Recent Posts in Chapter 13 Category

  • 50 Cent Says Bankruptcy Plan Would Be Like Indentured Servitude

    ​Bankrupt rapper 50 Cent says the debt-repayment proposal up for review by a judge later this week would subject him to a form of modern-day indentured servitude, the Wall Street Journal ’s Bankruptcy Beat blog reported yesterday. In court papers, lawyers for 50 Cent, whose real name is Curtis James Jackson III, argued the proposal would force the 40-year-old entertainer to turn over all of the ...
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  • 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 ...
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  • We competently represent those overwhelmed with debt

    When Arizona residents begin their jobs, they imagine that they can now enjoy the finer things in life and spend their money as they wish. Getting overwhelmed with debt is many times the last thing they imagine happening to them, as they are earning a steady monthly income. But due to expected and unexpected reasons, they might find themselves facing financial difficulties and unable to make ends ...
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  • I made a Chapter 13 repayment plan-what next?

    Arizona residents are probably not aware that sometimes it makes more financial sense to declare bankruptcy to wipe out debt rather than to constantly be overwhelmed with debt and struggle to make minimum payments on time. There are different categories of bankruptcy that one can declare, the most common personal bankruptcies being either under Chapter 7 or Chapter 13. The main difference between ...
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  • What do I need to submit to file for Chapter 13 bankruptcy?

    Since last week's post on the Mesa Bankruptcy Law Blog centered around an allegedly fraudulent filing of a bankruptcy petition, this week let's take a minute to look at what documents must be filed along with a Chapter 13 bankruptcy petition to ensure no mistakes are made that could lead to problems in the bankruptcy process. The first thing you must do when filing for bankruptcy under Chapter 13 ...
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  • What are the benefits of declaring Chapter 13 bankruptcy?

    Though bankruptcy refers to the process whereby people who owe debt can liquidate certain assets and repay their creditors, bankruptcy takes various forms as outlined by Title 11 of the Bankruptcy Code. Generally speaking, filers must select a specific form of bankruptcy before they file. Arizona residents may be aware that the most common types of personal bankruptcy are Chapters 7 and 13. Based ...
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  • Get an automatic stay on foreclosure through bankruptcy

    Readers of the Mesa Bankruptcy Law Blog may have read the post recently describing bankruptcy and the benefits of filing for bankruptcy in the face of financial struggles. Perhaps one of the benefits of filing for personal bankruptcy most relevant to many Arizona residents, whether it is Chapter 7 or Chapter 13 bankruptcy, is the automatic stay placed on foreclosure proceedings. Many Arizona ...
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  • Let a lawyer help discharge taxes through bankruptcy

    Owing taxes to the government, especially if they have accumulated over the years, can leave Arizona debtors feeling not only overwhelmed by their obligation but also scared. Without the current resources to pay taxes and with no real viable hope of drastically increasing income to pay taxes, they may not know what to do about their financial situation. As discussed previously on the Mesa ...
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  • Chapter 13 bankruptcy an option for discharging taxes

    Though it is every citizen's duty to pay taxes annually, there are probably some Arizona residents who struggle with fulfilling this obligation at the end of the year. Rather than run from this duty, one of the options available to those who are unable to pay their taxes or have accumulated taxes over previous years is to file for bankruptcy. One of the federal protections available to those ...
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  • Once my debt is discharged, can it be revoked?

    When a debtor is no longer personally responsible for paying certain types of debt, those debts are considered discharged. It is a permanent order that forbids creditors from either taking any more action against the debtor or even from communicating with the debtor regarding that debt. Depending on the type of bankruptcy Arizona residents have filed for, the timing of discharge varies. In a ...
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  • Deciphering Chapter 7 bankruptcy from Chapter 13 bankruptcy

    Financial disaster can strike even the most responsible person in Arizona at any moment. For example, a serious illness or accident can lead to insurmountable medical bills. Or perhaps a person unexpectedly loses their job, making them unable to pay their mortgage, credit card bills or car payments. When this happens, filing for bankruptcy can be a good choice for rebounding financially. It is ...
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  • Report: Those who file for Chapter 13 see better income, health

    Many Arizona residents think of bankruptcy as a last resort, or as the end of the line, but in fact for many people bankruptcy can represent a new beginning. Chapter 13 bankruptcy, in particular, can be a good way for people to return to financial health without undergoing extreme measures. A recent report suggests that people who have filed for Chapter 13 have much better finances for years after ...
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  • When can I buy a car during bankruptcy?

