In these trying times, it is not surprising that many people are burdened with too much debt they cannot pay. They have to deal with the pressure of providing for themselves and their families that having creditors hound you relentlessly would just seem overwhelming. However, many people have turned to declaring bankruptcy in Arizona as a way for them to get their much needed relief from debt.
When you file a petition for bankruptcy, you may avail of the discharge of debt.This is a federal statute that allows the elimination of your legal obligation to pay certain types of your debt to creditors. You are given a chance for a clean slate when you get rid of most of your debts. A positive thing about this statute is that creditors are prevented from contacting you through phone calls or letters demanding you to pay.They are also not allowed to file any legal action against you.
How Do I Get a Discharge?
As long as there is no litigation that objects to it, you may obtain a discharge of debt. A copy of the order of discharge, drawn up by the Federal Rules of Bankruptcy Procedure is sent to all creditors involved, the U.S. trustee, the trustee in the case, and the attorney of the trustee, if there is any.
When Will the Discharge Happen?
How long the discharge will occur would depend on what kind of bankruptcy you filed for.In general, if you file for Chapter 7 bankruptcy, this occurs 4 months after the debtor files the petition for bankruptcy. This is a chapter in bankruptcy that liquidates all non-exempt assets for the purpose of paying off your debt. In other cases, such as those under Chapter 13 and 11, the court usually allows the discharge only after you complete the payment you agreed upon in the reorganization payment plan.
The whole Arizona bankruptcy filing process needs to take numerous things into consideration. That way, you have higher chances of getting a petition approved by court. It would be helpful if you obtain the legal advice of a bankruptcy attorney who would guarantee to give you the best financial options possible. Declaring bankruptcy in Arizona gives you the leverage to get a hold of your life and finances once more.
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