Recent Posts in Chapter 7 Category

  • Payment Plans Now Available For Chapter 7 Bankruptcies

    One problem many of our bankruptcy clients have had is figuring out how to pay their attorney fees to us so we can file their bankruptcy. We now have a process where for a slightly higher fee, we can file your chapter 7 bankruptcy for as little as $200 plus the court filing fee of $335, with the remainder of the fees paid over the next 12 months. These payments you make will be reported to the ...
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  • Understanding Chapter 7 and the right to a discharge

    For those in Arizona whose financial situation reaches the level at which they find it necessary to file for Chapter 7 bankruptcy, it must be understood that it is not just a matter of filing and having all debts discharged. It is possible that the creditors could object. The filing can be made by the debtor, the case's trustee, or a U.S. trustee. The creditors will be informed after the case has ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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. ...
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  • 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 ...
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  • 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 ...
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  • Bankruptcy can wipe out debts caused by unexpected life events

    As mentioned in last week's blog post, one of the reasons athletes, and Arizona residents in general, may find themselves facing financial problems is because they did not plan their finances. They didn't balance their current incomes with their expenses, siphoning off some savings on a monthly basis and creating a fund for a rainy day. In addition to this, it is possible that they took the advice ...
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  • Arizonan alleged to have fraudulently filed for bankruptcy

    Though filing for bankruptcy offers debt relief to those who are facing financial challenges, many people hesitate to avail this federally guaranteed protection because they don't want to seem like they are taking advantage of the system. This may stop many deserving and hard working people from filing for personal bankruptcy, which could prevent them from starting their financial life afresh. ...
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  • Is a lien discharged in bankruptcy?

    Readers familiar with the Mesa Bankruptcy Law Blog may be aware that foreclosure proceedings on a home are automatically stayed when they file for bankruptcy, but they may not be aware that a lien is a completely separate matter and is treated separately in a bankruptcy. A lien is a security interest against a property created by an agreement of parties. A mortgage would be an example. When an ...
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  • What is a bankruptcy trustee and what do they do?

    Arizona residents considering filing for bankruptcy may be aware some of their assets are sold during the Chapter 7 bankruptcy proceeding in order to generate money to pay creditors, but they may not be clear about who does this and the whole procedure. These duties come under the purview of the United States Trustee program and are further delegated to private trustees. The United States Trustee ...
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  • A lawyer can help determine eligibility for Chapter 7 bankruptcy

    Struggling daily to make ends meet is not the way Arizona residents envision spending the rest of their lives. As they cut spending and make budgets so they can make minimum payments on their debts, they may not realize they are doing both their financial and physical health a disservice. Their financial health suffers because they do not get access to the same credit lines those who discharge ...
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  • The importance of the means test when filing for Chapter 7

    For those in Arizona who are experiencing financial struggles, Chapter 7 bankruptcy is an option that many consider. While Chapter 7 - also referred to as a liquidation - might sound like a viable choice, there are certain factors that must be in place for it to be available to the prospective filer. There is a "means test" that must be met for it to be a choice. Before moving forward with Chapter ...
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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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  • Who is eligible for Chapter 7 bankruptcy?

    Many Arizona residents may be considering starting the new year with a clean slate, including a new start on their financial life. One way to achieve this new beginning is filing for Chapter 7 bankruptcy, commonly known as liquidation bankruptcy. Most unsecured debts and some forms of taxes are wiped out with this form of bankruptcy and it also puts an end to creditor harassment and wage ...
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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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  • Working with you to discharge debt, end harassment

    Overwhelming debt brings with it many headaches, such as figuring out how to stretch the budget next month or how to make the next monthly payment on a bill. While struggling to make ends meet, the last thing many Arizona residents may want is a constant reminder that they owe someone money, especially if the person making the reminders has begun to harass the debtor, which is often the case. As ...
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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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  • 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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  • The Chapter 7 bankruptcy process

    Chapter 7 bankruptcy is a bankruptcy option that allows individuals to liquidate nonexempt assets to repay creditors and enjoy debt relief. Some property is considered exempt and is protected from the liquidation process. There are several categories of exempted property, including a wild card category, but exemptions are subject to certain limits and requirements. A test referred to as the means ...
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  • Creditors file Chapter 7 bankruptcy petition against firm

    Filing for bankruptcy is an option that people struggling to make ends meet can avail to confront overwhelming debt and get control over their finances. Usually, Arizona residents will realize that they are facing financial difficulty and finances are running out of control. To regain that control without losing possession of everything they own, they can file for Chapter 7 bankruptcy. After ...
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  • Arizona couple's fraudulent bankruptcy petition denied

    Bankruptcy protection provides federal protection for those people who have honestly but unfortunately fallen into very heavy debt. Many debtors use this as their last option to discharge their debts and begin their financial life anew, without being burdened by their financial mistakes. Chapter 7 and 13 are two main forms of personal bankruptcy for which an Arizona resident may be eligible, based ...
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  • Arizona non-profit files for Chapter 7 bankruptcy

    In these difficult economic times, economic difficulties can hit anyone, individuals facing overwhelming debt, even Arizona companies struggling to keep their head above water. In fact, it may be even harder for companies to spring back from financial difficulties because they rely on customers to use their services, but customers are tightening their belts and budgeting themselves. Unfortunately, ...
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