bankruptcy

How Much Do You Have to Be in Debt to File Chapter 7?

05/09/24

If you find yourself struggling with debt, you may be considering filing for bankruptcy. Bankruptcy can provide a fresh start and the opportunity to rebuild your financial life. But how much debt do you need to have in order to qualify for a Chapter 7 bankruptcy? There is no specific amount of debt that you need to file, as each situation is unique.

 

Every situation is different, and you should consider many factors before filing for bankruptcy. Discuss your options with Phoenix bankruptcy attorney today.

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Bankruptcy and Foreclosure

04/16/24

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.

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New Bankruptcy Laws

04/16/24

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.

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Bankruptcy and Divorce

04/16/24

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.

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Bankruptcy Exemptions

04/16/24

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.

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Bankruptcy Means Test

04/16/24

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.

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