Bankruptcy Can Help You Start Fresh
The primary purpose of bankruptcy is to provide those in debt with a fresh start by relieving them from most debts. Bankruptcy also helps to repay creditors for debts to the extent that assets are available for repayment.
Bankruptcy laws were created in order to help individuals, businesses and families who owe more debt than they are able to pay back. Bankruptcy, which is covered by federal laws, can help individuals and businesses that owe more debt than they can pay to get a fresh start. This is done by liquidating certain assets to pay debts or by creating a repayment plan, depending on which type of bankruptcy you are filing. Our team at Windrose Law Center PLC will help you determine which type of bankruptcy best suits your needs.
Bankruptcies are filed in federal courts. In fact, bankruptcy is specifically provided for in the U.S. Constitution. The Constitution provides the legislative branch with the power “to establish…uniform laws on the subject of bankruptcies throughout the United States.” Therefore, each of the 94 federal judicial districts handles bankruptcies. In Arizona, bankruptcy cases are filed in a special bankruptcy court and cannot be filed in state court.
What Assets Are Exempt In Bankruptcy?
Numerous assets are exempted from bankruptcy, meaning that those assets are not eligible for being liquidated and used to pay off your creditors. Speak with an experienced bankruptcy law firm for details about whether your property is eligible to be exempted. Schedule a no-obligation phone, online meeting or in-person consultation to receive the full list of exempted property. Here is a general list:
- $150,000 in home equity for the residence in which the debtor resides
- Many types of personal property, such as household furnishings, appliances, clothing, musical instruments, family pets, certain types of jewelry, computers, firearms and equity in your car, are exempted up to a certain dollar amount.
- Child support or spousal maintenance
- Certain life insurance policies
- Certain annuities
- Certain retirement plans
Our attorney can examine your case to see if other assets may be exempt from bankruptcy.
We Will Be There From Start To Finish
If you hire Windrose Law Center PLC to assist you with your bankruptcy, we will walk you through the process and be there every step of the way. Call 602-857-9386 or use the online form to schedule a consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.