Arizona Bankruptcy Legal Questions

In Illinois, title to a boat trailer is issued by the Secretary of State. Usually, the lender holds the title until you pay off the loan. Very likely, the lender still has the title. You should contact the lender and ask them to give it to you if they don't want the trailer. Your debt to the lender should have been discharged in bankruptcy.... Read More

Because you reaffirmed the second mortgage you are still legally obligated to pay it. If you default in the payment obligation the second mortgagee will sue you seeking a money judgment, or possibly even foreclose, although this is less likely. If sixty (60) days has not yet passed since the Reaffirmation Agreement was filed with the Court you can rescind the Agreement. If you rescind the Reaffirmation Agreement in a timely fashion you will have no further legal obligation to make the second mortgage payment, and can stop making the payment without any exposure to a money judgment being entered against you.... Read More

Whether you can keep your vehicle or any other asset, depends on what exemptions you have available to you under applicable law to protect that asset. Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections.  Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.  Assuming that you have lived in Arizona for more than the past 2 years, Arizona's exemption laws would apply to your case and according to what I see, they have a $5,000 exemption for vehicles ($10,000 if married).   How you value your vehicle and what the Trustee's in your area will do if there's some non-exempt equity is something you should discuss with a bankruptcy attorney in the area where your case would be filed. 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

All personal, and real, property must be listed on the bankruptcy schedules and valued.  An intentional failure to list an asset is grounds for denial of your discharge and, in egregious cases, criminal prosecution. Your attorney will guide you as to how much detail is necessary for each type of property (for example, you don't need to list each item of clothing you own; a category for "clothing" alone would be sufficient). 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 can do it yourself, but if you are represented by counsel the Court may not consider your pro se motion. Best to consult your lawyer. Drafting the actual motion and order is easy. But then you must update your statement and schedules and attend a new meeting of creditors in the Ch. 7. If you don't have a lawyer, it's really a good idea to employ one.... Read More