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Arizona Bankruptcy Legal Articles

The Differences Between a Chapter 7 and a Chapter 13 Bankruptcy

Once you have decided to file for bankruptcy, you will most likely have to choose between two types of bankruptcy solutions that are available. The first is Chapter 7 bankruptcy and the second is Chapter 13 bankruptcy. The decision on which one is right for you depends on your eligibility for each. Deciding which type of bankruptcy is best is important, because the type will determine whether you have to pay back at least a portion of your debts. In some cases you may not be eligible for Chapter 7 or Chapter 13 bankruptcy so you will not have no choice as to what type of bankruptcy to file.

How Personal Bankruptcy Can Assist a Small Business Owner

Bankruptcy is becoming a reality for more and more people living Arizona. Many people are realizing that they don't have the answers that will get them through their financial hardship and this includes so many small business owners. A common scenario with small business owner is that the fear of what may happen to their business that keeps them from filing for so long which results in even further debt. Bankruptcy law allows for the debt relief process to occur even while suffering through financial hardship. To avoid "no way out" scenario, small business owners need to be address their financial situation and know that they have options.

341 Meeting of Creditors

Every debtor must attend a brief hearing called the 341 meeting of creditors. The debtor will have to appear before a trustee to answer questions under oath. The hearing is normally scheduled between twenty and forty-five days after filing. Shortly after filing a notice is mailed to the debtor with the time and location for the hearing. Attendance at the hearing is mandatory and failure to attend can result in dismissal. Furthermore, hearings can rarely be continued to later date except by medical necessity. Contact your bankruptcy attorney immediately after filing if you have a scheduling conflict.

When is the Right Time to File for Bankruptcy Protection?

One of the most difficult times of financial hardship is when filing bankruptcy seems to be the only choice. There are almost always nagging doubts, with the point of decision. Worst of all, there are more and more people who are willing to sell you on the idea of bankruptcy, prematurely. This is one of the common areas of concern, best solved by meeting with a staff of experienced Scottsdale bankruptcy lawyers sooner, rather than later.

Avoiding Fraudulent Conveyances with the One-Year Rule

The problems with fraudulent transfers can also be called “fraudulent conveyances.” Unfortunately, many people may be facing credit crises, and in complete honesty, simply give away some of their assets. Often, these gifts may even be given to someone who has tried to help out. The fact is that a conveyance may be considered “fraudulent” even when there was no real intent to cheat anyone. Discussing the realities of your situation should be tailored to your needs…and you deserve the help of Scottsdale bankruptcy lawyers and their experienced team.

The Role of Debt Negotiation and Bankruptcy

Some people follow all the right advice for managing debt. And still get in trouble. Because bankruptcy, at least in theory, leaves no stone unturned, there is always the chance that agreements negotiated right before filing can really hurt a debtor. The key is to meet and specifically ask an experienced bankruptcy attorney. People need realistic advice about how likely bankruptcy is in their future. As other articles discuss, this ability to plan for bankruptcy is confused by unscrupulous people, trying to make money from someone’s financial hardship.

Refinancing Loans After Filing for Bankruptcy

The somewhat surprising truth is that there’s no law against new credit or sometimes even refinancing almost immediately after filing, or in many instances, right after discharge from a bankruptcy. Instead, you’ll face an important series of decisions about managing your finances, reflecting (1) the power of the trustee to protect creditors and, (2) acknowledging that bankruptcy should never be used to keep available resources hidden from payments to creditors.

Creditor Collection Strategies

Many large companies actually have in-house collections; they don’t want to pay the fees of collections: they tend to be fairly responsive to bankruptcy warnings, and may even offer a quick negotiation to eliminate the debt. Make this a matter of protecting your family, interests, and conscience. If your account has been listed with an external collector, it’s likely the debt has been increased dramatically by costs and fees for collection. This means the collection agent just wants money, period. It usually takes a full calendar week to have creditors notified of filing in bankruptcy, and then they must legally stop harassing you.

Spousal Questions - For richer, For Poorer

Many bankruptcy cases depend on questions of state law. But when it comes to issues of spousal support, alimony, or property settlement questions, bankruptcy courts are looking toward more common, federal law. This is shifting sands and may require more than a relatively simple bankruptcy filing. It may involve several visits to lawyers specializing in different areas of the law (including domestic, or divorce, law), depending on where the spouses and the property are located.

State Differences in Bankruptcy Law

Many bankruptcy cases depend on questions of state law. But when it comes to issues of spousal support, alimony, or property settlement questions, bankruptcy courts are looking toward more common, federal law. This is shifting sands and may require more than a relatively simple bankruptcy filing. It may involve several visits to lawyers specializing in different areas of the law (including domestic, or divorce, law), depending on where the spouses and the property are located

The Service Members’ Civil Relief Act

The Service members’ Civil Relief Act (or SCRA, for short) can stop in their tracks any attempts to sue or lien against members of the military. If you, or a family member, are a service member, talk with an experienced Scottsdale divorce lawyer about your rights. The SCRA’s protection for military personnel also has benefits for people who are associated with the personnel. This makes good sense, for a military that relies on younger members, whose families may be helping with the financial sacrifices of military service.

Court Judgments and Bankruptcy

Because some types of debts can, all by themselves, seem overwhelming, the threat of even a single lawsuit to collect can lead directly and quickly to someone filing for bankruptcy. One good rule-of-thumb is to never file simply because of a threatened lawsuit. Anyone on the verge of bankruptcy can use the power of possible bankruptcy to negotiate. This power is both a real thing and a negotiating tactic.

Bankruptcy Red Flags

There are many “red flags” that wave in front of creditors and a trustee, causing suspicion, and allegations of fraud, toward a bankruptcy filing. Bankruptcy lawyers help enforce your rights. While any list of “red flags” may be used by a creditor, a debtor should never try to deceive their way into a bankruptcy court. The costs and risks are too high, no matter what the pressure or worry. But with creditors being increasingly suspicious, and maybe even vicious, it pays to at least know the warning signs and arguments creditors will use to try and get what they can from any debtor.

 

If you are ready to find out if you qualify for bankruptcy relief, begin by filing out our bankruptcy case review form and an attorney from our office will follow up on your eligibility within 24 hours.

Bankruptcy Info

Legal articles written by a great bankruptcy attorney in Arizona.

If you have questions about filing for bankruptcy in Arizona, the best person you can turn to for advice is an affordable and experienced bankruptcy lawyer. Phoenix and Casa Grande bankruptcy lawyer Christopher Ariano answers many common questions here.