Archive for ‘Bankruptcy, Short Sales, Debt Relief’

November 20, 2013

How does a Short Sale or Foreclosure Impact Your Credit?

As you may know, a short sale or foreclosure can negatively impact your credit score and delay your ability to obtain financing for a new home loan. Arizona is an anti-deficiency state, though, meaning that a lender generally can’t sue you for a deficiency on your loan after a short sale or foreclosure. Furthermore, the Arizona Supreme Court has held that a borrower has no personal liability for a loan if the anti-deficiency law applies. Baker v. Gardner, 160 Ariz. 98, 770 P.2d 766 (1988). This limits the way your lender can report your short sale or foreclosure to the credit reporting agencies. Please call The Carroll Law Firm to discuss how your short sale or foreclosure is listed on your credit report and to explore options for quickly restoring your credit following a short sale or foreclosure.

October 30, 2013

Why Pay a Lawyer?

Often people ask, “Why pay a lawyer?” when legal document prepares in Arizona can often prepare documents that people would normally go to a lawyer to prepare instead. Arizona  is  rather lax in allowing non-lawyers prepare what are essentially “legal documents.” These individuals typically prepare wills, trusts, powers of attorney, divorce and bankruptcy petitions, Limited Liability Company filings and other such documents. In addition to these “document preparers”, there are several online websites that essentially offer the same services.

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May 1, 2013

Significant Changes to AZ Bankruptcy Laws

Help for self-employed debtors and others. (DEBTORS IN ARIZONA CAN NOW KEEP THEIR iPad)

The following is current as of April 24, 2013.  Bankruptcy exemptions can change based on new laws, and interpretation of current laws by the courts.

Arizona Bankruptcy Laws have changed in a significant way, as the updated exemptions will make it harder for creditors to force the sale of the assets of a person filing bankruptcy (“debtor”).

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April 3, 2013

How to Prepare for a 341 Hearing (“Meeting of Creditors”)

WHERE IS THE HEARING HELD: For most bankruptcy cases there will only be one time when you, the debtor, go to court for the meeting of creditors.  This meeting is not usually held in a courtroom with a judge, but is held before a trustee in a meeting room where you sit across a table from the trustee.  (In some areas outside of Maricopa County the hearing may be held in other places such as a city council room.)

For Downtown Phoenix, Arrive early, and plan to park in a parking garage.  There is a parking garage across the street from the United States Bankruptcy Court. (Note that this is a different building from the Federal Court House where civil and criminal federal matters are heard.)

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March 20, 2013

10 Common Reasons People File Bankruptcy

Many people believe that bankruptcy law only protects those with a “good reason” for filing bankruptcy. This belief is not true. You do not need to prove a “hardship” to file bankruptcy. There are a lot of different reasons to file bankruptcy.

Below are a few of the most common situations where people find that a bankruptcy is much better than their current circumstances.

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