Recent Posts in Debt Relief Category

  • Company Accused of Preying on Student Loan Borrowers Files for Bankruptcy

    Here's a problem I am seeing more and more of as student loans skyrocket. As reported in the ABI Journal, Student Aid Center Inc. filed for bankruptcy last week, claiming between $500,001 and $1 million in assets and between $1,000,001 and $10 million in estimated liabilities, MarketWatch.com reported on Friday. The company is part of a burgeoning industry of student debt-relief firms that ...
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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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  • Hiring holiday surge may not ease bankruptcies

    The turbulent economy left many people across the country struggling and curtailing their finances to make ends meet and simply stay afloat. Many Arizona residents may be among those who lost their jobs or saw a sharp fall in their salary and contemplated declaring bankruptcy. That's why the sudden increase in their salary in November may have come as a pleasant surprise and welcome relief. When ...
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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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  • Decrease in bankruptcies filed in Phoenix continues

    Dealing with financial challenges is anything but easy. Even when there are some options in dealing with these problems, not all routes offer the best solution for the individual, couple or family. When debt relief is needed, some seek to understand the process of bankruptcy and whether they are able to take this major step. Deciding to take the plunge and file for bankruptcy is not a new thing ...
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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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  • The importance of properly filing for Chapter 7 bankruptcy

    Married couples and individuals in Arizona often have to make difficult financial decisions. When high-profile couples are dealing with financial problems and debt, the media attention can often make the personal situation very difficult and could increase the emotions and complications they are dealing with. When debt becomes overwhelming, even for those who appear wealthy to the public eye, ...
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  • Political candidate files for Chapter 7 bankruptcy

    It's not uncommon for people in Maricopa to experience financial issues and to be struggling with debt. One solution frequently used to get a handle on debt problems is Chapter 7 bankruptcy. Many may see filing for Chapter 7 bankruptcy as something they would never consider or believe is a tactic some use to shirk their responsibilities. In reality, it is a tool that many have utilized to get a ...
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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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  • 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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  • What's the difference between Chapter 7 and 13 bankruptcy?

    Financially strapped Arizona residents may be aware that they have several options when it comes to bankruptcy. They can file for either Chapter 7 or Chapter 13bankruptcy, but they may not be aware of the differences between the two. When making such an important decision, it is important for potential filers to perform a thorough search and have all the relevant information in front of them. ...
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  • What is a zombie foreclosure and how can it affect Arizonans?

    Many Arizona residents have their expected expenses under control, such as credit card bills or utility wages. However, their financial plans may suffer when an unexpected expense, such as an illness or sudden unemployment, hits them. Filing for personal bankruptcy, whether it is Chapter 7 or Chapter 13, may be one way to gain relief from endless obligations and anxiety. Unfortunately, a new breed ...
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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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  • 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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  • Student credit card use is major decision for Arizona families

    To obtain a credit card, The Credit Card Act states that a user under the age of 21 should either submit proof of income to repay credit card debt or have a qualified co-signor. As the law makes it harder for young adults to obtain credit cards, Arizona parents must decide whether their college-bound children should leave the house armed with credit cards. The decision is significant, as ...
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  • When unexpected events cause debt, consider bankruptcy filing

    Arizona residents who are struggling to make ends meet may be financially capable of dealing with everyday expenses, but unexpected expenses may overwhelm them. Unanticipated events such as sudden illness, accident or death may create debts where none existed previously. For those Arizonans struggling with debt, filing for personal bankruptcy, Chapter 7 or Chapter 13, depending on income ...
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  • 73-year-old U of Arizona grad has $136,000 student loan debt

    The amount of outstanding student loans surpassed the nation's credit card debt, reaching $1 trillion, in 2011. Those with student loan debt are reportedly delaying buying houses, getting married and having children. And the crisis hasn't only affected young students--co-signing parents or adults returning to college are also affected. According to a recent USA Today report, one 73-year-old ...
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  • Student loan debt troubling many young Arizona graduates

    Readers of our Mesa Bankruptcy Law Blog may remember an earlier post about the push to discharge student loans in personal bankruptcy. Now we are learning that more and more college graduates are electing to delay getting married or having children due to their piling debt. Many do not have the finances to support a family, with much of their wages going to repay their college loans. With more ...
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  • Unemployment claims drop, perhaps boosting economy

    Applications for unemployment benefits have hit a four-year low, according to U.S. Labor Department, which suggests that the economy is continuing to recover. The new numbers show that fewer Americans are being laid off from work, and more are finding jobs. According to the Washington Post, statistics also suggest the housing market is picking up steam. However, we know that even as new jobs are ...
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  • Arizona residents with old debts can be protected from creditors

    Creditors and debt collectors in Arizona generally have a six-year time window in which they may sue debtors for nonpayment of credit card debt. The federal government is making moves to stop collection agencies from engaging in creditor harassment and pursuing lawsuits against debtors after this statute of limitations has expired. The Federal Trade Commission recently reached an agreement with ...
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