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Best Bankruptcy Attorneys in Chandler

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Agins Law Firm PLC logo
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Agins Law Firm PLC

123 W, Chandler, AZ 85248
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement
  • Chapter 11 Bankruptcy

Business Description

Agins Law Firm PLC is located in Chandler, Arizona, serving individuals facing bankruptcy throughout the surrounding areas. Founded in 2003, the firm advises and guides clients through the process of bankruptcy. It helps clients with Chapter 7 petitions who need to discharge all of their debts quickly, and others with Chapter 13 petitions who are in a position to repay their secured and unsecured debts with an appropriate repayment plan.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (2)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Asheton B. Call, Attorney at Law logo
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Asheton B. Call, Attorney at Law

2950 N. Dobson Road Suite #6, Chandler, AZ 85224
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Creditor Representation

Business Description

Arizona-based Asheton B. Call Attorney at Law has over 20 years of experience practicing bankruptcy law, serving clients throughout the surrounding areas of its offices in Chandler, Casa Grande, and Glendale. The firm guides its clients through the filing of Chapter 7 bankruptcy to discharge their debts quickly or Chapter 13 bankruptcy to re-pay debts and keep their property. The firm also helps clients create debt relief plans to get on to the road to recovery.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (29)
Google
5.0 / 5 (3)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Atchley Law Firm, PLC logo
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Atchley Law Firm, PLC

7255 E Hampton Ave Ste 127, Mesa, AZ 85209
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Atchley Law Firm, PLC., is an estate planning and bankruptcy law firm that serves clients in Chandler. Its founder, Mark Atchley, has helped residential and commercial applicants with bankruptcy claims for the last 25 years. He educates about the parameters of each claim, such as non-exempt assets and means test requirements. Mark and his staff also review an applicant's existing possessions and debts to help them find alternative resolutions. Previous clients have praised the firm for its thorough review and assessment of each case it handles.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (116)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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AZBK Lawyers logo
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AZBK Lawyers

668 N. 44th St.320, Phoenix, AZ 85008
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

AZBK Lawyers help individuals and businesses in Chandler, Tempe, and nearby areas find solutions to their financial problems. It assists clients in a wide range of bankruptcy matters, including chapters 7, 11, 12, and 13 bankruptcies, alternatives to bankruptcy, and stopping debt creditor harassment. The primary attorney at the firm, Benjamin Wright, is a former member of the Wisconsin Army National Guard and is fluent in Spanish. He has represented several customers in both state and federal courts.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.8 / 5 (21)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Carr Law logo
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Carr Law

2133 E. Warner Rd. #106, Tempe, AZ 85284
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Chapter 11 Bankruptcy

Business Description

Carr Law has been serving the residents of Chandler and its neighboring metros for over 15 years. It helps relieve individuals from debt through bankruptcy support and representation. Its lawyers help clients navigate chapter 7, chapter 11, and chapter 13 bankruptcy laws and recommend the most suitable course of action. They have handled over 1,200 bankruptcy cases and also provide tax resolution services. Founder Nathan E. Carr is a member of the American Bar Association Taxation Section.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Avvo
5.0 / 5 (26)
Yelp
5.0 / 5 (12)

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We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Chapter Bankruptcy Lawyers logo
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Chapter Bankruptcy Lawyers

4500 S Lakeshore Drive Suite 300, Tempe, AZ 85282
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Credit Card Debt

Business Description

Chapter Bankruptcy Lawyers serves clients in Chandler and its surrounding metros. It helps individuals find solutions for their financial difficulties and identifies debt relief options. The lawyers assist in filing bankruptcy protection under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code while protecting clients' personal properties and homes from repossession or foreclosure. The firm helps in attaining a debt-free financial slate and provides tools and resources to help clients rebuild their credit.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Facebook
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Diane L. Drain, Law Office of D.L. Drain, P.A. logo
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Diane L. Drain, Law Office of D.L. Drain, P.A.

