About Us | Mortensen Law Offices have been at the forefront of consumer bankruptcy in Arizona for over 16 years. Our offices have interviewed, advised, and served tens of thousands of Arizona individuals, families, and small businesses relative to insolvency, debt relief, and bankruptcy matters.
Mortensen Law Offices, PLLC is a federally designated debt relief agency pursuant to Title 11 of the United States Code. We provide legal assistance and help people file for bankruptcy relief under the Bankruptcy Code. We commit to provide you with accurate and timely information concerning bankruptcy.
Chapter 7 bankruptcy, also referred to as liquidation bankruptcy, is a powerful legal tool that allows people to wipe out many forms of debt. The most common type of bankruptcy, Chapter 7 can clear most unsecured debts which refer to debts without collateral.
Though this can provide significant debt relief, it also has long-lasting effects on credit scores. A Chapter 7 bankruptcy can remain on your credit report for up to 7 years, making it difficult to qualify for new lines of credit. But financial health and stability are entirely possible after filing a Chapter 7 bankruptcy by taking the steps to rebuild credit.
- Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a federal court proceeding where honest debtors are forgiven many of their outstanding obligations. It is called a liquidation proceeding because a trustee is appointed to ascertain which of the debtors assets are not protected and are subject to being sold by the Trustee’s Office for the repayment of creditors.
- Chapter 13 Bankruptcy
chapter 13 bankruptcyA Chapter 13 is a reorganization case where the debtors propose a repayment plan to pay their creditors. It is based on the debtors ability to pay after taking care of their most basic needs on a monthly basis. It allows a debtor to adjust his or her economic affairs without liquidating assets as may occur in a Chapter 7 liquidation case.