Chapter 7

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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 [...]

Older Students May Need Debt Relief From Student Loans

For many people, a college education and student loans have long been synonymous. With student loan debt now at approximately One Trillion dollars and income levels for college degree holders down 14.7 percent, the stage has been set for college graduates entering a struggling economy to be overwhelmed by financial challenges. For many of them, [...]

By |2014-09-24T17:43:10+00:00September 24th, 2014|Chapter 13, Chapter 7, Personal Bankruptcy, Student Loans|0 Comments

What Happens When Someone Files For Bankruptcy

When someone living in Arizona files for bankruptcy, they are often doing so because of costly medical bills, having been laid off from a job or simply having a large amount of unsecured debt. There are enormous benefits to filing for personal bankruptcy, but it is not without its costs. After filing, people may need [...]

Preparing For A New Life After Personal Bankruptcy

Arizona residents faced with the difficult prospect of bankruptcy may be interested in some tips for rebuilding credit and recovering from the emotional toll that bankruptcy can take. Bankruptcy is meant to help someone overcome their debt. With time, support and some smart financial moves, it should be possible to ensure a smooth transition out [...]

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 [...]

Financial Challenges Associated With 401(k) Loans

A recent study reported that a quarter of the population has borrowed from their retirement accounts. Borrowing from a 401(k) at an attractive interest rate to pay off high-interest credit card debt could make sense, but there are disadvantages. One risk is the loss of asset protection for the 401(k) in case of a personal [...]

Expected Doctor Shortage Adds to Consumer Concerns

People in need of medical care in Arizona and other states might have difficulty finding a doctor in the future. Reports point to a 90,000 shortage in the number of doctors needed in the U.S. by 2020. For people now struggling with overwhelming medical debt, worries about a future shortage of doctors is just another [...]

Chapter 7 Versus Chapter 13 Bankruptcy In Arizona

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 [...]

Asset Liquidation Issues in Chapter 7

Bankruptcy can provide a fresh financial start for a consumer who is overwhelmed with personal debt. Chapter 7 bankruptcy allows a person to stop creditor harassment and eliminate most debt. For some Arizona consumers with assets, filing for Chapter 7 might pose a problem because of the asset liquidation requirement associated with this type of [...]

By |2014-07-08T04:14:54+00:00July 8th, 2014|Assets, Chapter 7|0 Comments