Most debtors who are served with a summons and complaint will receive a judgment against them that will permit garnishment of their wages. Unless the creditor agrees to some type of payment plan, an Arizona bankruptcy lawyer may advise the debtor to file a Chapter 7 bankruptcy or Chapter 13 bankruptcy.

One common asset many debtors own is some type of life insurance policy. One of my tasks as an Arizona bankruptcy lawyer is to determine whether a debtor’s life insurance policy has some kind of cash surrender value and whether such money will have to be surrendered to the bankruptcy trustee. Recent case law has made this analysis much more complex.

Most debtors can keep their vehicles when they file bankruptcy. A complication arises when a debtor has a vehicle loan. A competent Arizona bankruptcy lawyer will advise that to retain the car, the debtor may have to stick his neck on the line and reaffirm the car loan, making the bankruptcy null and void with respect to a huge debt. But there may be some alternatives.

By filing bankruptcy, you can still keep most of your property. A careful analysis of your assets by a competent Arizona bankruptcy lawyer can give you peace of mind regarding what you can keep and what you may have to forfeit in bankruptcy.

A careful analysis of a person’s debt and potential liability by an Arizona bankruptcy lawyer will determine if bankruptcy is right for you.