruptcy petition is a crucial first step if you are experiencing wage garnishment, your home is subject to a foreclosure, or a creditor received a judgment against you. The bankruptcy rules state that once you have filed your Bankruptcy Petition, an “automatic stay” is enforced freezing all attempts to collect a debt against you, including a wage garnishment. Your creditors are notified of the bankruptcy proceeding and are required by law to stop all attempts at debt collection against you. Failure to do so is a violation of bankruptcy and consumer laws, and you may have a case against your creditor.

Contact the Law Office of Maya Milovic, PLC to speak with our knowledgeable bankruptcy attorney about your financial circumstance.

Discharge of Debts in Chapter 7 Bankruptcy

Generally, most unsecured debts such as your credit cards and medical bills are wiped out upon the successful completion of your Chapter 7 bankruptcy case. Secured debts, such as your auto loan or mortgage, can be wiped out as well, but they are treated different from your unsecured debts. Certain debts cannot be waived in a Chapter 7 bankruptcy, referred to as “non-dischargeable debt.” Common examples of such debts are student loans, child/spousal support, criminal related fines, and some tax related debts. It is recommended that you speak with an attorney to find out more about the discharge of your debts in a Chapter 7 bankruptcy. Contact the Law Office of Maya Milovic, PLC today to speak with one on one with our knowledgeable bankruptcy attorney.
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