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All Press Releases for January 07, 2014 »
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East Valley economic development could help bankruptcy filers

Getting yourself reestablished after bankruptcy could be easier thanks to the swell in economic activity.
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    January 07, 2014 /24-7PressRelease/ -- A fresh start; in one way or another, it's something almost everyone dreams of. In the financial context, filing for bankruptcy can offer those struggling with debt the chance to make a fresh start.

There are two forms of consumer bankruptcy, Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves a nearly immediate discharge of most types of debt. In some Chapter 7 cases, filers have to give up certain valuable assets in order to partially repay creditors, but generous exemptions mean that in many chapter 7 cases no assets are liquidated at all.

In Chapter 13 bankruptcy, debts are consolidated as filers work to partially repay debts over a three to five year term. At the end of the three to five year term, most types of remaining debt are discharged. Chapter 13 can be particularly advantageous for those who own valuable nonexempt assets and who have a regular income.

With economic activity picking in the East Valley over the course of 2013 and in the early days of the New Year, it could be a good time for either Chapter 7 or Chapter 13 filers to considering seeking a fresh start through bankruptcy.

Job growth due to a number of new developments in the area

In 2013, five new universities opened in Mesa; Grand Canyon University is also set to build its newest campus in the Gateway region, expected to house around 10,000 students. Also of note in 2013 was the opening in Gateway of the Eastmark development, steps forward concerning the Bridgestone rubber research lab and construction on the Chicago Cubs spring training facility -- opening this month -- nearing completion. In perhaps the most significant development, Apple announced plans to retrofit a First Solar facility that will need an estimated 700 new workers in its first year.

These examples show part of the reason for the increased job growth in the region. The housing market has also continued to rebound. So what does this mean for bankruptcy filers?

Heightened economic activity does not mean there are not many people still struggling with debt in the East Valley. Yet, for them, it could mean an easier time getting back on their feet after bankruptcy. Securing employment is easier in a time of increased commercial development, and rebuilding your credit after bankruptcy could be accomplished more quickly with a better income stream. For Chapter 13 filers, regular work means being able to live up to the court approved repayment plan and thus qualify for a discharge at the end of the plan's term. For Chapter 7 filers, it means the ability to start building a nest egg.

Talk to a bankruptcy attorney to find out if bankruptcy is right for you

If you are struggling with debt in the East Valley, bankruptcy could be just the thing you need to get out from under your debt load so that you can take advantage of the area's improving economic prosperity. Contact an East Valley bankruptcy attorney today to learn more about how bankruptcy could benefit you.

Article provided by Charles M. Sabo, P.C.
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