Blog Posts in 2012

  • Full income disclosure essential in bankruptcy cases

    When facing financial difficulties, declaring bankruptcy, whether Chapter 7 or 13, is one of the options Arizona residents can avail to regain control of their financial life. In a Chapter 7 bankruptcy, almost all debts are wiped out by selling some of the filer's assets. In a Chapter 13 filing however, the court determines installments that the filer must make over a specific period of time. Both ...
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  • Medical bills contribute to more than 50 percent of bankruptcies

    Despite the best-laid financial plans, an unexpected medical illness can wreak havoc on finances. Paying medical bills can exhaust Arizona residents both financially and physically and they may not be aware of their options in the face of overwhelming debt. Declaring bankruptcy, either Chapter 7 or Chapter 13, may be one of the only ways to overcome financial challenges and wipe out many bills, ...
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  • Declaring bankruptcy to end creditor harassment

    Some Arizona residents may be familiar with the term "under collection," which means that companies have passed on their debt to collection agencies who then bombard debtors with harassing phone calls. At times, these collection methods amount to serious harassment but debtors may not know how to put an end to the barrage. Instead of considering filing for personal bankruptcy, an option that can ...
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  • CSI actor files for bankruptcy

    Anyone can land in a tough financial spot, whether they are an everyday Arizona resident or a television star. Unemployment has caused financial difficulties for many people, and while it is important to remain positive and await future opportunities, when a person's debts exceed their income and their house is in danger of going up for auction, they should know they have options that may wipe out ...
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  • Website offers co-signors for Arizonians with low credit scores

    Arizona residents may turn to Craigslist to sell furniture or find odd jobs to earn extra cash, but they may not be aware that borrowers may also turn to this popular website to find co-signors to qualify for a loan. Borrowers who do not have good enough credit to qualify for a loan on their own may utilize this option. One of the reasons their credit score may be lower is because they declared ...
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  • Consumer debt down, but there is still hesitancy in spending

    There is some good news for Arizona families struggling with debt - the amount of consumer debt, including mortgage and credit card payments, has decreased to a level at par with that of 2006. In fact, less than 16 percent of household income after tax goes towards debt payments, the lowest it has been since 1984. However, economic recovery is not happening as fast as many would like it to. Job ...
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  • It is possible to rebuild credit after bankruptcy in Arizona

    Declaring bankruptcy is one way for Arizona residents to gain control of their financial life. In addition to wiping out debts, bankruptcy is also a means to retain ownership of household possessions, and the house itself, in some circumstances. But some Arizona residents may be hesitant to declare bankruptcy not only because of the stigma they perceive to be attached to it, but also because they ...
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  • Even NFL players need to manage their money to avoid bankruptcy

    Many residents in Arizona and throughout the country may believe they have nothing in common financially with professional athletes. In fact, with an expected base salary of $390,000 in 2012 for NFL rookies, many players themselves believe they are set financially. However, ESPN's documentary Broke and shows like it paint a different picture. Money comes and goes easily in sports, and some ...
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  • Bankruptcy trustees are selling assets online

    Readers of this Mesa, Arizona Bankruptcy Law Blog may remember reading about boxing legend Evander Holyfield's financial difficulties and resulting foreclosure in an attempt to settle his debts. For those Arizona residents struggling with bills and debts that continue to pile up, declaring Chapter 7 bankruptcy is also an option to keep in mind that can wipe out almost all bills and put an end to ...
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  • One Arizona mill's bankruptcy may lead to more

    Even though there are reports that the economy is gradually improving, there may be some struggling to make ends meet, spreading their wages between their mortgage payments, credit card bills and household spending. Though many are making ends meet, an unexpected event, such as losing a job or suffering an injury, may wreak havoc on their finances. The residents of one Arizona town may have ...
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  • Short-sale and principal reduction tax break may expire

    The housing market's decline may have affected a lot of Arizona homeowners as they faced the threat of foreclosure and their mortgage payments became higher than the market value of their homes. With income declining and mortgage payments increasing, struggling homeowners may have filed for personal bankruptcy to retain ownership over their house and other assets. Chapter 7 bankruptcy filers may ...
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  • ACA may lower medical bills, reduce collections and bankruptcy

    Repossession and wage garnishment are two of the means used to harass already overwhelmed debtors into repaying their debts. Debt collections are reported to collections agencies, who may take extreme measures such as those mentioned above to ensure their debts are collected. According to some reports, medical bills may constitute half of all collections reported to agencies. Arizona residents who ...
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  • Contractor's Chapter 13 filing is questioned

    Chapter 13 bankruptcy can be pursued by Arizona residents who do not meet the income requirements of Chapter 7 bankruptcy or who have assets they do not want to lose. A Chapter 13 bankruptcy is often attractive to people because payments are spread out and allow the individual to pay off their debt over time. Filing for bankruptcy is often the last resort for those struggling with debt, and people ...
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  • Thorough list of bankruptcy exemptions in Arizona

    When deciding whether to file for bankruptcy, one of the major concerns Arizona residents may have is which of their assets they may retain -- they may hesitate at the thought of selling off all their possessions to satisfy their creditors. However, the list of bankruptcy exemptions is quite thorough for Arizona residents, meaning that they may keep many of their possessions during bankruptcy ...
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  • Bankruptcy filings fall, savings increase across country

    Life-changing events are one of the main reasons that people file for personal bankruptcy. When people are suffering from an unexpected event, like job loss, major illness or even divorce, bankruptcy may prevent them from paying off a debt they have accumulated. Arizona readers of this blog may be aware that consumers often use their credit card to repay certain debts, leading to burdensome credit ...
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