Bankruptcy Overview

Bankruptcy Overview

The founders of our country, remembering the horrors of debtors' prisons in Great Britain, resolved to include bankruptcy protection among the rights guaranteed by our Constitution.  Over the course of U.S. history, many famous Americans have filed for bankruptcy protection, among them Abraham Lincoln (U.S. president), Henry Ford (automobile manufacturer), Samuel Clemens (the writer, "Mark Twain"), H.J. Heinz (ketchup) and Milton Hershey (chocolate). Each of these people went on to realize great success because of the financial fresh start afforded by their ability to file for bankruptcy protection.

The two major types of bankruptcies for consumer debtors are Chapter 7 and Chapter 13.  The first step in filing a successful bankruptcy petition is to accurately evaluate your goals and your eligibility for bankruptcy relief. In order to qualify for a chapter 7 bankruptcy, your income generally must be less than the amount specified by the U.S. Trustee program for the geographical area in which you live - the so-called "means test."   If your income exceeds this amount, you may have to file under chapter 13.  (If an individual debtor does not meet the requirements for a chapter 13 filing, he or she may be eligible to file under chapter 11, the requirements and costs of which are much greater.)  The requirements for filing a chapter 7 petition are explained here and those for filing a chapter 13 petition are shown here.  Your Agins Law Firm Chandler/Sun Lakes bankruptcy attorneys can guide you in making these decisions through a free consultation.

Chapter 7

The objective of a Chapter 7 bankruptcy is to eliminate all or some of the debtor's unsecured debts through a court order stating that you do not have to pay substantially all of your unsecured debts.

Chapter 13

In a chapter 13 bankruptcy, a debtor files a repayment plan with the Bankruptcy Court proposing to repay all or a portion of his or her debts - both secured and unsecured - over time.

Debt & Foreclosure

Bankruptcy is not the only method of debt relief, although it may in some situations be the best and most straightforward method with the most clearly foreseeable results.

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We believe all legal cases are equally important, especially for the individual client.

Our company is needed in both good and bad situations in life, and we do whatever we can to make all cases a good experience no matter the subject. We look at our clients as people with genuine problems and do not measure their wallet before we look at their case.

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There are many law firms, but our numbers prove we have a good thing going here. We respect our clients and they respect us, and that is what sets our company apart from others.

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