Phoenix Bankruptcy Lawyer Help – 4 Common Questions about Bankruptcy in Arizona

A good phoenix bankruptcy lawyer is needed if you're considering filing bankruptcy in the state of Arizona. When talking to bankruptcy lawyers you want to use a lawyer who gives complete and accurate information.

In this article we will look at 4 common questions people often ask their Phoenix bankruptcy lawyer.

First, In the state of Arizona, if I file bankruptcy, can I keep my car?

Yes, you typically can keep your vehicle. One question you have to think about is am I current on my vehicle? If you're current and you're making your payments, then you can keep it. The other question is how much is my vehicle worth? In Arizona, the bankruptcy court says you can have a car that has a value of $5000.

Now that is the amount of the car minus the amount of the loan. And so a lot of people, unfortunately, are upside down on their vehicles. Now if you choose to keep it, you can. But you may want to consider surrendering it simply because… you could be several thousand dollars upside down. And by discharging that debt, you have the opportunity to acquire a different car with a lower payment.

In the state of Arizona, if I file bankruptcy, can I keep my house?

Yes, you can. You can keep your home. Arizona allows you to keep your property, and you can protect up to $150,000 in equity in your house. One of the criteria to keep it is to be current in paying your mortgage.

Is filing for bankruptcy the end of my credit?

No, not at all. It depends on where you're at with your credit. A lot of people have gotten themselves into a point where they simply can't afford their debts. And as a result, they stopped making payments. And so their credit might be quite poor.

Depending on how bad your credit is, by having all those debts discharged, you may improve your credit. For other people it is going to be a credit hit. However, with good planning, which is key to bankruptcy, you can get a very good score within two years of filing bankruptcy. And a good bankruptcy lawyer will assist their clients with improving their credit after bankruptcy.

After filing bankruptcy in the state of Arizona, will I ever be able to get a credit card again?

Yes. In fact, a good Phoenix bankruptcy lawyer will have created agreements with a major banks in Arizona. And as a result, they will be provide you with secured credit cards directly after filing. And so as a result you can start rebuilding your credit almost immediately.

And now as an experienced Phoenix Bankruptcy Lawyer, I would like to invite you to take a free online bankruptcy evaluation. Just visit our site http://www.arizonalegaladvocacy.com