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Yuma Bankruptcy Lawyer

Filing for Chapter 7 Bankruptcy in Arizona

Chapter 7 bankruptcy is a form of bankruptcy that involves liquidating the debtor’s personal assets. It is a measure that may be seen as extreme, and it is often a last resort. If you have considered alternative options with a trustworthy counselor and believe Chapter 7 is the right way to reduce your debt, call Bowman, Smith & Kallen to get started moving forward.

Don’t declare bankruptcy without consulting us first. Contact the Yuma bankruptcy attorneys at Bowman, Smith & Kallen for a free consultation. Dial (928) 433-2355 or contact us online.

What Happens in Chapter 7 Bankruptcy?

Though a partnership or corporation may file for Chapter 7 bankruptcy, it’s possible that other forms of bankruptcy may provide you more options to keep your business as an asset. Individuals (and couples) may also file under Chapter 7.

Once you file, the court will ascertain whether you meet certain eligibility requirements for Chapter 7 bankruptcy. You will need to submit supporting documents and schedules to show that selling off your property is a better solution than a repayment plan, plus you will need to submit a list of all your property, debts, and creditors. Once the petition is accepted, an impartial case trustee will be appointed to sell your property and pay off your debts.

Property Exemptions

In Arizona, property exemptions to Chapter 7 bankruptcy are governed by state regulations. In order to claim property as exempt, you must complete a “Schedule C – Property Claimed as Exempt” form.

Many types of property may be claimed as exempt:

  • The homestead—house and land in which you live
  • Personal property such as household furnishings, appliances, and electronic devices
  • Other smaller items—clothes, wedding rings, pets, musical instruments, and others up to a certain designated value
  • Equity in one vehicle, up to $6,000
  • Up to $20,000 of life insurance proceeds if payable to a spouse or child
  • Certain other monetary benefits or assets, such as a pension

Note that you must have lived in Arizona for two years before filing for bankruptcy to claim the property exemptions allowed under our state law. To make sure you have grounds for exemption, it’s a good idea to consult with an attorney.

The Importance of Legal Counsel

Before such a major step, it’s important to consider all your options from a legal angle. A Yuma bankruptcy attorney can help you make sure Chapter 7 is right for you. They can also assist with filing the proper forms and advise you on the documentation needed throughout the process.

Call (928) 433-2355 to reach Bowman, Smith & Kallen and consult with us about your Chapter 7 bankruptcy petition.

We're Looking Forward to Speaking with You!

Give us a call at 928-433-2355

Meet Our Skilled Team

Over 100 Years of Combined Experience
  • Alan  Bowman Photo
    Alan Bowman
    Attorney in Yuma Alan Bowman was born in Oneonta, Alabama. His father was transferred to Arizona because he was a cotton broker. Alan grew up mainly in Yuma, Arizona except for about four years when he attended high school in Davis, California. Alan went to Arizona State University and obtained his bachelor of science degree in biomedical engineering and then went to law school at Arizona State University, Sandra Day O’Connor School of Law. He graduated in May, 1979. During law school, Alan ...
  • WM Michael  Smith Photo
    WM Michael Smith
    Award-Winning Yuma Criminal Defense Lawyer Michael was admitted to the Arizona Bar in 1969; Arizona and U.S. District Court, District of Arizona; U.S. Court of Appeals, Ninth Circuit; and the U.S. Supreme Court. Michael has represented defendants in cases ranging from capital murder to DUI . He has over 40 years of extensive trial experience in both major criminal defense and serious injury cases . In addition, he was also rated AV Preeminent® by Martindale-Hubbell® in 2016. His past practice ...
  • Cid R. Kallen Photo
    Cid R. Kallen
    Lawyer in Yuma Since earning his J.D. and being admitted to practice law in Arizona, Attorney Cid R. Kallen has established a successful legal career thanks to his diverse background and extensive professional experiences. Before attending law school, Cid served in the United States Marine Corps in various positions between 1999 and 2004. During the latter half of his military service, Cid enrolled in Southern Illinois University Carbondale and earned his B.S. in Electronics Systems ...
  • Carol  Bowman Photo
    Carol Bowman

  • Marlo  Arnold Photo
    Marlo Arnold
    Trial Lawyer in Yuma Marlo K. Arnold graduated with a Bachelor of Arts from the University of Georgia in 2004 before joining Teach for America, where she taught middle school in inner-city Atlanta for two years. From there, she enrolled in law school at the Florida State University College of Law. During her time at Florida State, Marlo was a member of the Florida State University Law Review and the Journal of Transnational Law and Policy. She also completed an externship at the Florida Supreme ...
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