The process of claiming bankruptcy in the US varies from state to state and the state of Arizona is no exception to this rule. If you find yourself in need of claiming bankruptcy in Arizona then you will have to devise a strategy in terms of planning, claiming and going ahead with a bankruptcy case.
The first thing that you will need to determine is which type of bankruptcy you will be applying for depending on your situation. The two most common types of bankruptcy are Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is the most popular type of bankruptcy claim and basically allows you to wipe out the majority of your debts once any non-exempt assets you have (if any) have been sold or auctioned off and the proceeds distributed amongst your creditors. There are some debts that cannot be erased under Chapter 7 such as alimony, student loans and child support. The other option is to file for a Chapter 13 bankruptcy. This option allows you to arrange some sort of repayment plan where you can pay your debts over an agreed term that will make it financially more manageable for you.
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As for documentation when claiming bankruptcy in Arizona it is a requirement that you individually list all of your creditors and their particulars such as name, address, account number and amount owed. Other important information such as any assets (value and the source) needs to be documented as does your income (pay slips and tax returns).
Once you have completed the first two steps as above you then need to make a claim for bankruptcy to the bankruptcy court in Arizona. You can choose to claim bankruptcy in Arizona by yourself or seek the guidance of a bankruptcy attorney in Arizona. Once your claim has been submitted it is then a matter of waiting to hear from the court in regards to the 341 meeting of your creditors. This can take about 6 to 8 weeks after the initial claim.
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