Recent Posts in Bankruptcy Exemptions Category
-
What is the homestead exemption in an Arizona bankruptcy?
Posted By Law Offices of Campbell & Coombs, P.C.When filing for bankruptcy in Arizona, there are many factors that will be worrisome with the entire process. One is which bankruptcy exemptions are available to retain certain assets as the process moves forward. It is important to understand the homestead exemption and what it entails. In general, a homestead is a dwelling in which the land and buildings are occupied by the owner. The homestead ...Continue Reading -
What are bankruptcy exemptions?
Posted By Law Offices of Campbell & Coombs, P.C.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 ...Continue Reading -
What is a bankruptcy exemption in Chapter 13 bankruptcy?
Posted By Law Offices of Campbell & Coombs, P.C.Last week, the differences between different types of personal bankruptcy, Chapter 7 and 13, were discussed and one of the differences briefly touched upon was bankruptcy exemptions. When property is exempt from the bankruptcy process that means it will not be liquidated in order to satisfy creditor's claims. Under Chapter 7 bankruptcy, some assets are sold in order to repay creditors as much as ...Continue Reading -
Are retirement accounts exempt from bankruptcy?
Posted By Law Offices of Campbell & Coombs, P.C.Compared to other forms of bankruptcy, Chapter 7 is generally faster and more effective in eliminating more types of debt. The tradeoff is that Chapter 7 involves liquidating many assets in order to pay off creditors. It can be intimidating for many people to consider getting rid of a big portion of their assets, even if they know that, in the end, bankruptcy can put them on a much healthier ...Continue Reading -
Bankruptcy exemptions may be available to protect assets
Posted By Law Offices of Campbell & Coombs, P.C.A number of people are likely aware that consumers have personal bankruptcy options available to them. Among personal bankruptcy options for consumers is Chapter 7 liquidation bankruptcy which is available in certain circumstances. Consumers considering filing for bankruptcy may wonder, however, what the process looks like and if any of their assets are protected from the bankruptcy process. In ...Continue Reading -
Busting bankruptcy myths
Posted By Law Offices of Campbell & Coombs, P.C.Many people across the country, including Arizona residents, may think that struggling with debt and making minimum payments that keep their heads above water, but don't decrease the principal balance owed, is better than declaring bankruptcy. For various reasons, Arizona residents may feel that declaring bankruptcy is equivalent to gaming the system and running away with debt or an immoral act ...Continue Reading -
Can a debtor keep credit card points after bankruptcy?
Posted By Law Offices of Campbell & Coombs, P.C.When Arizona residents think of declaring bankruptcy, they may be familiar with the standard bankruptcy exemptions, such as the car and the residential house, but unaware of the more mundane things they can keep. One of the things they may think of is their credit card points-can they keep them after spending months or even years racking them up. The best idea would be to cash them out or use them ...Continue Reading -
What is a bankruptcy exemption?
Posted By Law Offices of Campbell & Coombs, P.C.When it comes to declaring bankruptcy, Arizona residents may be hesitant to do so not just because of the perceived social stigma attached to declaring bankruptcy but also because they are afraid they may lose possession of their most prized assets. However, this is not the case. There is some property that is exempt-this means that the debtor can keep control of this property and does not have to ...Continue Reading -
Arizona bankruptcy exemptions for money, benefits and proceeds
Posted By Law Offices of Campbell & Coombs, P.C.When the decision regarding filing for bankruptcy in Arizona is made, one of the main questions the person will have has to do with what will happen with money, benefits or proceeds. The laws of the state are in place to protect certain payments from being lost. Bankruptcy exemptions vary and will depend on the individual situation. It is important to know what is exempt and what isn't before ...Continue Reading -
What are the exemptions for personal property in Arizona?
Posted By Law Offices of Campbell & Coombs, P.C.Bankruptcy exemptions are provided under both federal and state laws. These exemptions allow those filing for bankruptcy to keep some of their property out of the hands of the bankruptcy trustee. This ensures that following the bankruptcy people are not left destitute or without any personal property. According to the United States Bankruptcy Court, a variety of personal property is exempt. In ...Continue Reading -
Are inherited IRAs exempt in bankruptcy filings in Arizona?
Posted By Law Offices of Campbell & Coombs, P.C.Debtors struggling with their finances may have an Individual Retirement Account and be worried about what will happen to it if they declare bankruptcy. Generally, the assets accumulated in this account or in a 401(k)-style account are protected from creditors, and experts claim that the protections granted in Arizona are generally stronger than in many other states. What does this mean for ...Continue Reading -
Bankruptcy auction nets millions
Posted By Law Offices of Campbell & Coombs, P.C.When filing for bankruptcy, Arizona residents may be worried that they will lose everything in the process. Even though a bankruptcy trustee is appointed in Chapter 7 bankruptcy proceedings in order to handle the liquidation of assets, the list of bankruptcy exemptions offered in Arizona is very extensive and debtors may be able to retain a number of their assets during the process. When people ...Continue Reading -
Supreme Courts considers IRAs bankruptcy exemption
Posted By Law Offices of Campbell & Coombs, P.C.When a case ends up in the Supreme Court of the United States, one can expect that the decision will have a significant impact on whatever the subject matter is and provide some much needed clarity. One of the issues to come in front of the Supreme Court recently is the disposition of an inherited individual retirement account in bankruptcy proceedings. According to bankruptcy rules, people can ...Continue Reading -
Former pro athlete files for bankruptcy
Posted By Law Offices of Campbell & Coombs, P.C.Arizona residents who watch sports may think pro athletes have it all: the fun, the fame and the finances. They may even dream of ending up like them one day. However, they may not be aware of a disturbing trend on the rise among professional athletes: financial difficulty. According to a Sports Illustrated survey in 2009, 78 percent of former NFL players were either bankrupt or on the brink ...Continue Reading -
Could declaring bankruptcy invigorate the economy?
