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Bankruptcy

Recent Posts in Bankruptcy Category

  • Debt Settlement is a Bad Alternative to Bankruptcy

    Despite popular belief, debt settlement is not a great alternative to filing for bankruptcy . Debt settlement give you the relief you are seeking, due to increased enforcement and regulation. Debt settlement is not consumer-friendly because there are a number of long-term consequences to settling one’s debt. In fact, there are also a number of hidden effects to settling one’s debt such as tax ...
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  • 6 Things You Should Not Do If You Are Considering Bankruptcy

    In some instances, bankruptcy may be the only solution for one’s current financial situation. When you do proceed with bankruptcy, it is important you do so as effectively and efficiently as possible. Avoiding some of the most common bankruptcy mistakes is essential, and our Mesa bankruptcy attorneys at the Law Offices of Campbell & Coombs P.C. will help ensure the process is successful. The ...
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  • Sears Sales Slide 11.5 Percent - Who will be last man standing?

    Sears stores still losing ground, despite cost-cutting efforts, the Wall Street Journal reports. Gone: Montgomery Wards, Mervyns, Circuit City, Macys.
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  • The Importance of Honesty When Filing for Bankruptcy

    When filing for bankruptcy , some people get the notion that they must do whatever they can to protect and preserve their finances and assets, including lying. It should go without saying but falsifying a bankruptcy filing is not the best idea, or even a good idea at all. The bankruptcy court is thorough, looking under every metaphorical stone for money and valuables. If you are anything less than ...
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  • What is Going On with Sports Authority?

    If you liked to shop at Sports Authority for apparel and equipment, you will need to act fast to catch any more last-minute liquidation sales. In late June, U.K. sporting goods retailer Sports Direct International PLC entered talks with Modell’s Sporting Goods about a potential deal to acquire as many as 200 Sports Authority stores out of the retailer’s bankruptcy , which was filed in March. By ...
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  • 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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  • 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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  • What is a hardship discharge in Chapter 13 bankruptcy?

    Once the requisite paperwork is gathered, the debtor must also create a repayment plan that is either to be filed with the Chapter 13 bankruptcy petition or within 14 days of filing it. This repayment plan outlines the method of fixed payments -either monthly or bimonthly-that the debtor will make regularly, over either a three-year or five-year period, depending on the debtor's monthly income. If ...
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  • What is an automatic stay granted in Chapter 13 bankruptcy?

    Once an Arizona resident has determined that they are eligible to file for bankruptcy under Chapter 13, the filer has to start getting their documents in order and ensure that they are an accurate representation of the filer's financial situation. In addition to filing the petition with the court, it is also essential to file schedules of assets and liabilities, current income and expenditures, ...
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  • Eligibility requirements for Chapter 13 bankruptcy in Arizona

    Though bankruptcy exists as a means to provide debt relief to people in Arizona and across the country who are overwhelmed with debt, it is important to understand that there are various categories of bankruptcy and that not everyone is eligible for all types. Chapter 7 and Chapter 13 are the most common forms of personal bankruptcy and the next few posts in the upcoming weeks will examine ...
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  • We competently represent those overwhelmed with debt

    When Arizona residents begin their jobs, they imagine that they can now enjoy the finer things in life and spend their money as they wish. Getting overwhelmed with debt is many times the last thing they imagine happening to them, as they are earning a steady monthly income. But due to expected and unexpected reasons, they might find themselves facing financial difficulties and unable to make ends ...
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  • I made a Chapter 13 repayment plan-what next?

    Arizona residents are probably not aware that sometimes it makes more financial sense to declare bankruptcy to wipe out debt rather than to constantly be overwhelmed with debt and struggle to make minimum payments on time. There are different categories of bankruptcy that one can declare, the most common personal bankruptcies being either under Chapter 7 or Chapter 13. The main difference between ...
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  • What do I need to submit to file for Chapter 13 bankruptcy?

    Since last week's post on the Mesa Bankruptcy Law Blog centered around an allegedly fraudulent filing of a bankruptcy petition, this week let's take a minute to look at what documents must be filed along with a Chapter 13 bankruptcy petition to ensure no mistakes are made that could lead to problems in the bankruptcy process. The first thing you must do when filing for bankruptcy under Chapter 13 ...
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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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  • Let us help you protect your assets

    As someone begins to face financial difficulties, they generally try to do everything in their power to overcome those problems and get their financial problems under control. However, with wages being garnished, creditors circling and assets under threat of forfeiture, Arizona residents may want to consider easing their monetary problems by filing for bankruptcy. As mentioned last week on the ...
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  • Which debts are discharged through bankruptcy?

    Now that the differences between secured and unsecured debt were clarified a bit in last week's post on the Mesa Bankruptcy Law Blog, the next question that Arizona residents may be thinking about is which debt is discharged through bankruptcy. Debtors turn to personal bankruptcy, either Chapter 7 or 13, not only to have most of their debts wiped out but also to avoid asset forfeiture. So it is ...
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  • Understand the difference between unsecured and secured debt

    One may think that all debt is equal and must be repaid to the creditors at the same pace and the same amount, but this is not true. Arizona residents may be surprised to hear that debt can be of two kinds, secured and unsecured, and both are treated differently, both by creditors and during bankruptcy proceedings. Credit cards and student loans are examples or unsecured debt. This debt is ...
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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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  • What are the benefits of declaring Chapter 13 bankruptcy?

    Though bankruptcy refers to the process whereby people who owe debt can liquidate certain assets and repay their creditors, bankruptcy takes various forms as outlined by Title 11 of the Bankruptcy Code. Generally speaking, filers must select a specific form of bankruptcy before they file. Arizona residents may be aware that the most common types of personal bankruptcy are Chapters 7 and 13. Based ...
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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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  • Is harassment off-limits for debt collectors in Arizona?

    Arizona residents who have unpaid bills or who have been mistakenly listed as past due may have heard from debt collectors. A debt collector is someone who habitually collects debts that are owed to someone else. Collection agencies and companies that buy delinquent debts are examples of debt collectors. A debt collector uses various methods to try and collect the debt from debtors, but the Fair ...
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  • Get answers to your questions about bankruptcy asset forfeiture

    For Maricopa County residents facing financial challenges, one of the options for dealing with the problem is bankruptcy. For many folks, bankruptcy can be an effective way of dealing with an otherwise overwhelming debt situation. There is one concern that many people have with bankruptcy, however. You may have heard that some people may have to forfeit some of their assets as part of the debt ...
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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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