Arizona residents who are looking to modify their mortgage may have experienced difficulty getting a loan modification even after filing for Chapter 7 bankruptcy, which recognizes that people have unsecured debts and discharges them of those debts. However, people may still file Chapter 13 after they have already filed Chapter 7. Chapter 13 bankruptcy has [...]
Falling behind on a car loan can result in the lender repossessing the vehicle. While it is possible to stop repossession by filing for personal bankruptcy, protecting a car from the creditor may only be temporary. It is important to understand the rights a creditor has to repossess a car during a Chapter 13 bankruptcy [...]
When someone files for Chapter 13 bankruptcy in Phoenix, they might wonder if they should seek a loan modification, especially if they are offered a low interest rate. While lenders infrequently approved loan modifications between 2008 and 2011, consumers filed Chapter 13 bankruptcy in order to catch up on their house payments. However, many of [...]
While bankruptcy has traditionally been an option for Americans in Arizona and across the nation, it was mostly used by businesses since the public didn't usually have access to debt. However, when debt was offered to citizens after World War II, more people found they couldn't meet their financial obligations and needed to rely on [...]
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 [...]
There's a difference between how banks and credit unions each handle patrons in a financial crisis. While banks may allow customers who have included bank debts in a personal bankruptcy to continue to patronize them, credit unions don't allow the same. When a debt owed to a credit union is discharged in a bankruptcy, the [...]
Many Arizona citizens are familiar with the general concept of bankruptcy, but are not sure exactly what the process entails. Federal law includes two different statutes that allow consumers to receive debt relief by filing for bankruptcy. These are called Chapter 7 and Chapter 13 bankruptcy. A person's credit report will be affected for 10 [...]
For years, discussions about student loan defaults have largely centered on unemployment and other financial challenges that made loan repayment difficult for graduates. Federal law precludes student loans from being discharged in personal bankruptcy, so debt relief was impossible for some college graduates to achieve. Help appeared to have arrived in the form of a [...]