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Bankruptcy Law Firm



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ATTORNEY SANCHEZ
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Sanchez Law Office


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Alexander D. Sanchez

ATTORNEY AT LAW


Mr. Sanchez has been assisting families and individuals in Arizona since 2010. Previous to his legal career Mr. Sanchez worked for the financial industries sector acquiring his series 7 and 63 licenses.
Mr. Sanchez regularly goes out of his way to make the bankruptcy process for his clients as smooth as possible. He strives to treat all of his clients with dignity and respect. With over two decades of customer service experience, Mr. Sanchez knows how to treat his clients.
In his 5 years working as a bankruptcy lawyer in Arizona, Mr. Sanchez has been the lead attorney in over 1,000 successful bankruptcy discharges.
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AFFORDABLE

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LOW FEES

$695*+ COSTS

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Why is Bankruptcy Sometimes Necessary?

Imagine a world where no mistake you every made or misfortune you encountered could be made right. We have all taken risks and gambled with our future. These decisions are usually based on our level of experience and temperament. Tech folk heroes like Bill Gates, Steve Jobs, and Mark Zuckerberg all took incredible financial risks that were ultimately wildly successful. Arguably, the world is a better place because people take assertive risks. But for every success story, there are also countless failures. And that is not necessarily a bad thing! Failure is an integral part of future success. How we react to our failures is much more important than the failure itself.

A close relative of failure is tragedy. Tragedy is no respecter of persons. No one is immune from tragedy. Medical issues can affect anyone at any time. And while we do not like to think about the cost of treating serious medical issues, the costs nevertheless continue to climb. By some accounts, medical costs in the United States have already surpassed 18% of gross domestic product (GDP) or about 3.2 trillion dollars a year! These costs are only projected to grow.

Many industries are also periodically affected by downturns in our economy. Some risk takers find themselves over leveraged, but even blue collar workers who always played it safe can often meet financial tragedy when extended layoffs eat into their savings. Any one of us can fall victim to the ups and downs of this capitalistic economy. And while filing bankruptcy should never be taken lightly, I for one am very grateful that an escape valve exists that prevents the economy and the lives of honest people from completely blowing up.

If you or someone you know is experiencing financial hardship, contact us to set up a free bankruptcy evaluation. We will gladly meet with you to discuss the pros and cons of a bankruptcy filing and help you plan your next steps toward a financial fresh start.

Frequently Asked Questions

Bankruptcy wipes the slate clean for most unsecured debt. It stops collection efforts by creditors including garnishments, foreclosures, bank levies, and harassing creditor calls and collection letters. Bankruptcy is governed by Federal Law under the Federal Bankruptcy Code. This is also known as Title 11. The two most common forms of bankruptcy are Chapter 7 and Chapter 13. Throughout history many famous people have filed for bankruptcy protection. Bankruptcy is a vital part of a thriving economy, because it encourages risk taking and innovation. Imagine how much more cautious we would all be if we didn’t know that we could file for bankruptcy protection as a last resort. There are still a few countries in the world who have not grasped the concept of bankruptcy, and many of their economies are stuck in the dark ages.
Bankruptcy is not for everyone. The decision to file for bankruptcy must be informed by a number of different factors, which includes your income/expenses, assets, debts, urgency (such as a pending foreclosure or garnishments) and your ability to repay your debts outside of bankruptcy. An experienced bankruptcy attorney can evaluate your circumstances and help you decide whether bankruptcy is right for you.
Many people are surprised to hear that they can keep all of their property when they file for bankruptcy. This includes their house, cars, furniture, etc. The term we use in the bankruptcy world to protect an asset is called “exemptions.” If you have lived in Arizona continuously for the two years prior to filing your bankruptcy, then you will be permitted to use Arizona’s bankruptcy exemptions. Among other things, Arizona allows a bankruptcy filer to protect $150k equity in the home they reside in. Arizona also allows you to keep a vehicle (up to $6k equity), household goods (up to $6k), wedding & engagement rings (up to $1k equity). For a summarized list of all Arizona exemptions, click here. It’s important to note that exemption laws are not all black and white. An experienced bankruptcy attorney will be able to evaluate your assets and determine which assets will be protected in your bankruptcy filing. Furthermore, if it is found that you own property that is not covered by an exemption (such as a boat, for example), then your attorney will be able to discuss pre-bankruptcy planning options that will help to limit your losses without running afoul of the law.
A bankruptcy discharge is the end goal of almost all case filings. This is the point in your case where the bankruptcy Judge assigned in your case signs an general Order declaring that your debts are wiped out. Discharges are general in nature so they will not specially dictate which debts were wiped. However, your attorney will explain to you that debts like credit cards, medical, evictions, repossessions, pay day loans, utility bills and other debts are eligible to be discharged. Some common examples of debts that cannot be wiped in a discharge include student loans, domestic support obligations, government fines/penalties and most tax debts.
In virtually every case the debtor will need to appear at a hearing called a section 341 meeting of creditors. Section 341 refers to the section of the bankruptcy code that requires that this hearing take place. At that hearing you will need to present your ID and proof of your Social Security Number. Debtors will be sworn in and asked questions by the trustee while under oath. All creditors are also invited to appear to question the debtor, however creditors rarely show up at this meeting. Other situations may arise in your case requiring your appearance before the Judge or other hearings. However, this is more of the exception rather than the rule.
There is a three step process. STEP 1: Meet with attorney Alexander D. Sanchez (“Alex”) for a free case evaluation. During this meeting we’ll advise whether bankruptcy is right for you and which Chapter we recommend. During this meeting we will also introduce our petition preparation packet (“PPP”). STEP 2: Complete the PPP and return it to the Firm with attached documents. STEP 3: Once we have completed a final draft of your petition, we will meet to review it and obtain required signatures. Once the above steps are completed, we will be able to file your bankruptcy petition with the court.
If you feel confident enough in your own ability to navigate the quagmire of bankruptcy laws, then your main cost will be the Court filing fee. If you want to make certain that your case is handled the right way, then we highly recommend hiring an experienced attorney to file for bankruptcy. Attorney fees run an average of $1700 for a basic Chapter 7 filing. At our firm we strive to make access to legal representation affordable to all. Our fees for a Chapter 7 cases will start at $695, with affordable payment plans available to fit any budget. For full details on the fees and costs at our firm, click here.

STOP GARNISHMENTS

Stop Garnishments
Judgment creditors have a right to garnish up to 25% of your net wages. Your bank accounts can also be levied by judgment creditors. Both Chapter 7 and Chapter 13 will put a stop to these collection methods.

STOP COLLECTIONS

Stop Collections
Junk debt buyers are subject to federal regulations. However, many of these types of creditors regularly cross the line in their zeal to collect money. Both Chapter 7 and Chapter 13 put an end to this madness.

STOP FORECLOSURES

Stop Foreclosures
If you have fallen behind on your mortgage payments, then lenders have the right to begin foreclosure proceedings. In AZ you are entitled to one 90 day notice. Chapter 13 is generally the best option to save a home that is going into foreclosure, but Chapter 7 will also provide some temporary relief.

STOP REPOSSESSIONS

Stop Repossessions
If you have fallen behind on your vehicle payments, then lenders have a right to repo the car. Chapter 13 is generally the best means of saving a car provided the case is filed within 10 days of repossession.