Posts tagged ‘bankruptcy attorney’

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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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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July 30, 2012

Foreclosure Auction for 10401 W. Chaparral Dr., Sun City, AZ 85373

Date: July 31st, 2012

Time: 1:00 PM

Location:
The Carroll Law Firm
42104 N Venture Drive Suite E-101
Anthem, AZ 85086

Opening Bid: $134,500.00

Foreclosure Bidding procedures
All bidders must sign in prior to the auction.

Prior to bidding a check for the amount of $10,000.00 must be presented to the Trustee.  If you are the high bidder this check will be used as a deposit.  If you are not the high bidder this check will be returned to you.

The balance of the bid amount must be presented to the Trustee by 5:00 PM on the day after the foreclosure auction. If the high bidder fails to deliver the funds prior to the deadline, the deposit will be forfeit and the next highest bidder may be given the opportunity to purchase the property for their bid amount.

February 23, 2012

Why Do I Need an Attorney to File Bankruptcy?

The short answer: To avoid fraud charges and to prevent the bankruptcy trustee from taking assets which may be exempt.

Most people file bankruptcy because they can no longer pay their creditors.  When you file a Chapter 7 bankruptcy you are asking for the federal government to stop all your creditors from collecting, and appoint a trustee who will collect for them up to the limits allowed under bankruptcy laws.  The appointed trustee also has the job of detecting fraud, by finding people who are making misrepresentations as part of the bankruptcy process.

A good bankruptcy attorney can prepare the bankruptcy filings so that nothing is omitted.  The trustees do not just look for statements that are not correct on the filings, but also statements that are missing. Bankruptcy filings require you to list all of your assets, and require you to sign under oath that you have listed all of your assets. You will then have a hearing before the trustee where you will take an oath and state under oath whether you have listed all of your assets. If you have omitted items, even inadvertently, there is a risk that the trustee will look further for fraud in your case. If a trustee believes there is fraud, then they will file a motion to prevent you from having your debts discharged or forgiven.

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September 6, 2011

The Working Man’s Bailout: Chapter Seven Bankruptcy

The Carroll Law Firm is not “a Bankruptcy Law Firm”, and it never was our intention or expectation that we would be filing as many Bankruptcy Petitions on behalf of so many individuals, families and businesses.  In fact, in 2007 when the Arizona office was first opened, if you needed representation in a Bankruptcy Proceeding, we would have referred you to another lawyer.  Needless to say, as our Arizona office started to grow, we received more and more calls and consultations where it became obvious that for many of our clients a Bankruptcy filing made a lot of sense.  So, we purchased the latest software, expanded the firm, and offered to represent people who needed to file Bankruptcy Proceedings.

Although most people have been able to survive the recession and still have their jobs and are able to pay their bills, many of their neighbors are not so fortunate.    Their homes are underwater, they can no longer keep up with the minimum payments on their credit cards, which are now “tapped out,” and their income is shrinking.  For years, most Americans lived “within their means” and many more lived beyond them.  Based on past performance of real estate, there was a realistic expectation that they would continue to build equity in their homes.  So what difference did it make if you ran up $10,000 in credit card debt if your home appreciated $20,000 last year.  And when you reached your credit card limit you merely took an equity line against your home to pay off your credit card, and then started the “cycle” of debt building all over again.  But then came the recession, and the cash cow that was our homes no longer had any equity, and when the borrowers reached their credit card limits they “hit the wall.” If they happened to be late on their credit card payments their minimum payments increased dramatically as the interest on the card adjusted to the “default rate”, which often was as much as 30%. They could no longer keep up with huge car payments and many had their vehicles repossessed resulting in thousands of dollars in deficiencies.  Ultimately, their creditors levy their bank accounts sweeping away their small remaining savings balances and they find their wages are being garnished.  What was once the American Dream has now become their worst nightmare, and they feel they are unable to control their lives.

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