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Is Bankruptcy Right for Me?

Arizona Lawyer, Offering Chapter 7 and 13 Representation

Today's severe economic climate of upside-down mortgages, high credit card interest rates and high unemployment has contributed to enormous financial stress for millions of individuals across the United States.

At the Law Offices of Anca Iacob, we provide comprehensive Chapter 7 and Chapter 13 bankruptcy representation to help individuals achieve debt relief. We understand the emotional and financial hardships associated with overwhelming financial obligations.

As a volunteer with the self-help center of the bankruptcy court, Phoenix bankruptcy lawyer Anca Iacob has helped countless individuals repair mistakes they have made when filing without the help of a lawyer. Her extensive experience enables me to evaluate situations thoroughly to help individuals get through the bankruptcy process effectively and efficiently.

Contributing Factors for Bankruptcy

Bankruptcy protection is designed to provide individuals with a fresh financial start. However, filing for Chapter 7 or Chapter 13 is not the right option for everyone. The following are common issues that can help you determine the right time to file for bankruptcy.

Creditor lawsuits. Filing for Chapter 7 or Chapter 13 immediately stops legal action and prevents your creditors from obtaining judgments for wage garnishment and/or bank account levies.

Wage garnishment. Your creditors can file for a judgment to garnish your wages. By filing for Chapter 7 or Chapter 13, you can automatically stop wage garnishment; however, filing for bankruptcy does not enable you to recover already garnished funds. It is important to discuss your situation with a lawyer.

Bank account levies. Creditors can receive a judgment from the court to place a levy on your bank account, and collect funds to recover their assets. Filing for bankruptcy stops bank levy action, and as with wage garnishment, you cannot recoup funds creditors collected before you filed for bankruptcy protection.

Creditor liens. If you own your home, a creditor may be able to place a lien on your home in pursuit of collecting owed assets or debts. It is important to consult with an attorney to determine the best course of action.

Is Bankruptcy Right for Me?

Filing for bankruptcy should never be a quick decision. You should consider many factors and discuss your concerns, goals and issues with a qualified attorney before taking steps to file for Chapter 7 or Chapter 13 bankruptcy protection. While filing for bankruptcy provides several immediate benefits, there are also consequences.

Under bankruptcy protection, you are allowed to exempt certain assets or property from your estate based on Arizona's exemptions. However, other assets are non-exempt under state or federal law. By filing for Chapter 7 or Chapter 13, you could lose these assets. It is important that you conduct thorough pre-filing preparation to ensure that bankruptcy is right for you.

Initial Consultations

We offer initial consultations to discuss whether bankruptcy is the right option for you. Our Glendale office hours are 9 a.m. to 5 p.m. Monday through Friday; however, we also offer evening and weekend hours by appointment only. Please call 623-266-0060 to schedule an appointment, or you may send us an e-mail.

Our office is located near Highway 101 and offers free and easy parking.

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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Office Location

Law Offices of Anca D. Iacob
P.O. Box 11531, Glendale, AZ 85318-1531
Tel: 623-266-0060 | Fax: 623-334-6869

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