Tucson Debt Relief Attorneys
Affordable Debt Relief in Tucson, Arizona
Many methods of debt relief are available to those who are no longer able to meet their financial responsibilities, due to loss of a job, reduction in income, serious illness, or other unfortunate circumstance. While filing for bankruptcy (either chapter 7 or chapter 13) is the primary method used by many family and individuals in Pima County, Tucson, Arizona.
Individuals, couples, and businesses in Tucson and surrounding communities have many options of releasing themselves from substantial debt, some of these options are for individuals who would like to avoid the negative credit impact that filing for bankruptcy in Tucson, AZ can have. Some of the debt relief alternatives are very helpful and useful, other forms of debt relief just won’t apply to an individual’s particular financial situation.
With the many choices available to relieve debt, it would be in the best interest to seek the assistance of a Debt relief expert in Tucson, Arizona and find out what form of debt relief will best suit your current economic position.
Different Types of Debt Relief in Tucson, Arizona
- Debt negotiation – Debt negotiation is most helpful for people who don’t want the negative effects of bankruptcy on their credit. In the event that one is unable to afford the payments attendant to a certain debt, they can negotiate with their creditor for more favorable terms, including a lowered interest rate, waiving of penalties and fees, or a longer period of time in which to pay off the debt, thereby lowering the payments.
- Bankruptcy Chapter 7: Chapter 7 bankruptcy is a good types of debt relief solution if you have no real hope of paying off your debts. Once bankruptcy is filed, all creditor action against you is suspended and at the end of the process all of your debts that can be discharged are canceled.
- Debt settlement – Many creditors are willing to settle a debt for pennies on the dollar, as an alternative to legal action or receiving no payment at all making debt settlement an interesting types of debt relief. In some cases, debtors can settle a debt for as low as 25% of the original amount. With debt settlement the creditors will receive something for their debt whereas in a Chapter 7, creditors may receive nothing for the debt that they have carried.
- Bankruptcy Chapter 13: Chapter 13 bankruptcy is very helpful if you have a good income and want to pay your debts but have fallen behind. As in Chapter 7, creditor action against you stops. You keep your property and work out a plan to pay off your debts over an extended time (usually 3-5 years).
- Debt consolidation – Debt consolidation is another type of debt relief in which companies work on behalf of debtors by accepting a monthly payment from them, and then splitting up the payment to their various creditors. In theory, this provides the debtor with a more easily manageable way to pay their debts.
The Tucson, Arizona based bankruptcy attorneys at My AZ Lawyers are available to provide individuals throughout Tucson, Marana, and Sierra Vista, Arizona with a multitude of debt relief services, including Chapter 7 bankruptcy, Chapter 13 bankruptcy, debt settlement, creditor negotiations, and loan modification. Our Tucson Bankruptcy Law Center has helped hundreds of individuals and families throughout Pima County, Arizona. Our experienced debt relief experts treat each client’s situation as an opportunity to help. We realize that every client is unique and we customize our assistance to each client’s specific financial situation.