Because there is additional proof needed to show undue burden, the majority of those individuals who file bankruptcy do not file the additional adversary proceeding necessary to receive a discharge. This accounts for very low number of student loan discharges given to debtors by bankruptcy courts each year.
The overhaul of the U.S. Bankruptcy laws in 2005 significantly impacted the way secured debt is handled in a bankruptcy proceeding. Those changes were to the great benefit of debtors, our clients. Secured debt is a loan where you have pledged an asset (most commonly a car or a house) as collateral. In the event you do not repay the loan, the creditor has the right to take possession of the property, sell it, and recover what money it can from the sale.
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 […]
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 […]
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? […]
What is a “Bankruptcy Trustee”? It is common for clients considering bankruptcy or who have already filed, to ask what a “bankruptcy trustee” is. This question is usually followed quickly by, “What does the bankruptcy trustee do?” The trustee is a person assigned to your bankruptcy case to represent the interests of the people […]
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 […]
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 […]
There was the dot com bubble, the housing bubble, now the student loan bubble. Student loan debt has grown dramatically in the recent past. In 2010 student loan debt exceeded credit card debt. In 2011 it surpassed auto loans. There is now more than one trillion dollars in student debt according to the Consumer Financial […]
If you are not current on your car payments, your options will depend greatly on the type of bankruptcy you choose. If Chapter 7 bankruptcy is right for you, because you have mostly unsecured debt or would like to complete the process quickly, you may be wondering whether you have to surrender your car in […]