Many people in Arizona are struggling to pay their bills right now. And when it comes down to feeding your family or paying the credit card bill, many choose to feed the family. However, as is usually the case, once the credit card company goes long enough without payment, they take you to court. This allows them to get a judgment and begin garnishing wages or bank accounts.

Technically, aside from a few court fees, filing for bankruptcy in Arizona is completely free if you want to do it yourself. The problem with filing for bankruptcy yourself is that bankruptcy law is very complicated. Often, people who go it alone are overwhelmed by the complexity of the process, and it is very easy to make a mistake which could result in your case being thrown out. So although doing it yourself saves money, the cost of stress and personal burden can be very taxing, which in many cases, simply isn’t worth the frustration. Arizona Bankruptcy Costs Explained So…

All debt can be classified in one of two different ways. Debt is either considered to be secured, or unsecured. In order to understand the impact that each type of debt can have we need to understand what constitutes both secured and unsecured debt. What is Secured Debt? Secured debt is any debt that requires collateral in order to obtain a loan. Examples of secured debt include: A home mortgage Home equity line of credit Car loan Credit card with a secure line of credit A lender will always see a secure loan as a lower risk loan. Due to…

The Timeshare Trap & Bankruptcy

UPDATED: July 2013 Each year, thousands of bankruptcy cases involve timeshares, and one of the most common questions asked of bankruptcy attorneys and trustees is: “What happens to my timeshare after I file for bankruptcy?” There tends to be misinformation about timeshares and bankruptcy, perhaps because every bankruptcy case is different, as are timeshares and the maintenance fees associated with them. When you own a timeshare and file bankruptcy, here’s what you’re likely to face. How are Timeshares Affected by Bankruptcy? There are two types of timeshares: A timeshare in which you have real property ownership, A timeshare in which…

As tax season is rolling around I get a lot of questions from those who need to file bankruptcy but are expecting to get a tax refund soon. The simplest advice I can give is if you are looking to file a chapter 7 bankruptcy then you should file your taxes, get your refund, spend it, and then file for bankruptcy. If you file your bankruptcy case before you get your refund, the bankruptcy trustee assigned to your case will be able to take a good portion of it and pay it to your creditors. If you follow this advice…

A fair amount of my clients have dealt with an extended illness that caused them to incur significant medical bills.  In my own experience it seems that the health insurance premiums keep rising but the level of coverage keeps decreasing.  Because of this it is not unusual to see people with tens of thousands of dollars in medical bills.  While it is my experience that the medical community is less aggressive on the collection side of things as compared to credit card companies, if  medical bills go unpaid long enough many doctors are sending the accounts to a collection agency. …

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