Here’s Why You Need an Estate Plan

estate planning

No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.

Chapter 13 Bankruptcy Process in Arizona

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Chapter 13 Bankruptcy is significantly different than filing a Chapter 7 Bankruptcy.  Chapter 13 bankruptcy is a limited repayment plan.  It requires the debtor to make payments based on what the debtor can afford for between 36 and 60 months.  Deciding Whether to File Bankruptcy Before delving too deeply into the Chapter 13 Bankruptcy process, […]

How to File Chapter 7 with No Money

chapter 7 bankruptcy

We often get questions from clients wondering how they are going to afford to file bankruptcy when they don’t have any money and need to file bankruptcy.  It seems to be a bit of a catch-22, however, this is usually less difficult than most people think it will be.  There are several different ways that […]

What is Chapter 7 Bankruptcy?

estate planning

Chapter 7 Bankruptcy is the Most Common Form of Bankruptcy Most people, as much as 80% of people that file bankruptcy, will be filing a Chapter 7 Bankruptcy.  This is because the Bankruptcy Code states that only a person that has below median income can file for Chapter 7 Bankruptcy.  This means that 50% of […]

What Happens to Your Property In Chapter 7 Bankruptcy?

Property In Chapter 7 Bankruptcy

Short Answer – You will Keep Most of It In bankruptcy, property is divided into two classes: exempt property and nonexempt property. Exempt property is property that either state or federal law has declared to be unavailable to creditors in trying to collect debt. The purpose of bankruptcy exemptions is to protect certain basic types […]

How are Debts Treated in Chapter 7 Bankruptcy?

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Understanding your Debts In bankruptcy, debts are divided into two classes: secured debts and unsecured debts. A secured debt is one where you have pledged certain property as security for payment, such as with a mortgage or auto loan. It is associated with the creditor having a lien on the property.  An unsecured debt is […]

Qualify for Chapter 7 Bankruptcy in Phoenix, AZ

estate planning

Do I Qualify to File Chapter 7 Bankruptcy? There are limitations to filing Chapter 7 bankruptcy. You may not file if you obtained a discharge in a Chapter 7 case within the past eight years, or in a Chapter 13 case within the past four years. There are some other specific reasons you cannot file, […]