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The ultimate goal of your chapter 7 or 13 bankruptcy is receiving a discharge from the court. In a chapter 7 bankruptcy this occurs after your paperwork is filed, the meeting of creditors is held, the time period has passed for any creditors to object to a discharge, and you have completed your required financial education course.
Once you file for bankruptcy, there are two things that automatically occur: the automatic stay springs into effect to prevent your creditors from collecting, and the bankruptcy estate is created. The bankruptcy estate defines the nature of your assets by the date and time that you filed for bankruptcy. Money earned immediately before filing for bankruptcy is considered property of the estate, while money earned after filing your petition is not a part of the estate.
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. […]
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? […]
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 […]
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 […]
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 […]
Before filing your bankruptcy case, it is important to decide if bankruptcy is your best option. Depending on the specifics of your financial problems, we will gather and discuss as many of the facts in your case. We will want to know all aspects of your financial situation and what your desired outcomes are. […]