Archive for the ‘Debt Negotiation’ Category

A Cram-Down Can Help You Keep Your Car in AZ

27 March 2012 by admin  |  Bankruptcy Process, Chapter 13 Bankruptcy, Debt Negotiation, Filing for Bankruptcy, General Bankruptcy  |  No Comments

In my past few blogs, I’ve discussed the benefits of Chapter 13 bankruptcies. In my last blog, I referenced a major tool used to help you keep your home, the lien strip. But did you know that there is also a mechanism to help you keep your car as well? When you file for bankruptcy under Chapter 13, you can reduce the amount you pay on your car and reduce the interest rate through a process known as a “cram-down.” A Chapter 13 bankruptcy does not require you to pay the loaned amount of your vehicle, just its fair market value. As an example, if you purchased a car 3 years ago, and you owe a total of $20,000, but it’s currently only valued at $10,000, a cram-down you would allow you to pay $10,000 over the life of your Chapter 13 bankruptcy. This could be the solution that allows you to keep your car!

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Rest Assured, Filing Bankruptcy in Arizona Will Not Affect Your Custody Rights

1 November 2011 by admin  |  Bankruptcy Process, Divorce, General Bankruptcy  |  No Comments

Bankruptcy does not affect custody rights. If you currently have a custody or visitation agreement or order in place and need to file bankruptcy, you can rest assured that the bankruptcy will not change the determination. It is important to note that any agreement or order regarding child support will also remain unaffected by the bankruptcy. Child Support is a non-dischargeable debt, and whatever past due amount of child support you may owe and whatever amount you are obligated to pay on a monthly basis will remain the same unless a change is made through the Family Court.

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Bankruptcy is for the Honest, but Unfortunate: Filing Can Improve Your Future

14 October 2011 by admin  |  Bankruptcy Process, Debt Negotiation, General Bankruptcy  |  No Comments

Bankruptcy is not for dishonest people. A wise bankruptcy judge once wrote, “Bankruptcy is for the honest, but unfortunate debtor.” Creditors wrote the bankruptcy laws. They are well aware of the laws (and agree with them) and they charge interest with the potential thought and risk of the borrower filing bankruptcy in the future.

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Debt and Divorce in Arizona: Understand Your Rights Against Creditors and Your Ex-Spouse

3 October 2011 by admin  |  Bankruptcy Process, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Collection Issues, Debt Negotiation, Divorce, General Bankruptcy  |  No Comments

If you have gone through a divorce, it’s likely that it was like countless other divorces in that you and your ex-spouse divided your debt. You may have assumed responsibility of some of the debt while your ex-spouse took responsibility for the rest. In the divorce decree, you and your ex-spouse not only promised to pay the debts assigned to each of you, but you also agreed to protect the other party from any adverse action by the creditor. Moreover, you were both court ordered to comply with this agreement.

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Bankruptcy vs. Debt Negotiation: Decide Which is the Best Option For You

29 September 2011 by admin  |  Bankruptcy Process, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt Negotiation, General Bankruptcy  |  No Comments

I recently had a woman come into my office to discuss the possibility of filing bankruptcy. She made a fairly decent living, but possessed a large amount of debt. As I discussed her options, it quickly became apparent that she did not qualify for Chapter 7 because of her income. While she had the disposable income to finance a Chapter 13 plan, I soon discovered that bankruptcy was not the best solution for her situation. I advised her that it would be wiser to try and negotiate her debt instead of filing for bankruptcy.

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