What About My Tax Refund? Planning around a tax refund is sometimes the most important part of a tucson chapter 7 bankruptcy. Every time you receive a paycheck your employer withholds money that is sent to the government as payment of income taxes. Most employees overpay the government every year that is one reason they get a refund. That overpayment accumulates as the calendar year progresses and gets bigger with each paycheck you receive. It’s like having a savings account at the United States Treasury...
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When a house is lost to foreclosure 99% of the time, the mechanism to complete is the process is called a “trustee sale”. If your house goes through a trustee sale, than you have a chance to be protected by the anti-deficiency law in Arizona. The law states in part: “If trust property [the home] of two and one half acres or less which is limited to and utilized for either a single one family or a single two family dwelling is sold pursuant to...
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The answer is not completely simple. It is a matter of public record, however nobody will be notified unless you owe them money or you have received a garnishment through your employer. Your creditors will all be notified, as well as your landlord. Most other people in your life will not be notified unless you owe them money. Read more below. Read More Here...
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Discharge - A successful filing will result in you receiving a "discharge". The discharge relieves your legal obligation to pay credit card debt, medical debt, pay day loans, lines of credit, old tax debts, most lawsuit judgments and some others. It is the discharge which really allows you to get a fresh start after bankruptcy. Foreclosure - As long as a Tucson bankruptcy filing happens before the actual day of the trustee dale than any foreclosure will be stopped, at least temporarily. If you chose...
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No. You will not. The purpose of making bankruptcy available as an option is not to punish you for whatever circumstances have lead to financial troubles or for getting in over your head. For the vast majority of our clients, they have gotten too deeply into debt through no fault of their own. Maybe they have been ill or have had to cut back their hours at work to care for a family member who has been ill or been laid off or lowered pay...
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When someone files for bankruptcy, they are immediately assigned a "trustee". A trustee is similiar to a referee. They work between the debtor and creditors to ensure that both are treated equally. They are appointed to examine your case, finances and assets. The trustee look over your assets for any nonexempt property that can be sold, handle the sale of it, distribute the liquidated property equally among creditors with valid claims and report this to the court. The trustees are by no means out to get the debtor; they...
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The short answer is yes. However, you should not postpone or be nervous about filing bankruptcy because of the classes. They are short, not graded and can be taken online or over the phone. There are two mandatory bankruptcy classes. You must take one before filing your class known as the debtor education class. At our firm, we have a contract with a company called CIN Legal, after we register you for the course, you can easily access this information on their website and complete the...
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The length of your chapter 13 plan is determined by comparing your gross annual income to your states median income. If your income is above the state median income than your chapter 13 must be five years in length. If it is below than your plan must be at least three years in length.
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Unsecured creditors in a chapter 13 are entitled to receive 100% of your monthly disposable income. Unsecured creditors are owed debts such as credit card debt, medical debt and other debt that does not include any property pledged as collateral. Your monthly disposable income is determined by a formula provided by the bankruptcy law known as "means test". The formula takes your gross income and reduces it by the costs of necessities such as food, clothing, transportation, household expenses, healthcare expenses, withholdings from your paycheck...
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Chapter 13 is most commonly referred to as "reorganization" because you are given the opportunity to rearrange your debt. Rearranging debt offers many different options depending upon the type of debt at issue. Sometimes debt that is secured by collateral can be rearranged to decrease the total amount due for that particular debt. For example, if you purchased an automobile more than 30 months prior to filing an Arizona chapter 13 bankruptcy and the value of the vehicle is less than the amount of the...
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