If you have found yourself in a situation where you are no longer able to pay your debts in order to survive, filing bankruptcy might be the only choice that you have. While filing bankruptcy can save you, you have to understand that it is a pretty complicated process. Before you jump into filing bankruptcy you need to understand what it is, why you should file, alternatives to consider, and how to decide what type.
It is a good idea to have a general understanding of what bankruptcy is before you hire a Professional Bankruptcy Attorney in Tucson. This way you do not have to waste time during your first consultation with them explaining the process to you. Bankruptcy is when you declare to the state that you have more debt than you can handle. What happens is you will either get rid of most of your debt or have a payment schedule set up that is protected by the federal court. You are either going to file liquidation bankruptcy or reorganization bankruptcy. A Professional Bankruptcy Attorney in Tucson would be able to help you figure out which option is better for your situation.
There are technically six different chapters of bankruptcy including Chapter 7, 9, 11, 12, 13, and 15. The only two chapters that you have to worry about are 7 and 13. Chapter 11 is technically the third most common, but it would only apply to you if your business was going bankrupt.