Blog Posts in 2015

  • What is unsecured debt?

    Dealing with financial challenges is not easy and constantly worrying about your budget and how to keep up with your minimum monthly payments can be stressful. Being burdened by debt and wondering how to make ends meet is not an ideal situation, but the reality is that in today's tough economic times, many people struggle to manage their debts. So, what does one do when they can't manage to pay ...
    Continue Reading
  • New start in the New Year

    The New Year is almost open us, and many Arizona residents may have begun listing their resolutions and wondering how successful they will be in keeping to them. Those who pledge to spend less money and tear up their credit cards may not be able to follow those resolutions to the letter, which could leave them facing overwhelming financial challenges and uncertainty. What can these individuals do ...
    Continue Reading
  • What are bankruptcy exemptions?

    Filing for bankruptcy can help the filing party enjoy a fresh financial start, however, individuals considering filing for Chapter 7 liquidation bankruptcy may feel anxious about the process and what will happen during it. It is important to understand when filing for Chapter 7 bankruptcy relief that certain property can enjoy exemption from the Chapter 7 liquidation process. For filers who ...
    Continue Reading
  • Helping clients rebuild credit after bankruptcy for years

    As discussed previously on the Mesa Arizona Bankruptcy Law Blog, using a credit card is much easier than paying it off- in fact it seems as if one forgets the hardship involved with paying off the credit card when they use it the next time. However, there comes a point when credit card debt is no longer something that can be waved off-creditors come knocking on the door, wage garnishment looms and ...
    Continue Reading
  • What is a bankruptcy exemption in Chapter 13 bankruptcy?

    Last week, the differences between different types of personal bankruptcy, Chapter 7 and 13, were discussed and one of the differences briefly touched upon was bankruptcy exemptions. When property is exempt from the bankruptcy process that means it will not be liquidated in order to satisfy creditor's claims. Under Chapter 7 bankruptcy, some assets are sold in order to repay creditors as much as ...
    Continue Reading
  • How does Chapter 7 bankruptcy differ from Chapter 13?

    The term "bankruptcy" is generally used to denote a procedure whereby debts are discharged, but few people are aware that there are various types of categories that a person can file under, depending on various factors. When it comes to personal bankruptcy, it is possible to file under Chapter 7 or Chapter 13 bankruptcy. How can someone decide which one to file under? The most important factor is ...
    Continue Reading
  • Stop creditor harassment with Chapter 7 bankruptcy

    When an Arizona resident or family is facing overwhelming debt and a precarious financial situation, problems usually seem to pile on top of each other. For instance, missing a monthly payment on a loan can result in late fees or interest rate increases. This can then lead to a lower credit score. From there, it may become harder just to make minimum payments, and that can lead to the possibility ...
    Continue Reading
  • What is a hardship discharge in Chapter 13 bankruptcy?

    Once the requisite paperwork is gathered, the debtor must also create a repayment plan that is either to be filed with the Chapter 13 bankruptcy petition or within 14 days of filing it. This repayment plan outlines the method of fixed payments -either monthly or bimonthly-that the debtor will make regularly, over either a three-year or five-year period, depending on the debtor's monthly income. If ...
    Continue Reading
  • What is an automatic stay granted in Chapter 13 bankruptcy?

    Once an Arizona resident has determined that they are eligible to file for bankruptcy under Chapter 13, the filer has to start getting their documents in order and ensure that they are an accurate representation of the filer's financial situation. In addition to filing the petition with the court, it is also essential to file schedules of assets and liabilities, current income and expenditures, ...
    Continue Reading
  • Eligibility requirements for Chapter 13 bankruptcy in Arizona

    Though bankruptcy exists as a means to provide debt relief to people in Arizona and across the country who are overwhelmed with debt, it is important to understand that there are various categories of bankruptcy and that not everyone is eligible for all types. Chapter 7 and Chapter 13 are the most common forms of personal bankruptcy and the next few posts in the upcoming weeks will examine ...
    Continue Reading
  • We can help rebuild credit after a bankruptcy filing

    Often, Arizona residents struggling with credit card debt for various reasons -- including those mentioned in last week's post -- continue to make minimum payments, rack up interest and impact their credit score, all in fear of worsening their credit score by declaring bankruptcy. Lawyers at our firm often deal with the misconception that it is not possible to rebuild credit after bankruptcy. ...
    Continue Reading
  • Credit card debt and bankruptcy

    When a couple in Arizona decides to end their marriage, they have to make a number of difficult decisions including how to split the property, time with children and in some instances, spousal maintenance. But one thing they may not keep in mind is their credit card debt, and this is a very important liability to keep in mind because Arizona is a community property state. What does community ...
    Continue Reading
  • What is Chapter 7 bankruptcy and who is eligible?

    While bankruptcy as a term is well-known in Arizona, many are not fully aware of the different kinds available. Add in that the idea of avoiding one's debts is one of the stigmas surrounding bankruptcy and it's no wonder that many are not even cognizant of which bankruptcy to choose and who would be eligible. This is why it's important to understand the basics of Chapter 7 bankruptcy. Those who ...
    Continue Reading
  • Illnesses more likely to lead to bankruptcies

    Not everyone is as affluent as the celebrities or famous personalities they see on television. Many Arizona residents work hard to make ends meet, and though they face financial difficulties, they manage to keep their heads above water. They often achieve this through financial planning, budgeting and taking care not to spend extra money. In addition to this, they try to save some of their money ...
    Continue Reading
  • Bankruptcy and your taxes

    Many Arizona residents may have heard that filing for bankruptcy is one way that most bills and even some taxes are wiped out. But before they consider filing for bankruptcy because of back taxes it is important to know what, exactly, this statement means. Yes, bankruptcy is a way to ease the debt burden many people across the country are facing, but not all taxes and not all bills are discharged ...
    Continue Reading
Page 1 of 4