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 [...]
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 [...]
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 [...]
Arizona residents may have discovered during the recession that, in difficult times, it can be easy to accumulate credit card debt. In an online poll, one in five Americans said that they believed that having a balance on a credit card every month was a responsible way to manage finances. However, if a debt is [...]
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 [...]
Arizona residents may be surprised to discover that credit card debt is not the number one reason people file for bankruptcy. A recent study done by NerdWallet Health analyzed data from the Centers for Disease Control, the federal court system and the U.S. Census. The group discovered that medical debt now outpaces credit card debt [...]
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 [...]