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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 […]
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 […]
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 […]