Arizona Bankruptcy Legal Questions

Here are some of the main differences between Chapter 11 and Chapter 13. 1. Only individuals can file Chapter 13. Chapter 11 can be filed by individuals, corporations, LLC, partnerships and business trusts. 2. Chapter 13 has debt limits which are set forth at 11 U.S.C. Section 109 of the bankruptcy code. Chapter 11 does not have any debt limits. 3. Chapter 11s are more expensive than Chapter 13s. Their filing fee is higher and the legal fees incurred in Chapter 11 are usually several times greater than the legal fees incurred in Chapter 13 cases. To see if bankruptcy is right for you, I recommend that you call a certified specialist in bankruptcy law (like me).... Read More

You might want to check with LAF or other providers of legal services to those who cannot afford it as to whether bankruptcy is desirable. If you have no assets or income that can be seized, there may be little point in filing bankruptcy. Bankruptcy would discharge a bank loan assuming that it is not within a nondischargeable category (e.g., a student loan) and assuming that there was no fraud or other grounds for denying dischargeability involved.... Read More

I'd need more details to adequately advise you. But, if you marry, both incomes will be included when determining chapter 7 bankruptcy eligibility. If you paid the attorney the filing fee, that portion he should have held in trust to refund to you. The remainder depends on how much effort he has put into your case.... Read More

There is not enough information to answer your question.  You need to hire a bankruptcy attorney to protect your rights.  A living revocable trust does not in any way protect the assets of the trust from creditors; it is merely a probate device.  Whether you took the wrong homestead exemption or have too much equity in the property is something you'd need to discuss with a bankruptcy attorney in your area.   Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau. ... Read More

You really should consider filing a chapter 13. The plan in a chapter 13 allows for you to make up mortgage arrears over a 3-5 year period. When you get finished with the plan, you will be debt free. Usually your unsecured creditors (credit cards, hospital bills, judgments, pay day loans, medical bills) will be paid less than 10% of what is actually owed. You should schedule a free consultation.... Read More

At the 341 creditors' meeting you need to take a Social Security card, W2, or other acceptable identification, along with a driver's license. At least one week before the meeting you should provide the trustee with 6 months of bank statements, 2 years of income tax returns, and 7 months of paystubs (in this jurisdiction). If he wants other documentation, he'll ask for it. The trustees in this jurisdiction aren't usually interested in timeshares.... Read More

You should save money to hire an attorney and get it done right. It is usually a very bad decision to try to file bankruptcy without an attorney. You can find all the forms online from the United States Trustee's office, but if you do not know the law, you could potentially lose money, property and / or have a case dismissed and otherwise unsuccessful bankruptcy. Hire a lawyer.... Read More

Yes.  The automatic stay in bankruptcy requires any an all actions to collect on a debt to stop. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  ... Read More