    It may take a lot of time and courage for Arizona residents to come to the decision to file for bankruptcy as a way to ease their financial problems. Debtors who have a steady, but low, source of income and possessions they do not want to give up during the bankruptcy process may have filed for Chapter 13 bankruptcy rather than Chapter 7 bankruptcy. Under this option, filers make monthly payments ...
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  • Get help to simplify bankruptcy filing

    Despite an improvement in the economy over the last few months, many Arizona residents may still be struggling to make ends meet due to various reasons, both expected and unexpected. Losing a job and using up savings or suddenly becoming ill and racking up medical costs are some examples of unexpected reasons people face financial difficulties. Others may just be trying to get through the month ...
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  • What is Chapter 13 bankruptcy?

    Many Arizona residents may have heard of the term bankruptcy and may be aware that many debts can be discharged through this federal protection for struggling people. Nonetheless, they may not be clear about what bankruptcy actually is. Individuals can file for either Chapter 7 or Chapter 13 bankruptcy, depending on their income and assets. It is important to know the differences between both ...
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  • Selling items online to avoid bankruptcy

    As the cost of living is on the rise, many baby boomers find themselves working longer than they expected and putting off their retirement because they have been unable to save enough for an easy retirement. The cost of healthcare is on the rise, and these services may be required more by baby boomers than by younger Arizona residents. Many people use their credit cards to pay these bills and do ...
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  • Bankruptcy fraud lands man in jail for 17 years

    Individuals filing for bankruptcy usually do it as a last resort, as they are unable to make ends meet and need assistance in restarting their financial life. Since it puts an automatic stay on foreclosure proceedings and ends wage garnishment and creditor harassment, the federal protection afforded by filing for bankruptcy allows the filer the opportunity to take a deep breath after struggling ...
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  • Mel Gibson's ex files for Chapter 13 bankruptcy

    Bankruptcy can be the result of many factors, many of which are unforeseeable, such as a sudden illness, loss of employment or sudden death of the breadwinner of the family. For some Arizona residents, bankruptcy can even come as the result of a long drawn-out child custody battle. Whether Chapter 7 or Chapter 13, bankruptcy can be a resource for a variety of financial challenges. According to ...
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  • Medical expenses lead as top cause for personal bankruptcy

    According to a study from 2013 by NerdWallet Health, medical bills are expected to be the number one cause of personal bankruptcies, surpassing both credit card debt and mortgage debt. Research shows that bankruptcies related to medical expenses happen to both people who are uninsured as well as those that are insured. Up to seventy-eight percent of people who file for personal bankruptcy because ...
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  • Can Arizona residents get a mortgage after filing for Chapter 13?

    Many Arizona residents facing financial hardship may shy away from filing for bankruptcy because of the perceived social stigma attached to it. However, many people declare bankruptcy due to factors outside of their control -- an unexpected illness, suddenly losing their job and even the sudden economic recession that affected everyone across the country a few years ago. With the economy slightly ...
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  • Drop in bankruptcy filings in some cities of Arizona

    As the economy improves and people find gainful employment around the state, bankruptcy filings have fallen. In fact, Arizona residents may be surprised to hear that this is the third straight year that bankruptcy filings have decreased-this year alone they fell 14.2 percent, according to the U.S. Bankruptcy Court for the District of Arizona. Of course, not all cities saw the benefits of this ...
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  • While bankruptcies are lowering in AZ, debt relief options exist

    For those still facing financial challenges in this struggling economy, debt relief and personal bankruptcy options exist to help. Bankruptcy filings in the greater-Phoenix area in 2013 were at their lowest numbers since 2008 at the beginning of the recession. The struggling economy and unemployment have seen some improvement, as unemployment in the U.S. is at 7 percent from 7.9 percent. Arizona ...
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  • Failed business ventures may lead to bankruptcy

    Starting a business is a difficult project at any time, but in today's turbulent economy, it is even more risky. However, people must earn a living and to do so, some people invest all their money into their business and if it doesn't work, they also end up not only losing their investment, but sometimes even more of their savings as they rack up debt in order to start it up. Arizona residents may ...
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  • Tips for handling credit card debt during the holidays

    With the holiday season upon us, Arizona residents struggling to make ends meet may be worried about holiday shopping. Financial constraints may put a damper on holiday plans, and Arizona residents may turn to their credit cards to help ease the immediate financial burden. However, it is easy to overspend when using the credit card, and next year may bring with it high credit card bills that ...
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  • Woman remains debt-free 20 years after filing for bankruptcy

    Some may view bankruptcy as a last resort and something that should be avoided at all costs. But for many people, this is far from the truth. Arizona residents who have struggled for years with insurmountable debt, ever-climbing interests rates and relentless creditor harassment know that sometimes paying back debts is quite literally impossible. For those people, bankruptcy is an attractive ...
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