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Category: Bankruptcy News

Are You Drowning in Debt and Thinking about Bankruptcy?

If you are nervous about filing for bankruptcy, you are not alone! Every year across the United States, as many as one million or more families and individuals file for bankruptcy. Even previous American Presidents have filed bankruptcy. Bankruptcy is not something to be ashamed of in any aspect. After filing bankruptcy, it is possible […]

Court Ruling Could Help Arizonans in Chapter 7 Protect Assets

Arizona residents who file for Chapter 7 bankruptcy do not necessarily have to surrender annuities or life insurance policies, according to a federal appeals court ruling dating back to 2012. The decision has relatively limited impact nationally because the court relied upon the provisions of Arizona law pertaining to exempt property.
 A person who seeks […]

Company Chooses Chapter 7 Over Chapter 11

News of another financially distressed business filing for reorganization through a Chapter 11 bankruptcy has become so commonplace that people forget that another option for a business confronted by insurmountable financial challenges is Chapter 7 liquidation. For companies with little hope of structuring a plan to continue operations and emerge from bankruptcy as a functioning […]

New Bill Would Help Families Burdened By Medical Debt

The Accuracy in Reporting Medical Debt Act was a new bill that had been introduced in Congress in 2013 aimed at protecting consumers from inaccurate reporting of medical debt to credit bureaus. An estimated 10 percent of all insurance claims are processed incorrectly. Debt collectors often use information about medical debt that is false, incomplete […]

Arizona Attorney General Sued Companies Over Broken Debt Relief Promises

Events leading to the simultaneous collapse of the real estate and mortgage markets in 2008 and 2009 left many homeowners with new financial challenges created by an economic recession, high mortgage balances and declining home values. Some homeowners who needed to stop foreclosure and obtain manageable payments were able to obtain the fresh financial start […]

Credit Reporting Data Needs To Be Checked After Bankruptcy

When Arizona residents file for bankruptcy, one of their first concerns is how to repair their credit rating. One of the main goals of personal bankruptcy is to get people out of a bad financial situation, and eliminating debt can give people a clean slate. This is why it is essential for people to check […]

Credit Card Debt Affecting Potential Medical Expenses

Those who are struggling to pay medical bills in Arizona may be interested in a study showing that those who have credit card debt sometimes put off having medical care, which could slow their medical recovery or make their medical conditions worsen. In these tough economic times, people are charging a lot on their credit […]

IRAs Protected During Bankruptcy

In a case with implications for those filing bankruptcy in Arizona and across the nation, the Bankruptcy Appellate Court for the Eight Circuit agreed that individual retirement annuities were exempt from bankruptcy cases. In 2005, a new law was enacted to make it easier for creditors to recover the monies they were owed. However, some […]

Ex-All Star Canseco Decides Filing Bankruptcy Is His Best Option

Former baseball star Jose Canseco has filed for Chapter 7 bankruptcy back in 2012. Canseco has a long history in the baseball world, and he was voted to be Rookie of the Year in 1986. In 1988, Jose Canseco was voted the most valuable player of the American League when he played for the Oakland Athletics. […]

One Resort Requires Five Chapter 11 Filings

A single-location resort would not appear to be the source of multiple business bankruptcy filings, but when it is operated by five business entities, it requires five separate Chapter 11 filings. That is what occurred in late 2012 when five commercial bankruptcy proceedings were filed in the bankruptcy court in Phoenix related to the operation […]

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