2375 E Camelback Rd #600, Phoenix, AZ 85016
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  • Debt Settlement

Business Description

The Law Office of D.L. Drain, P.A., has been helping individuals and businesses in Chandler in achieving financial security since 1991. It represents clients in chapter 7 and chapter 13 bankruptcy cases to reduce or eliminate their debts according to the law. The firm treats clients with respect based on their constitutional right to bankruptcy protection under the first bankruptcy law that was enacted in 1800. Diane Drain helps clients in understanding their options by educating them about the rights of debtors and what creditors can do.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6
Yelp
5.0 / 5 (9)
Facebook
5.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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DM Bankruptcy Law Group, LLC logo
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DM Bankruptcy Law Group, LLC

1425 S. Higley Road Suite 101, Unit 6, Gilbert, AZ 85296
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

DM Bankruptcy Law Group, LLC, represents residents of Chandler and nearby areas who have concerns under bankruptcy law. The firm negotiates the terms and conditions of debts to obtain workable novations surrounding existing agreements or their onerous portions. It handles processes under chapters 7 and 13 insolvency proceedings and seeks relief from wage garnishments and tax dues. The team has handled more than 1,500 cases. Counsel Chris Dutkiewicz has been practicing bankruptcy law for over 14 years.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
5.0 / 5 (14)
Avvo
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Dodge & Vega PLC logo
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Dodge & Vega PLC

7227 E Baseline Rd Ste 109, Mesa, AZ 85209
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Founded in 2006, Dodge & Vega PLC is a Mesa-based full-service law firm that provides legal counseling for individuals and businesses facing bankruptcy throughout the metro area of Chandler, Arizona, and beyond. The firm's team of trusted Chapter 7 and Chapter 13 bankruptcy attorneys near Chandler guides clients through Chapter 7 bankruptcy, discharging qualifying debts, and advising on which ones can be included in the process. It also helps clients eligible for Chapter 13 bankruptcy, assisting them in the development of affordable payment plans that can help them retain their assets.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.4
Google
4.3 / 5 (68)
Facebook
4.8 / 5 (16)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Jeff Biddle Law logo
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Jeff Biddle Law

3100 West Ray Road Number 201, Chandler, AZ 85226
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Jeff Biddle Law is a boutique law firm based in Chandler, Arizona, serving individuals throughout the metro area. The firm practices bankruptcy law, working exclusively with individuals facing a financial crisis and in need of debt management advice and support. The knowledgeable Chapter 7 and Chapter 13 bankruptcy attorney in Chandler can help clients not only clear eligible debts quickly through Chapter 7 bankruptcy but also retain their assets while paying off their debts with a Chapter 13 bankruptcy petition.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
3.8
Avvo
4.5 / 5 (10)
Google
3.7 / 5 (6)
Yelp
1.0 / 5 (3)

(+1 additional source)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Loose Law Group logo
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Loose Law Group

4835 East Cactus Road, Scottsdale, AZ 85254
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Loose Law Group offers the expertise of lawyers covering various areas of practice, including bankruptcy law. For 35 years, the firm has represented clients in different locations in Arizona including Chandler, Scottsdale, Phoenix, Tucson, and Flagstaff. The bankruptcy lawyers under the firm concentrate on areas of creditor's rights and collections, debt collection defense, and chapter 7 and chapter 13 bankruptcy cases. They represent both creditors and debtors in bankruptcy hearings.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
5.0 / 5 (202)
Facebook
5.0 / 5 (85)
Yelp
4.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
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Maxwell Law Group logo
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Maxwell Law Group

1910 S Stapley Dr. Ste 221, Mesa, AZ 85204
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Maxwell Law Group caters to clients in Chandler and the surrounding areas. Founding lawyer April Maxwell guides individuals toward financial stability, which may entail declaring bankruptcy. She assists clients through the legal procedure, working side by side from beginning to end. She also evaluates whether chapter 7 or 13 bankruptcy best gives the solution to a client's financial issues. For those experiencing creditor harassment, the attorney helps pursue a loan modification. Maxwell is a member of the Arizona Consumer Bankruptcy Counsel's Executive Board.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (11)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Neeley Law Firm, PLC logo
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Neeley Law Firm, PLC

2250 E Germann Rd Ste 11, Chandler, AZ 85286
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • IRS Tax Debt
  • Corporate Restructuring
  • Chapter 11 Bankruptcy

Business Description

Neely Law Firm PLC represents individuals and businesses facing bankruptcy in Arizona. The Chandler-based firm has over 15 years of experience representing people who are in financial difficulty. It guides clients through the process of discharging their debts and helps them create affordable plans to overcome financial difficulties and begin afresh. The firm has experience representing individuals and businesses with Chapter 7, 11, and 13 bankruptcy relief. It can also support businesses with non-bankruptcy reorganization.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (156)
Yelp
5.0 / 5 (15)
Facebook
5.0 / 5 (9)

(+1 additional source)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Nielsen Law Group Attorneys at Law logo
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Nielsen Law Group Attorneys at Law

