If you’re thinking about bankruptcy in Arizona, you should understand the different chapters of Arizona bankruptcy available to determine which type is best for you. Determining which type of bankruptcy to file generally depends on the kind of debt you have. The two types of debts are secured and unsecured. Secured debt is tied to collateral or a specific asset, such as home loans and vehicle loans, while unsecured debt is mainly credit card debt. An Arizona chapter 7 bankruptcy will eliminate almost all debt, including credit cards and wage garnishments. If you had a vehicle repossession, any deficiency debt the lender demands you pay is also dischargeable. A chapter 7 bankruptcy in Arizona will not eliminate secured debt however unless you agree to surrender the property that secures the debt.
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