The average Arizona bankruptcy filing rates have experienced a steady rise of approximately 16 percent since 2002. This is much higher then the national rate of 9.6 percent. Arizona bankruptcies are also one of the highest in the nation. Despite regular frequency, the process of filing the required paperwork for bankruptcy may seem complicated. Here are a few helpful steps to get you through the process.
Research and determine if you will file for Chapter 7 bankruptcy. Chapter 7 bankruptcy will eliminate all of your debts, except for the items you specifically list. For the state of Arizona, you can file for Chapter 7 bankruptcy if your medium income for a single person is $40,945 or less, $53,153 or less for a family of two individuals, 53,153 for a family of three individuals, and $66,903 for a family of four. If you have more then four people in your family, you can add $6,900 for each additional family member.
Investigate the possibilities if you will file for Chapter 13 bankruptcy. You may be able to file for Chapter 13 bankruptcy if you are an individual or sole proprietor. The benefit of filing for this type of bankruptcy is you can reorganize your debts, allowing you to keep your house and pay your bills. To qualify for Chapter 13 bankruptcy, you can't have more than $1,010,650 in secured debt and $336,900 in unsecured debt. In addition, you need to have a reliable income with money left over after you pay for your bills.
Get the proper forms and file the petition for Chapter 7 or 13 bankruptcy. To initiate the bankruptcy process, you must file a statement of financial affairs with the bankruptcy court. You can request that the United States Bankruptcy Court for the District of Arizona send you this document by calling (602) 682-4000.
You may want to consider consulting an attorney. If you are overwhelmed by the bankruptcy process, consider consulting a bankruptcy attorney. This professional often offers free consults to answer your questions. You can then determine if enlisting the help of an attorney is worthwhile.
As with most of the bankruptcy filings, be prepared to pay bankruptcy fees. The fees for filing bankruptcy in United States Bankruptcy Court for the District of Arizona include a $245 case filing fee, $15 trustee fee and a $39 miscellaneous charge. Be prepared to pay these fees when you initiate paperwork.
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