In the past, Chapter 11 of the Bankruptcy Code has been used primarily by corporations hoping to reorganize and stay in business. However, with the real estate market downturn, more individuals have taken advantage of Chapter 11 to reorganize and
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Written by attorney, Carlene Simmons Many clients are curious during an initial consultation as to why we ask where they bank, but to an experienced bankruptcy attorney this is a vital question when paired with the question “do you owe
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Many people are aware that sweeping changes were made to the bankruptcy code in 2005. One of the biggest was the institution of the “means test” to determine eligibility to file for Chapter 7 bankruptcy protection. The “means test” was
In the majority of bankruptcy initial consultations I have conducted, I hear the same story. This story is about someone who has fallen on financial hard times. Many times, this story involves the person recounting me about how they are paralyzed
An adversary proceeding is a separate lawsuit that takes place in the context of a bankruptcy filing. As the name suggests, there are typically two parties fighting over some issue that requires the bankruptcy judge to decide an issue in
Credit card debt is one of the most common types of debt discharged in a bankruptcy. In most cases, no creditor disputes the dischargeability of credit card debt and the debt is readily discharged in the bankruptcy. However, credit card
As a lawyer with many cases in Phoenix and Mesa, Arizona and throughout the state, I often encounter family law cases in which a bankruptcy has been or will be filed. Both parties need to understand what will happen with
It is not illegal to gamble. You are certainly within your rights to gamble. However, we have been involved in a few cases in which the issue of funds gambled away immediately before filing for bankruptcy has been brought up.
Borders Group, Inc., owners of the popular Borders bookstores recently filed for Chapter 11 bankruptcy protection. You may be thinking, good for them, but I am going to be filing Chapter 7 or Chapter 13. The reality for many of
Will I ever be able to buy a house again? That’s a common question clients ask when faced with a foreclosure or bankruptcy, or both. Fortunately, the answer is yes, but . . . Depending on the circumstances and type
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