Homeowners in Phoenix who are underwater on their homes might be interested in a few tips about whether foreclosure is a good option for them. The truth is that going through a foreclosure can have consequences for years, just as a personal bankruptcy does. When prices of homes and incomes were rising, investing in a house [...]
Students who acquire student loans need to be aware of the ways in which student loans are differentiated from traditional loan products. Almost two thirds of the students in America, including those in Arizona, will take out student loans to finance their education. Many students are encouraged to do so. However, student loans are based [...]
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 [...]
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 [...]
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 [...]
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 [...]
U.S. Census Bureau data indicates that the age group carrying the highest debt load in America is those aged 35-44. In fact, the group has a median debt of $108,000, 25 percent higher than the second highest most indebted age group. Because of this large debt load, many Arizona residents may be considering taking a [...]
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 [...]
Arizona experienced a 22 percent decline in bankruptcy filings in 2012 from a year earlier, and Chapter 11 bankruptcies increased 14.5 percent in 2012. Individuals and not businesses accounted for more than half of the Chapter 11 filings. This is somewhat unusual because most people filing a personal bankruptcy file either a Chapter 7 or [...]
Some Arizona residents may think that financial woes do not touch the rich or famous, but anyone can be affected by overwhelming debt. In fact, the woman who proclaimed herself the world's first supermodel, Janice Dickinson, recently confirmed that she has filed for personal bankruptcy. Dickinson is known for her role as a judge on [...]