1490 S. Price Road, Suite 301, Chandler, AZ 85286
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Nielsen Law Group Attorneys at Law is a legal practice that serves the Chandler metro. It guides and represents clients in filing bankruptcy claims, such as chapters 7 and 13. It also assists them in protecting their assets, filing their tax returns, establishing estate plans, and resolving debt and other financial issues. Comprising individuals from different backgrounds, the firm's experience with its small endeavors sparked the call to tailor its services to individuals and small business owners.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.9
Google
4.9 / 5 (137)
Yelp
4.5 / 5 (11)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Quach Law logo
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Quach Law

1204 East Baseline Road, Tempe, AZ 85283
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

Quach Law guides clients near Chandler throughout the process of bankruptcy. While filing bankruptcy can be done without legal assistance from lawyers, Victoria Quach believes that the complicated process may cause further loss of assets for individuals who are not familiar with the law. As a bankruptcy attorney, Quach provides consultation with clients to review their financial situations, assets, liabilities, and income. She educates them on Chapter 7 and 13 bankruptcy and helps them file for these petitions.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
4.9 / 5 (65)
Yelp
5.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Rock Law Bankruptcy Attorneys logo
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Rock Law Bankruptcy Attorneys

1222 E Baseline Road Suite 102, Tempe, AZ 85283
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy

Business Description

Serving Chandler and the surrounding areas, Rock Law Bankruptcy Attorneys helps clients who are facing financial distress issues. It provides legal assistance in chapters 7 and 13 bankruptcy, foreclosure prevention, and debt settlement, offering clients same-day filings. The firm's debt settlement process is designed to help clients stop the harassment of debt collectors as well as alleviate the pressure of building debt. The firm was established in 2011 and is an affiliate of the Arizona Consumer Bankruptcy Counsel.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (205)
Facebook
5.0 / 5 (9)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Rose & Associates Attorneys at Law logo
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Rose & Associates Attorneys at Law

5700 W. Chandler Blvd. Suite 5, Chandler, AZ 85226
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

Rose & Associates Attorneys at Law is a private multi-practice firm with offices in Chandler and Phoenix. Its team provides legal assistance for matters involving chapter 7 and chapter 13 personal bankruptcy. Other practice areas of the firm include divorce and family law, juvenile law, and probate. Principal attorney Timothy J. Rose has been practicing law for more than seven years. He has volunteered for the Maricopa County Community Legal Services and Family Lawyers Assistance Project.

The Moak Law Firm logo
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The Moak Law Firm

1820 E Ray Rd, Chandler, AZ 85225
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

The Moak Law Firm is located in Chandler, Arizona, serving clients throughout the state for over 40 years from four additional offices in Peoria, Surprise, and Phoenix. The firm practices bankruptcy law, providing legal counsel to people who are behind on their bills, going through a costly divorce, or struggling to meet their medical expenses. Its services include debt settlement and negotiation, as well as ending creditor harassment and assisting families and individuals facing foreclosure.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.8
Google
4.9 / 5 (239)
Avvo
4.9 / 5 (116)
Yelp
4.0 / 5 (15)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Yusufov Law Firm PLLC logo
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Yusufov Law Firm PLLC

2266 South Dobson Road, Mesa, AZ 85202
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  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Debt Settlement

Business Description

Yusufov Law Firm PLLC. is a bankruptcy law firm that represents individuals and businesses in Chandler, Mesa, Tucson, and the rest of Arizona. Founding attorney German Yusufov provides debt relief and bankruptcy options for clients with financial struggles. He is well-versed in chapter 7, chapter 11, and chapter 13 bankruptcy cases and also handles cases related to debt settlement and collection defense. Yusufov served as a Board Director in the Fee Arbitration Committee from 2010 to 2016.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
4.5 / 5 (182)
Facebook
4.5 / 5 (57)
Yelp
1.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Back to Providers

Frequently Asked Questions

What does a bankruptcy attorney do?

Bankruptcy attorneys help clients understand whether they qualify for bankruptcy and what their best options are. They also prepare and file petitions, answer questions during the proceedings, and educate clients about potential best steps for a positive bankruptcy outcome. Bankruptcy attorneys might also file motions or paperwork if creditors dispute the bankruptcy, or to stop creditors from taking collections actions forbidden by the bankruptcy.

What happens when you file bankruptcy?

Bankruptcy is a formal process that individuals, married couples, or businesses can enact when they are no longer able to pay creditors. In a bankruptcy proceeding, filers are allowed to reduce debt to more manageable levels to best pay off money owed.

