Arizona residents may be surprised to learn that a 401(K) is considered a protected asset in a bankruptcy. A protected asset is one that does not become part of the bankruptcy estate and is not considered an asset of the filer. Someone with less credit card debt than the amount of a retirement account can [...]
Phoenix Bankruptcy Attorneys and people wanting to file bankruptcy need to be aware that a trustee sale on real estate is not complete in Arizona until the actual tender of funds occurs. The tender of funds is another way of saying the actual funds are delivered from the buyer to the bank (or other foreclosing [...]
Arizona residents may be confused or misinformed about how owning a home affects their choice of filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Some may assume that home ownership automatically disqualifies them from filing a Chapter 7. It is usually the equity rather than the home itself that disqualifies them, however. Money [...]
During the credit crunch of the last few years beginning in 2008, many homeowners in Arizona took out home equity or other secondary loans to make ends meet. Even with such measures, many people have still faced financial challenges and have had to file Chapter 13 bankruptcy. The Chapter 13 option to get out of [...]
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 [...]
Arizona residents who are contemplating filing for bankruptcy might be wondering whether they should do so before they file for divorce or not. This is a valid concern, especially for individuals whose names are on the mortgages for the residences they share with their spouses. According to an expert, it is wise for individuals to [...]
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 [...]
Arizona residents who experience unexpected life changes such as unemployment or illness may find themselves struggling to pay mortgages, medical expenses and credit card debt. By utilizing personal bankruptcy, they can resolve their financial challenges. However, he expiration of the federal Mortgage Fairness Debt Relief Act at the end of 2012 could add an additional [...]