Arizona Foreclosure: How bankruptcy can help you   by Kirk Guinn

If you're like thousands of other Arizonans, you're in danger of losing your home to a bank foreclosure. Fortunately, many are discovering the solution in what may seem the unlikeliest of places â€" bankruptcy. Losing everything you own is just one of many Arizona bankruptcy myths encountered by Arizona Bankruptcy Now legal counsel over the past 15 years. In fact, with the help of an experienced Arizona bankruptcy lawyer who understands the law, you'll likely keep your home, as well as your vehicle and other prized possessions too! In most cases, homeowners facing potential Arizona foreclosure have been hard hit by adjustable rate loans. They started out with low payments they can afford, only to see the cost of their monthly mortgage rise beyond their reach. For many, the problem is multiplied by credit card debt and medical bills. Once they've exhausted all their options, hundreds of hardworking Arizonans just like you come to the same conclusion every single month â€" they need the help of an Arizona bankruptcy attorney. The bankruptcy process can be complicated and stressful. That's why it's imperative you seek the counsel of an experienced bankruptcy attorney who's done it countless times â€" not just anywhere, but here in Arizona where you live, as bankruptcy laws vary by state. First, your attorney will help you decide which form of bankruptcy may be right for you. Chapter 7 eliminates much of your debt, including credit card and medical bills, freeing up extra money for you to make your monthly mortgage and car payments. Chapter 13 requires you to pay back what you owe over a specified period of time. It may also eliminate more types of debt than Chapter 7. Only an experienced bankruptcy attorney will know which option is best for your unique situation. When it comes time to file your bankruptcy petition with the court, your lawyer is equally essential as paperwork errors mean revision and resubmission. It is critical to provide the court with a schedule of your assets and liabilities within 15 days of filing the petition. Miss this deadline, and the court dismisses the case. If you are already in the middle of a bank foreclosure on your home, be sure to file your petition with the court before the foreclosure sale date on your property. That means consulting with an attorney as soon possible to allow enough time for preparation. When it comes to keeping the home you've worked so hard for, your toughest decision could also be your smartest. Within months of your bankruptcy's completion, you can start rebuilding your credit again. You can get the fresh start that bankruptcy law is intended to provide. To find out which form of bankruptcy may be right for you, contact an experienced bankruptcy lawyer for a free consultation.

About the Author

Attorney Kirk Guinn advises and assists individuals and families statewide in Arizona with legal questions and concerns relating only to bankruptcy and real estate. He answers all questions and knowledgeably explains the tough questions that exist about bankruptcy and the new laws associated with it.