Once the bankruptcy process is initiated, debt collectors can no longer seek repayments outside of the arrangements detailed in the bankruptcy settlement. Some forms of bankruptcy result in the liquidation of assets to pay back debts, while others allow filers to retain most of their possessions and investments. Many types of unsecured debt can be managed with bankruptcy filings, but not all.

Can you file bankruptcy on student loans?

Under most circumstances, student loans aren't dischargeable and aren't included in bankruptcy proceedings. In rare cases, it may be possible to eliminate student loans through bankruptcy, but only if the courts determine that continuing to pay the loans would impose an undue hardship. Meeting the criteria for undue hardship is challenging, and most bankruptcy filers don't qualify.

What is bankruptcy fraud?

Bankruptcy fraud is a blanket term that refers to any kind of dishonest bankruptcy proceeding, which can include:

  • Hiding assets by transferring them to another person or entity
  • Intentionally omitting assets when reporting to the court
  • Destroying or withholding required documents
  • Knowingly making false statements to bankruptcy trustees or creditors

How long is bankruptcy on public record?

How long bankruptcy stays on public record depends on the kind of bankruptcy filing in question. Chapter 7 bankruptcy remains on the record for 10 years as there isn't necessarily a repayment component. Chapter 13 bankruptcy remains on the record for seven years as some obligations are repaid following filing based on the terms of a discharge settlement.

Does bankruptcy clear tax debt?

Bankruptcy can clear tax debt, depending on the circumstances. Taxes are dischargeable under Chapter 7 bankruptcy, not Chapter 13, and only if the tax debt is:

  • Federal income tax debt related to current properly filed tax returns
  • Honestly incurred with no fraud or evasion
  • At least three years old
  • Assessed at least 240 days before bankruptcy filings

Existing liens are not eliminated with bankruptcy.


Can they take my car in Chapter 7 bankruptcy?

In many cases, it's possible to keep a vehicle following Chapter 7 bankruptcy. The Chapter 7 Motor Vehicle Exemption allows filers who own their vehicles outright or who are up to date with payments to keep their cars. However, those behind on making car payments are required to arrange a repayment plan. Otherwise, the vehicle may be repossessed as a part of the proceedings.

How bad is it to file bankruptcy twice?

Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn't recommended. Filing multiple times puts a serious burden on one's credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.

Note that filing for bankruptcy isn't something that can be done at a filer's leisure. There are time limits following bankruptcy cases that dictate when it's permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.

Can anyone file bankruptcy?

Anyone can file bankruptcy, but there are limitations regarding which form of bankruptcy is permissible. Qualifying for Chapter 7 requires a means test that evaluates income, debt levels, and income left over each month after paying basic obligations. Income over the median set by the court and monthly income that allows meaningful payments toward unsecured debt can disqualify filers from Chapter 7, which is generally the preferred form of bankruptcy due to the possibility of a full discharge. Anyone can file Chapter 13 bankruptcy, but the terms are less favorable. In most cases, some debts must be repaid following a successful filing. Chapter 13 is also more likely to result in asset forfeiture.

How will bankruptcy affect my credit score?

Bankruptcies are noted on credit reports. How much a bankruptcy might drop a person's credit score depends on how high the score was to begin with, but generally speaking, the hit can be as much as 100 to 200 points. Often scores are already dropping because people filing for bankruptcy may have already missed payments on debts. Chapter 13 bankruptcies are listed on credit reports for seven years from the filing date, while Chapter 7 bankruptcies are listed for 10 years from the filing date. This is because Chapter 13 bankruptcies require at least partial payment of debts owed.

What are the benefits of filing for bankruptcy?

Filing a bankruptcy petition causes an automatic stay. This legally stops creditors from taking further action to collect debt, including garnishing wages or foreclosing on property. Going through a bankruptcy successfully means that debts included in the bankruptcy are discharged and don't have to be paid back, except as provided in a Chapter 13 repayment plan. Bankruptcy can help someone recover from financial duress so they can make better decisions and improve financial situations in the future. Disadvantages can include temporary lower credit scores and limitations on spending and financing.

What's the difference between debt settlement and bankruptcy?

Debt settlement occurs when people negotiate with individual creditors. The creditor agrees to take a payment that's lower than what someone owes and call the debt “paid in full.” Bankruptcy is a legal process that causes debts to be dismissed after someone proves they don't currently have the means to pay their debts as owed. Typically, someone can't enter into bankruptcy and also settle some debts, because the court would see that as favoring one creditor over another.

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