Blog Posts in February, 2012

  • Chapter 7 bankruptcy filed by online furniture retailer

    Residents of Arizona may have heard that, an online furniture retailer, has filed for Chapter 7 bankruptcy protection. Chapter 7 filings allow both people and business entities to file if they meet certain requirements. In the case of, the company's assets were a fraction of their debts, with their revenue decreasing since the previous year. The ...
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  • Actor Gary Busey files for Chapter 7 bankruptcy

    Readers in Mesa may have heard that 67-year-old "Lethal Weapon" actor Gary Busey filed for Chapter 7 bankruptcy earlier this month after spending many years attempting, unsuccessfully, to organize his affairs. His creditors include lawyers, banks and medical centers. Chapter 7 bankruptcy protection is the most common type of bankruptcy, and with certain exemptions, results in wiping out all bills. ...
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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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  • Landmark settlement could trigger Arizona foreclosures

    Arizona residents are expected to receive about $1.6 billion from the nationwide foreclosure settlement announced today. The settlement comes after a year of negotiations between the nation's five largest mortgage servicers, the federal government, and attorneys general from 49 states. The mortgage servicers will pay $25 billion to settle the suit which alleged foreclosure abuses, including ...
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  • Housing insiders hopeful about Arizona market

    Real estate industry leaders gathered in Phoenix recently during Arizona's annual Urban Land Institute conference to forecast when the housing market might rebound. At the conference, local and national real estate investors and developers estimated that the housing market has bottomed out, and economists are hoping that the market's rebound will help lead other sectors into recovery. One ...
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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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