Many people fall behind on their mortgages. While some lenders are more than willing to work with homeowners who get behind on their payments, this is the exception rather than the rule. If you fall too far behind on your payments, your mortgage lender will likely begin the foreclosure process. One saving grace for homeowners facing foreclosure is that the process usually takes a while.This gives them time to consider alternatives to foreclosure, such as loan forbearance, a short sale, a deed in lieu of foreclosure, or bankruptcy. An experienced bankruptcy attorney will evaluate your situation ..read more

In 2005, former president George W. Bush signed into law a major reform of bankruptcy law. This reform, called the Bankruptcy Abuse Prevention and Consumer Protection Act, changed bankruptcy law in a variety of ways. In general, filing for bankruptcy became slightly more complicated due to the reform. The following are a few of the major changes you may want to consider during the filing process in Arizona, and our Phoenix bankruptcy lawyers can help you better understand how the following changes impact your individual situation. Chapter 7 Eligibility Is More Stringent After the presiden ..read more

Often, divorce proceedings and assets lost in a divorce can make it necessary to file for bankruptcy in Arizona. In fact, the Phoenix bankruptcy lawyers at EZ Legal Fees by EZ Legal Fees by WantAFreshStart know divorce is one of the more common reasons people choose to file. If you are still married, there are a number of factors to consider when determining whether to file for bankruptcy or divorce first – in addition to ways to make the process as easy on yourself as possible. You may wish to consider the following factors when facing bankruptcy alongside divorce. Property Division The divis ..read more

Arizona Bankruptcy Exemptions If you are filing for Chapter 7 bankruptcy, all the assets you need will likely be exempt. This means these assets will not be considered in the bankruptcy process. Your assets will be yours to keep. There are notable exceptions. For example,if you have jet skis and vacation homes, maybe not exempt. However, if you owe a reasonable amount on your home and car, probably exempt. Most people keep their home and car, everything in their home, and most other things in a chapter 7 bankruptcy. Even business assets can be exempt in a personal bankruptcy. With th ..read more

Do I File for Chapter 7 or Chapter 13? A liquidation is known as a Chapter 7 bankruptcy. For many debtors, Chapter 7 offers the quickest way to a fresh start free of crippling debts, such as credit card balances or unpaid medical bills. In a Chapter 7 case, a Phoenix bankruptcy judge will appoint a trustee to liquidate some of your assets and repay your creditors as much as possible. Any remaining unpaid debt can then be discharged or canceled, meaning you are no longer under any legal obligation to pay. With a Chapter 13 bankruptcy, in contrast, your debts are not immediately discha ..read more

The simplest way to define a means test is as an official assessment of and investigation into the financial circumstances of an individual. Means tests are used in the realm of bankruptcy to determine eligibility for a Chapter 7 filing in Arizona. But what exactly does a means test entail, and how does it affect your filing for bankruptcy? Our Phoenix bankruptcy lawyers can help answer these questions, among others. What Is a Means Test? The means test is a system of assessment to help prevent the abuse of Chapter 7 bankruptcy and regulate its use. Individuals seeking to file for Ch ..read more

The Phoenix bankruptcy lawyers at EZ Legal Fees by WantAFreshStart understand that the aging process can be a financially difficult time. As we grow older, medical bills accrue and pensions have begun to decrease along with social security allotments. These factors, combined with disabilities common to the elderly, can preclude them from working, meaning that old age is one of the easiest times to fall into large debt. There are some benefits for seniors above other citizens when it comes to filing for bankruptcy in Arizona, and filing can help in many cases. Some of the ways seniors are parti ..read more

When it comes to discharging or eliminating tax debt in Arizona, there are many factors to keep in mind and a knowledgeable Phoenix bankruptcy lawyer at Want A Fres Start can help you every step of the way. For instance, many tax debts are exempt from discharge by design, and even if bankruptcy is successfully filed, they will need to be paid during or after the bankruptcy proceedings. There are, however, exceptions to this generalization, and some taxes can be discharged through the filing of bankruptcy if the circumstances are right. It’s important to work with a legal advocate experienced i ..read more

Many people who are considering bankruptcy are worried that filing for bankruptcy will leave them destitute and penniless. This impression tends to arise when people first start looking into bankruptcy and discover that the most common type of consumer bankruptcy, Chapter 7, involves the liquidation of a debtor’s nonexempt assets in order to pay his or her outstanding debts. When faced with the option of losing everything they own and hold dear or staying in debt indefinitely, many people often choose the latter, and their inaction results in them getting further and further into debt with no ..read more

There are laws and regulations in place to offer relief to those who find themselves overwhelmed by debt and to give them hope that a resolution can be found.  These laws also to preclude creditors and debt collectors from acting in a harassing manner toward those indebted to them; however, there are particular parties – such as first party or in-house collectors – exempt from many of these regulations. Though use of obscene language, repetitive calls, or threats are all outside the acceptable realm of conduct, many who have outstanding debts feel harassed by collectors, and often wi ..read more