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Bankruptcy and Can I Keep My Car
Helping You to Keep Your Car in an Arizona Bankruptcy
When our clients are considering bankruptcy, one of the first questions they ask is whether they can keep their car in a bankruptcy proceeding. Although each case is different, it is important to know that most people can retain their vehicles during bankruptcy. In Arizona, you are entitled to keep $6,000 in equity for your vehicle. If you are physically disabled, you are allowed to keep $12,000 in equity.
Bankruptcy Can Save Your Vehicle
Bankruptcy provides some interesting options for vehicle owners. Debtors can legally surrender a vehicle, pay the vehicle off at fair market value, negotiate or force a lender to reduce the interest rate, and through a payment plan, bring a delinquent payment current. The mere filing of a bankruptcy temporarily halts repossession efforts and can force a lender to release a vehicle that was recently picked up.
Decisions regarding keeping your vehicle, surrendering your vehicle, replacement vehicle options, etc., should be discussed with an attorney. The options are specific to each scenario and not something that can be explored via Internet research. In addition to keeping or surrendering a vehicle, additional research and legal experience goes into whether to reaffirm a vehicle debt in a Chapter 7 proceeding.
Mr. Foley handled my chapter 7. After my first meeting with him I instantly felt better about the whole thing. I was stressed about my finances and felt guilty for even considering a bankruptcy. I felt like a total failure. Mr. Foley was able to help me see that it was the right business decision and was also able to help me by pointing me to resources for a redemption loan on my vehicle. If you are considering a bankruptcy attorney, I would recommend you consult with Mr. Foley.
July 18, 2017
Your Excellent Choice
Matt and his team rock !!!!!!!!
They took the stress and worries out of the whole process and made it smooth and stress free. He and his staff are caring, knowledgeable, very organized, honest and affordable. They responded quickly to any questions or concerns I had.
I would highly recommend Matt and his team to anyone who needs a bankruptcy…… Thank you so much
July 13, 2017
Very helpful even though not client (yet)
Matthew represented us at a Trustee meeting when our Phoenix attorney could not be present. He was knowledgeable and helpful. In addition, when my existing attorney became “disengaged”, we contacted Matt and he spent a lot of time helping us understand some issues we were having. He was supportive, helpful, and gave excellent advice even though we were not his clients. I highly recommend him and he will be my first call for any future legal issues.
May 23, 2017
Caught in a Bind
I was in a real bind and not knowing the law, I contacted the best reviewed bankruptcy lawyer in town. After the consultation I left feeling better about my situation with a much better understanding of the law. The man knows his stuff and is very knowledgeable. I hired him and he did an amazing job. I literally did nothing but answer questions in an honest manor. The staff is a collection of incredible people, who are kind and very nice and understanding towards your situation. Thank you so so much for everything and would recommend the heck out of this gentlemen. Awesome experience.
March 6, 2017
Matt and his team rock!!! They took the stress and worries out of the whole process and made it smooth and stress free. He and his staff are caring, knowledgeable, very organized, honest and affordable. They responded quickly to any questions or concerns I had. I would highly recommend Matt and his team to anyone who needs a bankruptcy or debt settlement attorney.
October 21, 2016