Bankruptcy Attorney in Phoenix

Bankruptcy Considerations

chadfish — Mon, 20 Jul 2009 02:55:40 +0000

It is one of the hardest decisions to make, and takes time to recover from, so consider your options as you get your filing behind you and come out of bankruptcy. For those people who have declared bankruptcy, it has to start with a meeting with the creditors to inform them of the bankruptcy. This is the time when all non exempt assets have to be liquidated. Sometimes you are allowed to keep the car, furniture and other personal belongings but only up to a certain value. However, most of your liquid possessions which are non-exempt like cash, certificates of deposits have to be given to the court-appointed trustee.

This is the first of the hassles to be dealt with when it comes to handling the whole state of affairs of having declared a bankruptcy. Getting any kind of loan is bound to get very difficult in the near future. It may however be possible that some kind of loan is available but then the creditor is bound to charge exorbitant rates of interest. In some major situations, it may get virtually impossible to get loans for purposes of a car or home. Under the chapter 7 bankruptcy, these issues can last for the next 10 years. There is another type of bankruptcy, the chapter 13 bankruptcy which allows these situations to disappear after only 7 years but under certain conditions. Since there are quite a few types of bankruptcies that can be filed, it is always advisable to contact a bankruptcy lawyer to find out what kind of the same would suit you the most.

A few things should be top priority to be on top things once again. First and foremost, get and maintain a job. Also, a good, economical and stable house is equally important. Sometimes the landlord may check the tenant’s credit histories to screen out possible unreliable ones. This can set you a little back and so adjusting with relatives is a safe option before the financial situation improves.

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Your Arizona Bankruptcy Lawyer

chadfish — Wed, 27 May 2009 21:37:55 +0000

Since 2008, we have had a troubled economy that is only now showing signs of stabilizing. The good times which were rolling for over half a decade, seemed to come to an end in the later half of 2008 and the first half of 2009. The massive sub-prime crisis broke the back of many financial institutions as well as banks, many of which had to be served with mammoth financial packages to bail the companies out and restore some semblance of normalcy to the US and indeed the global financial system. The financial crisis brought in its wake a huge problem of bankruptcy leading to a surge in demand for competent bankruptcy lawyers. If you are facing bankruptcy in the Arizona area, this article seeks to explain why it may make sense to consult an Arizona Bankruptcy Lawyer.

An Arizona Bankruptcy lawyer will try and help you get a Chapter 7 (or Chapter 13 as applicable) bankruptcy filing so as to clear your case within around 4 months. Chapter 7 bankruptcy procedure allows a person to liquidate all his/her assets in order to pay off creditors. Since most debtors do not have a lot of tangible assets, their cases get resolved within 4 months and they can start off fresh. This kicks in typically where the income of a person is below the median income prevalent in the state. On the other hand, Chapter 13 bankruptcy allows people to pay off their debts over a longer period of time. This period is generally spread over 3 to 5 years and the objective is to allow the debtor to retain some of their property. It is also applicable to cases where the debtor has some reliable sources of income, and with some fiscal discipline, the person would be able to pay off the debt in this longer period, with some part of the income being left for personal expenses and needs.

An Arizona Bankruptcy lawyer will be well equipped to get into the specifics of each case and recommend what might be the best course of action that one needs to take given the unique aspects and merits of each such case in Arizona. Wish you all the best!

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Bankruptcy And Your Mortgage

chadfish — Sat, 25 Apr 2009 20:03:56 +0000

Your mortgage payment is one of the largest fixed payments you’re going to make each month. If you have an adjustable rate mortgage your payment can escalate and climb above your accepted budget. When your mortgage is eating up a large percentage of your paycheck you need to consider other options.

One option you have is to take in more income. With the economy strugging there are not a lot of new jobs, so finding a higher paying job is probably out of the question for most people. If you can’t increase your income another option is to drastically decrease your expenses. If you ate out 3 times a week - maybe it’s time to cut that to once a week. If you bought new clothes for $300 each month, drop that to $75 a month. There are ways to get creative and save money on your monthly expedintures.

Let’s say you’ve done everything you can to save money and your mortgage payment is still too much. With Obama’s new foreclosure prevention program you can consider contacting your bank and asking if you are eligible for a loan modification. A loan modification could lower your payment and allow you to stay in the house of your dreams. Not everyone qualifies for a loan modification so dont’ be alarmed if you fall outside the rules of the program.

If you are running out of options and your mortgage and other bills are just eating up too much of your paycheck it may be time to consider filing for bankruptcy. It is always a tough decision to make and never one you should make alone. If you think it’s time to consider bankruptcy, get professional advice from a law firm that cares. We have provided bankruptcy services in Arizona for a number of years and would be happy to sit down with you and discuss your personal situation.

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Welcome to Our Blog!

admin — Tue, 31 Mar 2009 00:59:59 +0000

BankruptcyAttorneyInPhoenix.com is proud to launch our new bankruptcy blog. We plan to update you on the latest developments in bankruptcy and would love to get feedback from you if you have any questions, comments or suggestions.

It’s a difficult economic climate out there and we are always available for a free bankruptcy consultation so you can explore your personal situation and determine if bankruptcy is the right thing for you. You will work directly with myself, Nathan Brelsford and Christopher Piekarski, we are both licensed bankruptcy attorneys in the state of Arizona and exclusively work on bankruptcy cases.

If you are looking for us, our office is at 2942 North 24th Street Suite 109, Phoenix Arizona 85016. We schedule appointments between the hours of 9-4 Monday through Friday so call or email us today and we can set up a time to sit down and discuss your financial problems.

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