Chapter 7 Bankruptcy

The Length of Time It Will Take to Rebuild Your Credit – With or Without Bankruptcy

04/10/12

Clients are always concerned about their credit score.  It is not unusual for the question “How will bankruptcy affect my credit score?” to be the first thing that comes out of someone’s mouth when they consider bankruptcy as an option.  Although bankruptcy does have an effect on your credit, the effect may not be as [...]

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What Will Happen to My Retirement in Bankruptcy?

04/07/12

Retirement Accounts and Bankruptcy One of the biggest myths about bankruptcy is the idea that you will lose your retirement savings if you file. Generally speaking, this is not true. Section 522 of the Bankruptcy Code allows individual retirement accounts (IRAs) up to $1,000,000 to be exempted in bankruptcy. This means that you can file [...]

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Credit Card Debt in Bankruptcy: The Basics

04/04/12

The Basics of Credit Card Debt and Bankruptcy In an economy where housing problems dominate the headlines, high interest credit cards still remain one of the largest issues consumers face in their fight for financial health. It should come as no surprise to learn then, that credit card debt is still one of the primary [...]

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Debt Settlement Attorneys Beware, the Bankruptcy Court She’s a Watchin’

04/02/12

The Bankruptcy Court Scrutinizes Fees Charged by Consumer Attorneys By definition, the assets of bankruptcy debtors are limited. Taking this reality into account, the Bankruptcy Code has historically required debtor attorneys to disclose their fees, and in some cases, prove that what they’ve charged is reasonable. In order to protect debtors who have fallen on [...]

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A Visit From the Sheriff Doesn’t Mean You’re Going to Jail

03/30/12

The Sheriff Came to My Home, Have I Committed a Crime? I received a call yesterday from a client who was concerned about a recent visit from the sheriff. After a Homeowners Association instituted foreclosure proceedings because of delinquent dues, the sheriff came by my client’s home to give notice of the upcoming foreclosure hearing. [...]

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When You’re Too Broke to File Bankruptcy…

03/29/12

How Can I Pay For Bankruptcy? At first blush, the title of this post “When You’re Too Broke to File Bankruptcy” may seem counter intuitive to some. After all, isn’t it people who are by definition “broke” and struggling with debt who turn to bankruptcy to hit the reset button? While it is true that [...]

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First Circuit: Lender Not Obligated to Foreclose on Home Surrendered in Bankruptcy

03/28/12

Surrendering Property Usually Allows the Debtor to Walk Away From Underwater Property. What Happens When the Bank Refuses to Take Ownership? One of the big advantages for consumers filing bankruptcy is the ability to surrender property they can no longer afford. Through bankruptcy, debtors can avoid a deficiency lawsuit and get rid of personal liability [...]

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Am I Protected by the Arizona Anti-Deficiency Statute?

03/28/12

Am I Protected by Arizona’s Anti-Deficiency Law After Foreclosure? When most families purchase a home, they don’t envision ending up facing a foreclosure sale, but in states like Arizona where the housing market has been particularly hard hit, foreclosure is an all too common event. In cases where a home has plummeted in value, borrowers [...]

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How to Conduct and Analyze an Initial Client Interview

03/21/12

Meeting your potential client for the first time will set the tone for your entire representation. By having a well-reasoned and thorough interview form, you should be able to gain a great map for what questions you may have for this client, what chapter they may need to file, if they need to file at [...]

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Is an Adjacent Lot Part of the Homestead for Exemption Purposes?

03/14/12

Homestead Exemptions Don’t Protect Investment Property Although homestead exemption laws vary by state, none of them protect investment property. A homestead is, by definition, a primary residence. You don’t necessarily need a white picket fence and a golden retriever, but you must live in the home in order to claim the exemption. As a general rule, investment [...]

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