Introduction to Bankruptcy for Individuals in Phoenix and Tucson Bankruptcy is often a confusing subject. As with most issues involving the law, it can be hard to dig through all the legal jargon used. Especially when you’re feeling stressed about your finances, it can be even harder to understand the process. We’re here to walk you through the bankruptcy process and understand what relief bankruptcy offers you as an individual. In this next series of blog posts we want to offer you information about how...
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You lost your job or your pay was cut. You have medical bills pilling up. You paid for your living expenses with your credit cards and they are now maxed out. Calls are coming in from creditors and you've been threatened with repossession of your car or foreclosure of your home. As you fight large banks and credit card companies who use their power to disrupt your life you might feel alone in your battle against harassing phone calls and threats. In spite of...
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When you file for bankruptcy, which type of bankruptcy you can qualify for and how much you can keep are all dependent on the amount of income you are deemed to have under the eyes of federal bankruptcy law. Many people depend on Social Security to survive from month to month, and still others use it to supplement other income or savings. Does this type of income count as “income” under the Bankruptcy Code? Social Security can include two different categories of government funds: retirement...
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Many people are confused about the difference between a charge-off and a bankruptcy discharge. What is the difference, and which one is better? A charge-off occurs when your creditor, usually the bank with which you have your credit card, declares that your debt is unlikely to be collected. The bank has, after assessing your situation, including how much debt you have, how long you have had it, and whether you have been making payments, come to the conclusion that you are not going to be...
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Chapter 13 bankruptcy in Arizona is a long-term commitment. For those who successfully complete the process of the three-to-five year plan, a discharge of remaining debt awaits, as well as the peace of mind of having paid off a chunk of their secured, non-dischargeable debt while keeping any asset they really wanted to keep. But if something comes up during the process that prevents its successful completion, is there any option to discharge their bankruptcy before reaching the end of that plan? Under the Bankruptcy...
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A Chapter 13 plan often sounds like a great idea at the time you file for bankruptcy. But three to five years is a long time, and it is not uncommon for people to lose their jobs or face other financial hardships during that time. If you lose your job during the course of your plan, what options do you have? The first option you have is to have your Tucson bankruptcy attorney talk to the trustee of your case and come up with a...
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For years, healthcare has been a major subject of discussion in the United States. Costs are ever-increasing, and many claim there is no clear solution, while others propose very different solutions to the problem. But it should come as no surprise that medical debt has become a larger and larger factor leading to bankruptcy, according to a new study published last year and mentioned in the New York Times. The study followed almost 250,000 people filing for bankruptcy. According to the study, roughly 20 percent...
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It is one of the oddities of life: a business can file for Chapter 11 and remain respectable, while those who file for Chapter 7 or 13 are ashamed and embarrassed. Is bankruptcy really something to be embarrassed about, and is there a difference between a corporate bankruptcy and a personal one? The main reason people may feel shame in personal bankruptcy is the fact that many people file for personal bankruptcy as a last straw. After trying everything else, because most people want to...
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When filing for bankruptcy, most people are aware that they may have less control over their assets, and may even have to surrender some assets. However, many people are unaware of the fact that a bankruptcy filing technically changes the nature of your assets in the eyes of the court, and that timing makes a huge difference in what assets are available to your creditors. Once you file for bankruptcy, there are two things that automatically occur: the automatic stay springs into effect to...
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Upper Crust Pizza files for Chapter 11 bankruptcy protection. Upper Crust is a Boston based chain of pizza parlors. Prior to the filing, they operated 17 locations. As part of the restructuring of those locations has been closed. This company plans to keep operating the other 16 locations. The filing of a bankruptcy petition under Chapter 11 of the bankruptcy code indicates that the company believes it can survive with a little help from the court. Please contact a local bankruptcy attorney to discuss if Chapter 11...
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