Much of society’s aversion to bankruptcy can be attributed to the intimidatingly complex process. Often people are afraid due to unfamiliarity with the financial aftermath of bankruptcy.  In reality, bankruptcy is a potent and, at times, crucial remedy, the benefits of which can be seen across society as a whole.  Consumers today are in a […]

Of course you have heard about “unsecured” and “secured” creditors, what is it that differentiates between the two terms? A creditor is somebody to whom money is owed. For example, when you owe the bank money because you have taken out a loan, they are then your creditor. We can separate creditors into two categories, “secured” and […]

There is not one straight answer on this one, it will depend on the details of your particular case. We will work through some of those possibilities here, and also be sure to speak with a Tucson bankruptcy attorney for your special case. There are many factors to consider before filing bankruptcy.  Bankruptcy has numerous […]

It depends.  In some cases, immediate filing may be in your best interest to avoid losing property.  In many other cases, you may be better off waiting to file so that you ensure that you are able to come out of your bankruptcy with a fresh start, or to ensure you do not lose a […]

The bank has already started the foreclosure process on my home, is it too late to act? No. As long as the foreclosure process has not yet been completed, filing bankruptcy can stop the foreclosure process and allow the debtor an opportunity to bring the payments current and thereby “cure the default.” The right to […]

Some limited “exemption planning” is allowed in anticipation of filing. Exemption planning consists of arranging assets to fit into the allowed exemptions, thereby leaving less property to be used to satisfy creditors’ claims. This planning is completely legal if done reasonably. However, excessive transfers to create exempt assets or improper transfers to third parties: one […]

A reaffirmation agreement simply means that you have agreed with your creditor to continue to be liable to them after bankruptcy.  You should almost never enter into a reaffirmation agreement with an unsecured creditor. This is because your debt to them will be discharged in Chapter 7, meaning they can never come after you again […]

Tucson Chapter 7 bankruptcy covers all debts which are owed except for those which are outlined in section 523(a) of the bankruptcy code. Here is a list of those debts: Certain taxes, IRS debt Debts which are not listed in the bankruptcy petition Most alimony, child support or other domestic support obligation debts Fines and […]

Not if you do what is required under section 366 of the bankruptcy code. This section of the bankruptcy law states that a utility company may not alter, refuse or discontinue service so long as you furnish “adequate assurance” of payment for services after the date of the filing of your bankruptcy. Adequate assurance of […]

Probably not. The Arizona bankruptcy laws state that up to $5475 used to purchase a tuition credit or certificate or contributed to an account in accordance with section 529 of the Internal Revenue code is not part of the bankruptcy estate so long as the money was contributed more than one year before the bankruptcy […]