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 […]
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, […]
Arizona Chapter 7 Bankruptcy has many nicknames, such as “straight bankruptcy” or “liquidation”. Liquidation is a good description because one basic premise of chapter 7 bankruptcy is that your unsecured creditors are entitled to the value of all you non-exempt property. For example, in Arizona if you owned a Mickey Mantle rookie card in mint […]
More likely than not, if you file bankruptcy in Arizona it will either be a chapter 7 or a chapter 13 bankruptcy. The numbers 7 and 13 simply refer to the laws set forth in those two chapters of title 11 of the United States code. The advice of an expert Tucson Bankruptcy Attorney will […]
Bankruptcy is designed to allow an honest debtor to obtain a fresh start. An “honest debtor” refers to someone who has incurred debts with the intention to repay them but due to intervening circumstances cannot. There are checks and balances in the bankruptcy process to seek out the debtor who incurs a debt that he […]
Any normal person niether wants to or predicts that one day they might have to file for bankruptcy. Even people who aspire for success in life such as, real estate moguls and famous singers have ended up bankrupt. Do the names Donald Trump or Toni Braxton ring any bells? In fact, Braxton filed for chapter 7 for […]
Arizona Bankruptcy, like anything else is for all different types of people and many different kinds of circumstances as well. No matter what your situation is, or why you are having trouble financially, we can make bankruptcy work for you. It is a matter of public record, however, someone would actually have to search for […]
You have the choice of representing yourself, you don’t necessarily need an Tucson Bankruptcy attorney to file anything. For most people, this isn’t the best way to go about filing an Arizona bankruptcy, unless you already have some knowledge and information about bankruptcy and have a simple case. Trezza and Associates are experts Tucson Bankruptcy […]
Welcome to my blog about Arizona Bankruptcy. I’d like to address this topic first! And by the way, you are already using the correct legal terminology …. You have heard correctly, but it is not impossible by any means. Most people who are thinking about filing have no trouble meeting the qualifications. Think of your […]