Bankruptcy is a legal process that allows individuals or businesses to reorganize their debt and repay creditors. In most cases, bankruptcy is filed when an individual or business can no longer make payments on their debts. There are several different types of bankruptcy, each with its own eligibility requirements and benefits.
Chapter 7 bankruptcy is the most common type of bankruptcy. This type of bankruptcy allows individuals or businesses to liquidate their assets in order to repay creditors. In order to qualify for Chapter 7 bankruptcy, an individual or business must pass the means test. The means test is used to determine if an individual or business has the ability to repay their debts.
Chapter 13 bankruptcy is another common type of bankruptcy. This type of bankruptcy allows individuals or businesses to reorganize their debt and repay creditors over a period of time. In order to qualify for Chapter 13 bankruptcy, an individual or business must have a regular source of income and a debt repayment plan.
What is a good reason for filing bankruptcy?
There are several good reasons for filing bankruptcy. Some of the most common reasons include:
– To protect your home from foreclosure
– To stop wage garnishment
– To eliminate debt
– To discharge taxes
– To start fresh financially
If you are considering filing bankruptcy, it is important to speak with an experienced bankruptcy attorney. Eric Ollason is a bankruptcy lawyer in Tucson, Arizona with over 15 years of experience. He can help you determine if bankruptcy is the right option for you and guide you through the process. Contact Eric Ollason, Attorney at Law today to schedule a consultation.
How much does it cost to file bankruptcy in Tucson AZ?
The cost of filing bankruptcy in Tucson, AZ varies depending on the type of bankruptcy you file. Chapter 7 bankruptcies typically cost between $1,500 and $3,000. Chapter 13 bankruptcies typically cost between $3,000 and $5,000. Eric Ollason is a bankruptcy lawyer in Tucson, Arizona with over 15 years of experience. He can help you determine if bankruptcy is the right option for you and guide you through the process. Contact Eric Ollason, Attorney at Law today to schedule a consultation.