Attorneys for Chapter 7 in Arizona can review your financial situation in detail and help you determine which assets are exempt (not subject to liquidation).
Chapter 7 involves the liquidation and sale of certain assets to pay creditors. In some states, you can choose between using federal exemptions or state exemptions. Arizona has its own exemption law, and residents filing for Chapter 7 must use the state’s list of exemptions. To give you an idea, here are some exemptions you can claim in Arizona (not a complete list). Amounts are in terms of fair market values:
Phoenix bankruptcy lawyers can help you calculate the fair market value of your assets. Generally, in Chapter 7 bankruptcy cases, people can keep most of their property.
By working with the Law Office of Paul J. Dombeck, you can decide whether Chapter 7 is the right financial solution for your situation.