Debt Settlement Lawyers
Lien Stripping Second Mortgage in Bankruptcy
Is it possible to eliminate a second mortgage through an Arizona bankruptcy? That’s a question that bankruptcy attorneys in the state get often. The short answer is yes. The longer answer depends on several factors. Can a Second Mortgage Be Eliminated through a Chapter 7 Bankruptcy? A Chapter 7 bankruptcy is a liquidation type of bankruptcy. Typically, second mortgage junior liens and HELOCs cannot be eliminated through this chapter. One exception exists, however, and this exception is called lien stripping. Lien stripping allows debtors to eliminate wholly unsecured debt like a second mortgage or a home equity loan. Typically, this…
What If I Get Into Debt Again After Bankruptcy?
We know that finances are one of the biggest stressors in people’s lives. We also know that when many people hear the term bankruptcy, they think that someone failed in their personal or business lives. That is not always the case. There are many reasons that people find the need to file for bankruptcy and not all of them are due to out of control spending. Please seek legal assistance from an Arizona bankruptcy attorney if you are considering filing for bankruptcy so you can understand all of your options. However, today we want to talk about what your options…
Arizona Wage Garnishment Laws
Most people have heard of wage garnishments but thankfully never have to deal with them. For some, though, wage garnishments seriously hurt their ability to take care of themselves and their families. Today, we want to talk about what wage garnishments are, who can garnish your wages, and what to do about them. If you are considering going through bankruptcy due to wage garnishments or due to overwhelming debt, please seek assistance from a qualified Arizona bankruptcy attorney who can examine your particular case and guide you onto the best path. What Can Be Garnished? A wage garnishment happens when…
Glossary of Bankruptcy Terms
Getting started with a bankruptcy can be confusing – there are documents to fill out, numerous people to communicate with and important decisions to make. In order to make these decisions, you need to understand exactly what’s happening. Bankruptcy terminology is far from complicated but there are several key terms you will have to understand. The following glossary will acquaint you with some of the essentials. Bankruptcy In Arizona legal terms, a bankruptcy is a legal procedure used for solving intractable debt complications. Put in simple terms, a bankruptcy is a legal procedure for dealing with individual or company debt…
What Happens to a Bank Account During Bankruptcy?
Those looking forward to a Chapter 7 bankruptcy filing in Arizona are primarily concerned about their assets and property. Will everything be liquidated? Will real estate be affected? How about savings? You can have some money in the bank saved for the future, for an emergency or for a particular goal. Does a bankruptcy filing mean you’ll have to save goodbye to the entire amount? In Arizona, there are certain bankruptcy exemptions and here’s how they apply to bank accounts or savings. Personal Savings and Chapter 7 Liquidation Arizona bankruptcy law does envision a bank account exemption. Unfortunately, the sum…
Arizona Bankruptcy and Protection of Your Retirement Assets
Filing for a bankruptcy is a serious decision and you have to make a thorough consideration about it. Bankruptcy will affect your life in a number of ways. Thinking about the long-term consequences is very important and when it comes to providing for yourself in the future, retirement assets come to mind. Knowing whether protection of your retirement assets will be ensured in an Arizona bankruptcy will help you find out if moving forward is worth it. This is one of the most commonly asked questions and here are all of the essential facts. Protection of Your Retirement Assets in Arizona…
A Bankruptcy Attorney in Tucson Explains Obtaining Loans After Bankruptcy
Will I be able to obtain loans after filing bankruptcy in Arizona? Once you have filed for bankruptcy or received your discharge, there are probably many questions floating around your head. One important question is how you can obtain loans for life purchases, such as buying a vehicle or a home. There are still ways to obtain loans after bankruptcy even if it is more difficult. You should take several steps before you look into applying for personal loans, vehicle loans, or a mortgage after bankruptcy. Evaluate Your Finances: You may or may not need the loan in the first…
Should I File for Bankruptcy?
Should I file for bankruptcy? Evaluating your Situation. While you may contemplate filing bankruptcy because of unmanageable debt in your individual or business situation, it is important to do a cost-benefit analysis to determine whether it is the best route for you. An analysis of your personal situation can be complicated because there are many facts you need to take into account to determine which chapter of the Bankruptcy Code you need to file under and what formalities follow. Forms and Formalities There are many forms involved with filing under any Chapter of the Bankruptcy Code depending on what you…
Chapter 7 Bankruptcy Fraud: A Warning to All Arizona Filers
Each year, bankruptcy provides a much needed life raft for millions of Americans struggling with debt, lifting them from under the tumultuous oppression of debt and into a financial future full of new opportunities. Bankruptcy can be a complex process, however, and well-intentioned filers sometimes find themselves in the midst of fraud allegations stemming from inadvertently providing false information or the like. Bankruptcy fraud is a white collar crime with a broad and far reaching definition. This form of fraud encompasses some acts which an individual could unwittingly engage in prior to or during the bankruptcy process. Even further, a…
The Aftermath of Bankruptcy – Arizona Bankruptcy Attorneys
Are you wondering about the aftermath of bankruptcy? What happens to your credit after bankruptcy? Have you consulted an experienced Arizona bankruptcy attorney? Life after receiving your discharge for a Chapter 7 or Chapter 13 bankruptcy can be relieving but also confusing. You may be wondering what to do now and how the bankruptcy has affected your life, including your credit score. What happens to my credit after bankruptcy? Many people are concerned about rebuilding their credit scores after filing bankruptcy and receiving a discharge. This concern probably stems from the thought that credit consumer reporting agencies will report…
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