Recent Posts in Personal Bankruptcy 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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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • 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 ...
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  • Why do so many athletes go bankrupt?

    Many Arizona football fans probably were surprised to hear about the Sports Illustrated 2009 article that reported that 78 percent of former NFL players either went bankrupt, or suffered some sort of financial challenges two years after retiring. Though it may sound shocking given the multi-million dollar contracts some professional athletes sign, the truth of the matter is that a substantial ...
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  • What is 'zombie debt' with regard to bankruptcy?

    Arizona residents may love their zombie movies and shows, but may be less enthralled by 'zombie debt.' . A zombie debt is one that is old, and generally not owed any longer, but like zombies in television shows, continues to haunt the debtor. Recently, many debtors have sued big banks for not killing their zombie debt, allowing it to carry on as unpaid debt and affect their credit ratings, even ...
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  • Bankruptcy issues: what is zombie debt?

    Arizona residents may love their zombie movies and shows, but zombie debt not so much. A zombie debt is one that is old and generally not owed any longer, but like zombies in television shows, continues to haunt the debtor. Recently, many debtors have sued big banks for not killing their zombie debt, allowing it to carry on as unpaid debt even though it was cleared in bankruptcy, harming their ...
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  • 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 ...
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  • Buying a home after bankruptcy or foreclosure

    When Arizona residents file for bankruptcy to wipe out most of their debts, intending to restart their financial lives, they may want to start their journey in a new house. Debtors may be unsure of whether they can get a loan to buy a house, and even if they can, how long will they have to wait to get it. The good news is that consumers may be able to get a loan a few years after filing for ...
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  • Filing for bankruptcy to stave off creditors' claims

    As mentioned previously on this blog, bankruptcies are declining across the state of Arizona. Financial stability and economic progress brings with it the comfort of knowing where the next paycheck is coming from, and may be the reason borrowing has increased again, as people are more confident of their earning abilities. Even though unemployment is one of the main reasons people face financial ...
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  • Number of people filing for bankruptcy in Arizona drops

    In Maricopa and across the entire state of Arizona, financial challenges are unavoidable. In years past, many people have had to try to get back on stronger financial footing by filing for bankruptcy. Given the fluctuating state of financial matters, this is often the sensible choice. When there is a struggling economy and unemployment for one reason or another, people may fall behind on their ...
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  • Which debts are inheritable in Arizona?

    When Arizona residents lose a loved one, the last thing they want to think about is the debts that person has left behind, but with debt collectors threatening to circle them it may have to be the first thing that they deal with. The surprising truth is that more and more seniors are facing financial problems, and a recent study found that the fastest portion of people filing for bankruptcy is ...
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  • Can I rebuild my credit after filing for personal bankruptcy?

    One of the biggest concerns for people in Arizona who are facing financial difficulties and considering the option of filing for bankruptcy is how it will affect their credit. For many, this is a problem that prevents them from trying to clear their debts by filing for personal bankruptcy. Knowing strategies to improve credit even after a bankruptcy filing can assuage the concerns and make it a ...
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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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  • Avoid bankruptcy fraud by being thorough and proactive

    Declaring bankruptcy is one way Mesa and Phoenix residents struggling with debt try to make a new beginning for themselves - by wiping out most debts, they are often able to start again with a clean financial slate. Due to the current difficult economic times, there were more than 1.2 million bankruptcy filings for the year 2012. This means that during that year, more than 1.2 million people ...
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  • Risk taking athletes more likely to declare bankruptcy

    Arizona residents facing monetary problems and struggling to make ends meet on a daily basis may be surprised to hear that athletes earning millions of dollars face financial problems as well. In fact, according to a Sports Illustrated story in 2009, within a few years of retiring, around 60 percent of professional basketball players either faced bankruptcy or serious financial hardship. Arizona ...
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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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  • Liability for a deceased relative's debt

    Losing someone is difficult enough and leaves Arizona residents struggling to come to terms with their loss, but when debt collectors start knocking on the door to collect the deceased's debts from family members, it adds to the family member's distress. However, it is possible that Arizona residents in this situation are facing creditor harassment without actually being liable for the ...
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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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  • Complete prerequisite requirements when filing for bankruptcy

    Making the decision to declare personal bankruptcy, whether it is Chapter 7 or 13, is not an easy one. It involves coming to terms with not being able to pay creditors and losing possession of some assets, but it also brings relief as Arizona debtors begin to regain control of their financial life. Once the decision is made, there are certain formalities that must be fulfilled before the ...
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  • Personal bankruptcy becomes issue in political campaign

    In Mesa and throughout the state, many people face financial challenges that make filing for bankruptcy the wisest option to help them get through it. It is not a decision that is meant to shirk one's responsibility to debtors, but one that is designed to meet one's obligations while staying on sound financial footing. Financial matters can be complex and having to go through a personal bankruptcy ...
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  • Reestablishing Arizona good credit after filing for bankruptcy

    One of the major worries a person in Arizona might have about filing for bankruptcy is the negative effect it will have on their credit afterwards. However, it is possible to rebuild your credit after filing for bankruptcy, and it may be easier than you think. If an individual is employed, in some cases, it is possible for them to establish good credit in a couple of years. One could even look ...
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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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  • File for Arizona bankruptcy for emotional and financial relief

    The decision to file for bankruptcy is not an easy one for Arizona residents to make. Keeping in mind their financial difficulties, they have taken the step to restart their financial lives with possibly a fraction of what they owned and owed before. With the relief that comes from getting rid of creditors and wage garnishment, also comes the stress and anxiety of any big decision. Filing for ...
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