More Than Just Phoenix Debt Counseling
In 2005, Congress passed and the president signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), a bankruptcy reform law. This new act requires new bankruptcy debtors to receive credit counseling from an approved credit counseling agency before the bankruptcy filing for bankruptcy. A bankruptcy lawyer experienced in Phoenix Debt Counseling, like the Dault Law Group, can help individuals with amassing debts determine whether bankruptcy is the right course of action for their specific needs.
Bankruptcy is a legal means of providing relief to people and businesses in significant financial distress, and helps protect their creditors as well. Usually the bankruptcy filing is a multi-step process in which the debtor's assets and liabilities are assessed, providing a program wherein the debtor is allowed to keep some finances (and, often, all of their property). They are then obligated to satisfy as many debts as possible, according to an order of priority established by the legal system. The debt that remain are forgiven, except , domestic support debts, debt obtained by fraud, and tax debt.
The bankruptcy process does not have to be an embarrassing or difficult one. It should be viewed as a means to a fresh start. Most bankruptcy debtors have experienced unexpected and extreme financial shock, such as that caused by sudden events such as job loss, business failure, death, or illness.
Consumers and businesses both have options in terms of which type of bankruptcy to pursue. These options are set forth in the federal Bankruptcy Code - and they are referred to by their chapter numbers. Consumers most commonly file either under Chapter 7 or Chapter 13, depending on their financial circumstances. Chapter 13 has certain advantages over Chapter 7 in individual bankruptcies. Chapter 13 permits the debtor to relinquish more kinds of debt. A consumer's choice between Chapter 7 and Chapter 13 does not have to be permanent --under certain circumstances, a case may be converted to a different chapter.
Most consumer bankruptcy cases are initiated voluntarily by consumers, but can also arise when creditors force debtors into bankruptcy.
In many cases, filing bankruptcy could be the proper course of action. If you are facing serious financial challenges, it is very important to seek Phoenix debt counseling. Call the Dault Law Group for more information.
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If you've been thinking about filing for bankruptcy you should consult a Phoenix credit and debt counseling service first. Filing for Chapter 7 protection might sound like the answer to all your prayers but with the recent changes in the bankruptcy laws you could just be opening up an even bigger can of worms.
Phoenix credit and debt counseling is a process and is not for someone who wants a quick fix. What should you expect and what do you need out of a credit counseling meeting? For many people it is more to have someone lend an ear to the debt concerns that are wrecking everything that you have built previously
Individuals facing credit difficulties often face a range of unique issues particular to their financial history. That's why the Dault Law Group is dedicated to developing a personal relationship with our clients, working hard to determine the best way to approach your individual situation.
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Bankruptcy used to be a highly stigmatized tool for debt recovery. Ideas regarding who was the "type" to file for bankruptcy were based on an almost Puritanical notion that people must suffer consequences for every mistake. Considering that practically all of the Nation's Founding Fathers, men revered as the great minds and thinkers responsible for the birth of this Nation, died in debt it is hard to believe that such social stigmas could be placed upon individuals filing for bankruptcy.
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