Understanding Your Bankruptcy Filing: Schedules G, H, I, and J
In our last several blog posts, we have covered the types of information that are needed when you file your bankruptcy petition. We discuss the final schedules included in your petition in this article.
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The economy has been hard on all segments of society. The legal profession is not exempt from these difficulties, and many law school graduates are finding it tough to land a job after they finish school. But add to that the mounting student loan debt and low starting salaries, and many law school graduates are a perfect candidate for bankruptcy. The catch, of course, is that student loan debt is nondischargeable in bankruptcy, meaning that any student with debt can still file for bankruptcy relief,...
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Eight Catholic Dioceses have Filed For Bankruptcy Protection In 2002, the Catholic diocese in Boston faced an enormous sex abuse scandal, during which its clergy were accused of countless instances of abuse. The allegations have forced the diocese into bankruptcy. Through the bankruptcy process, we have learned about the sheer number of allegations against the diocese, and against different dioceses around the country. Eight dioceses have filed for bankruptcy recently: Boston, Massachusetts; Davenport, Iowa; Fairbanks, Alaska; Portland, Oregon; San Diego, California; Spokane, Washington; Wilmington, Delaware;...
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In our previous post we discussed the bankruptcy petition, the Schedule A listing of real estate/property and the Schedule B listing of personal property. In this post we will discuss property exemptions (Schedule C). Under federal and state bankruptcy laws, there are categories and amounts of property that are exempt from the bankruptcy process. This means that you are allowed to keep the property as part of your fresh start after bankruptcy. Some states will allow individuals to choose the state or the...
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Part of our commitment as bankruptcy attorneys is to inform and educate clients about the bankruptcy process. As a part of the client-attorney team, it is important for you to understand the forms you sign as part of your bankruptcy case. You are required to sign many of the forms we will file and verify that the content of forms is true and accurate. Bankruptcy Petition The bankruptcy petition is the document that starts your case officially. It is a 3-page form that...
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Bankruptcy laws provide for you to exempt property from the bankruptcy process that is necessary for you to get a fresh start. In handling your bankruptcy case, we will need to take into consideration how long you have lived in Arizona to effectively plan your property exemptions. Some states will allow you to use the federal exemptions or choose that state’s exemptions. If you’ve lived in Arizona for over two years when we file bankruptcy, you will use the Arizona bankruptcy exemptions. If...
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When you have decided to file bankruptcy there are certain issues that need to be determined prior to your filing. As your Arizona bankruptcy attorneys, we will discuss the strategies involved in filing that will be of the most benefit to you and your spouse or family, if applicable. Should Both Spouses File Bankruptcy? When married, one of the things to think about if considering bankruptcy is whether both spouses should file. The fee to file is the same for an individual or a...
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An important part of making your decision to file bankruptcy is deciding which type of bankruptcy is right for you. For the most part you will be making the decision to file chapter 7 or chapter 13. Although it is possible to “convert” or switch from chapter 7 to chapter 13 or vice versa, it is best to make the decision before we file. You may have also heard of chapter 11 bankruptcy. Chapter 11 bankruptcy is not used by individuals very often because...
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Advantages of Bankruptcy As part of our work with clients considering bankruptcy, we want to make sure you understand all of your options. When you are faced with stress and overwhelming debt, bankruptcy can be one option that can quickly end creditor harassment. When you file for bankruptcy, your creditors must stop calling or sending letters to try and collect money from you. In this article we want to briefly and in general outline the advantages and disadvantages of filing bankruptcy. Because each person’s...
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When you decide to work with us to determine if Arizona bankruptcy is the right choice for you, we will want to review all of your property (assets) and your debts. To read more about the kinds of information we will want, read our article on “Gathering All the Facts.” We will also want to try and determine what your monthly expenses are for you and your family. One of the challenges when facing bankruptcy is accurately determining your personal and household expenses....
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