A Bankruptcy Lawyer Phoenix Makes It Possible To Get Out

A Bankruptcy Lawyer Phoenix Makes It Possible To Get Out Of Your Financial Hole

One of the more difficult and embarrassing things in life an individual can experience is bankruptcy. Stating that you have run out of money to pay for your debts can be downright embarrassing to admit, particularly in public. How many major celebrities wind up in this predicament? One recent celeb is Nicolas Cage. In 2009, the Oscar-winning actor put several properties for sale after neglecting to pay $6 million in taxes to the IRS. Now, this former Hollywood A-list actor resorts to performing in B-grade movies to earn a salary that would ease his pressing debt.

While your plight is probably not as grave as Mr. Cage's, it is recommended to meet and speak with a bankruptcy lawyer. Phoenix residents caught having bitten off a lot more than they're able to chew are accomplishing this. A counselor with this style of legal experience will help you wade through the complications that occur during the process.


The duties a lawyer having a bankruptcy background will carry out are the following: The first thing the counsel would do is file a petition declaring you don't have anything secured that could cover your debts. Aside from this, other services include writing reports, reviewing assets, and attending hearings. Typically, when a client declares bankruptcy, there are additional legal issues attached to their current financial predicament. Examples of these are home foreclosures, liens, repossessions, creditor lawsuits, and garnishment of wages. In most cases, a bankruptcy lawyer in Phoenix will show up for their client throughout the proceedings and also for issues associated with it.

A bankruptcy attorney in Phoenix doesn't work alone. A trustee will be there to make sure that a client's assets are properly liquidated and that creditors are paid from the proceeds generated by those assets. In other instances, a legal court will step in and help formulate a plan of reorganization and creditor payment. At the end of the day, you want to hire someone who could help you prevent foreclosure against your home, halt repossession of your car, and avoid garnishment on your wages.

The individual you'll need hire to work on your case ought to be well versed, with accurate expertise on this process. When trying to hire a bankruptcy attorney, Phoenix citizens realize that there are two sides regarding the proceedings - Chapter 7 liquidation and the Court-approved reorganization plans under Chapter 9, 11, 12, and 13. Your lawyer will inform you which chapter you need to file under and will also supply you with the exact details.

If yourrrve been wondering just how much it could cost in order to get things started, not a whole lot at the start. The truth is, an initial consultation is provided for free. Once you have gotten this taken care of, that's when the meter charge starts running. A bankruptcy lawyer in Phoenix generally costs around $1,000 to $2,000, depending on the complexity of the situation. Filing a claim that says you don't have any money isn't free. There are numerous administrative and court costs that must be paid. You have to be conscious of this fact.

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