Many people with little or no income often come to us assuming that their only option of escaping their overwhelming debt is by filing a Chapter 7 bankruptcy. They are very hesitant to proceed because they fear losing their home, car, and other important possessions in an effort to escape their financial burdens.
Chapter 13 bankruptcies offer debtors many unique options, including the ability to strip liens, catch up on priority debts like child support, or get current on past-due mortgage payments. Because it includes a three- to five-year repayment plan, many people that are unemployed, retired, or have nontraditional jobs assume that they will not be able to successfully complete a Chapter 13 bankruptcy.
Whether you are receiving child support payments, income from rental properties, or social security payments, it sounds as though you have a steady income. If you feel as though this income is steady and sufficient enough to support you while also keeping up with your payment schedule, have a standard “job” is not necessarily a prerequisite to filing for Chapter 13 bankruptcy.
When you first file your petition for bankruptcy, the court will review your income to verify that you will be able to adhere to—and more importantly, complete—your payment plan. Don’t wait until your petition to find out if an Arizona Chapter 13 bankruptcy will work for you; Curry, Pearson & Wooten’s experienced Phoenix bankruptcy attorneys can walk you through your case and determine which options are best for you and your unique situation. Call us today at 602-258-1000 to schedule a consultation with a lawyer now.