Posted By Law Offices of Campbell & Coombs, P.C.Many people consider putting off declaring bankruptcy because they are unsure which of their assets they will be able to keep. However, they may not be aware that Arizona offers a very comprehensive list of bankruptcy exemptions which allow filers to protect personal property against creditors' claims. Although those in debt are given a break with respect to some debts, Arizona residents declaring ...Continue Reading -
Which taxes are wiped out in bankruptcy?
Posted By Law Offices of Campbell & Coombs, P.C.Arizona residents who are considering filing for bankruptcy may not be aware that their state offers a very comprehensive list of the bankruptcy exemptions that are available. In addition to wiping out most bills while retaining possession of the residential home, car and household items up to a certain monetary value, debtors may also be aware that their taxes can also be wiped out when they file ...Continue Reading -
High numbers of Arizona bankruptcies continue
Posted By Law Offices of Campbell & Coombs, P.C.When Arizona residents begin to struggle financially, there are many hard decisions to be made. It is difficult to try to determine where expenses can be cut and how income can be augmented. Unfortunately, financial challenges and growing debt, often due to unexpected emergencies or medical expenses, sometimes become such a burden that people start to wonder if they will ever get ahead. Although ...Continue Reading -
List of Arizona bankruptcy exemptions set to expand this year
Posted By Law Offices of Campbell & Coombs, P.C.In the current housing market, many homeowners have seen the value of their home depreciate to the extent that their mortgage payments often exceed the market value of their home. While struggling to make ends meet and paying high mortgage payments, homeowners may find themselves facing foreclosure. One way to put an automatic stay on foreclosure proceedings is filing for bankruptcy, and this may ...Continue Reading -
What happens to a trust in bankruptcy?
Posted By Law Offices of Campbell & Coombs, P.C.Arizona residents struggling with their finances may be hesitant to file for bankruptcy because they are afraid they will lose everything. They may not be aware that there is a long list of bankruptcy exemptions available to them, so they can generally regain control of their finances without losing control of assets that they have an emotional attachment to, such as a house, car and household ...Continue Reading -
Arizona considers revamping bankruptcy exemptions
Posted By Law Offices of Campbell & Coombs, P.C.A person filing for bankruptcy in the state of Arizona generally doesn't have to give up everything he or she owns in order to get out of debt. The law spells out certain bankruptcy exemptions for such things as a homestead, up to a certain dollar amount. Arizona bankruptcy law also allows filers to keep up to $4,000 worth of personal property, though it is very specific about exactly what kinds ...Continue Reading -
Benefits of filing for bankruptcy
Posted By Law Offices of Campbell & Coombs, P.C.Despite staggering debt, many Arizona residents may still be hesitant to file for bankruptcy because they are embarrassed to do so. Another misconception many people may have is that they lose everything by filing for bankruptcy, but the truth is that the only thing they debtors lose is most of their bills, wage garnishments and even endless creditor harassment. There is a long list of bankruptcy ...Continue Reading -
Thorough list of bankruptcy exemptions in Arizona
Posted By Law Offices of Campbell & Coombs, P.C.When deciding whether to file for bankruptcy, one of the major concerns Arizona residents may have is which of their assets they may retain -- they may hesitate at the thought of selling off all their possessions to satisfy their creditors. However, the list of bankruptcy exemptions is quite thorough for Arizona residents, meaning that they may keep many of their possessions during bankruptcy ...Continue Reading -
Arizona homeowners may lose half of mortgage settlement money
Posted By Law Offices of Campbell & Coombs, P.C.Readers of our Mesa, Arizona, Bankruptcy Law Blog may remember last month's post about a new program to assist Arizona homeowners. That post outlined details of the government's mortgage settlement with five of the country's biggest banks. Arizona was set to receive $98 million from the settlement, which was intended to help homeowners who are struggling with threats of foreclosure. Homeowners ...Continue Reading -
Move to discharge college loans in bankruptcy proceedings
Posted By Law Offices of Campbell & Coombs, P.C.Arizona residents facing financial difficulties are likely aware they may have the option of filing for personal bankruptcy, discharging most of their debts and beginning fresh. However, students with college loans do not have the same advantage; to date, student loans are not wiped out when filing Chapter 7, potentially leaving Americans even in their golden years to pay off student loans with ...Continue Reading -
There are many options for Arizona homeowners who are underwater
Posted By Law Offices of Campbell & Coombs, P.C.While the economy continues to recover, the truth is that it is not bouncing back at the speed at which many need. Many Mesa area homeowners are still facing foreclosure or are paying mortgages that are higher than the actual market value of their homes. As the value of many Arizona homes has reduced, homeowners are increasingly feeling helpless in the face of their underwater mortgages--when the ...Continue Reading
Page
1 of 2