Dodge & Vega PLC

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Dodge & Vega PLC
4824 E Baseline Rd | Mesa, 85206

More information about Dodge & Vega PLC

Dodge & Vega, PLC, is an Arizona Bankruptcy Lawyer whose answers replace questions, give solutions instead of problems, give confidence over doubt, and integrity reigns over dishonesty. We specialize in bankruptcy in Arizona but offer many services to our clients assisting them enhance the overall value and quality of their life. Our legal services include debt relief, bankruptcy, loan modifications, civil litigation, real estate law, landlord tenant law, corporate formation & compliance, and estate planning. Legal issues can be complex and troublesome making it imperative to seek out competent professional advice. Just as every person is unique so is every legal issue. We pride ourselves on providing intelligent, competent, and quality legal counsel tailored for your legal matter. We represent and service clients all over the state of Arizona. Our clients include individuals, families, and businesses both large and small. With more than 12 years of combined experience, Dodge & Vega was formed in February of 2008. Our staff boasts a combined experience of more than 35 years. What is a Chapter 7 Bankruptcy? Filing Bankruptcy under Chapter 7 is generally known as an immediate liquidation or discharge of all your dischargeable debts without a payment plan. A Chapter 7 Bankruptcy requires that the person(s) filing qualify based on recent and current income vs. your current expense. This calculation is known as the ?Means Test?. Our office will schedule a free consultation for you to determine whether you qualify to file a Chapter 7 Bankruptcy. Since the new changes to the Bankruptcy code in October 2005, people who want to file for a Chapter 7 Bankruptcy must first qualify under what is known as the ?Chapter 7 Means Test.? The Chapter 7 Means Test is a mathematical formula applied to your current and recent income versus your current expenses in order to determine whether or not you have enough money available to make some minimal payments to creditors in a Chapter 13 Bankruptcy. The entire purpose of this new change in the Bankruptcy Code is to reserve Chapter 7 Bankruptcies for those without enough means to pay, and to push those with available Disposable Income into a Chapter 13 Bankruptcy Plan so that their creditors will at least receive some sort of partial payment prior to your debts being discharged. The first calculation of the Means Test is actually quite simple. Our office simply needs to compare your income to the median income of families your same size here in Arizona. If you are below the median income for a family of the same size then you automatically qualify to file for a Chapter 7 Bankruptcy. If however your income is above the median income for a family of the same size, it does not mean that you do not qualify for to file a Chapter 7 Bankruptcy, but rather we must then perform an additional calculation. This second calculation is more complicated and actually takes into account certain allowable expenses, determined by local IRS guidelines, and subtracts them from your income to determine your ?Disposable Income.? In simple terms, if your Disposable Income over the next five years is totals less than $6,000 (or $100 per month), then you qualify and can file a Chapter 7 Bankruptcy. If however, your Disposable Income is greater than $10,000 (or $166 per month) over the next five years, then you do not immediately qualify to file a Chapter 7 Bankruptcy and are not allowed to unless you can show the Bankruptcy Court that there are special circumstances. For those who fall in between $100 - $166 per month (or $6,000 - $10,000) over the next five years of Disposable Income, our office will need to perform yet another calculation to determine your eligibility. This calculation compares your Disposable Income to a percentage of your unsecured debt (most likely credit card debt) in order to determine whether any sort of repayment to your creditors is possible.

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Last update: 2017-07-14 05:30:26

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