Get to Know Arizona Bankruptcy Laws

What is bankruptcy, and how can it impact you? If you are dealing with a complicated financial situation you may be struggling with questions like, should I file bankruptcy, and what are the pros and cons of bankruptcy? The subject can be confusing and scary, but if bankruptcy may be in your future it is important to understand Arizona’s bankruptcy laws.

What Is Bankruptcy?

In Arizona, you have two ways of filing bankruptcy – Chapter 7, or Chapter 13. The court will look at your income and expenses and perform a means test. When the process is complete, you should be able to discharge all or some of your debts, depending on your individual situation. Bankruptcy gets creditors off of your back and gives you some financial breathing room.

The Pros and Cons of Bankruptcy

The immediate pro of bankruptcy is that it allows you to breathe a sigh of relief. Your debts will ultimately be discharged, and any collection attempts automatically stop when you file. This includes a stop to foreclosure proceedings.

The major drawback of bankruptcy is how it can affect your credit and financial situation going forward into the future. However, if the choice is between rebuilding your credit down the road, or drowning in debt now, you may find less stress in the long run if you choose bankruptcy.

Should I File Bankruptcy?

If you find yourself struggling to make ends meet, fielding collections calls, or wanting to hide out from your creditors because you simply cannot deal with your debt, you may want to consider filing bankruptcy.

The best person to talk to you about your options is a bankruptcy attorney. He or she has been down this path with clients before, and can advise you about your options, specific to your financial situation and your ultimate goals. You are the only one who can ultimately decide if the pros and cons of bankruptcy point toward filing or not, but you should make an educated decision.

A bankruptcy attorney makes the process easier, and can demystify a lot of the information around bankruptcy. If you are considering bankruptcy as a solution to your debt problems, find out more from an experienced and qualified lawyer. If you do decide to file, he or she can help ensure the process goes smoothly.


This blog is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion. No attorney-client relationship is created by this blog. Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.

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