Reaffirmation Agreements
Author Elana Sears
Video from the Honorable Eileen W. Hollowell, District of Arizona. She discusses reaffirmation agreements
Keeping Credit Cards Chapter 7
Author Elana Sears
Often, chapter 7 bankruptcy clients have a strange preconception that they can keep certain credit cards, or credit cards with no ($0) balance. For example, a few days a go a potential client came into the office to obtain an intake packet. She mentioned to my paralegal that she planned on keeping a $300.00 credit card she had for “emergencies”, apparently it had a $0 balance.
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Preparation is Key to a Successful Bankruptcy
Author Elana Sears
I have said this before, and I will say it again, and again…, preparation for a chapter 7 bankruptcy is the key to a smooth litigation free experience in the bankruptcy court. A good way to think is in terms of at least 90 days. Ninety days (or more) before you plan to file the initial bankruptcy petition, speak with a bankruptcy attorney. Most likely, he/she will tell you to STOP PAYING ON YOUR CREDIT CARDS.
Posted in Bankruptcy Information | Tags: 90 days, bankruptcy preparation, credit cards | No Comments »
Automatic Stay
Author Elana Sears
In summary, filing the bankruptcy petition under any chapter of the bankruptcy code creates an automatic stay (unless you previously filed within the past year – talk with an attorney).
In other words, creditors cannot take any collection actions against you, such as repossessing a car, starting or continuing a law suit, foreclosing a home, garnishments or
Automatic Stay – Chapter 7 Bankruptcy.. more
Author Elana Sears
When it comes to filing bankruptcy, so many laws, rules and regulations have to be considered that many individuals simply become overwhelmed.
Adding to the stress is the battle of warding off creditor phone calls, threats, lawsuits, and insults that making sound intelligent financial decisions suddenly becomes fraught with overwhelming emotion, and a gloomy or angry frustration quickly sets in, after all, enough is enough. Wouldn’t you agree?
Fortunately, there is a provision within the Bankruptcy law, that helps immensely, termed the “Automatic Stay”.
Arizona Bankruptcy Exemptions
Author Elana Sears
Each state has its own set of exemption statutes that exempt certain types of property. This prohibits or restricts creditors from taking specific items under certain conditions. Arizona has exemptions that protect a portion of your “homestead”, household goods, a vehicle, guns, work tools, etc.Because of this, most bankruptcy filers do not lose much if anything while going through the bankruptcy process. Arizona’s exemptions are fairly generous when compared to most other states.
Credit Counseling – Bankruptcy
Author E. Prell
I am asked daily about a credit counseling company, and which I prefer (I have no preference). It appears they all have different prices, and they change often. Your best bet is to go to the Arizona Bankruptcy Court Website HERE and pick one out that suits your own criteria – these have been pre-approved by the Court.