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Bankruptcy Filings Down in Arizona

The U.S. Bankruptcy Court in Phoenix recently reported a 14 percent decline in bankruptcy filings this April compared to April last year. The Court also reported that this is the 39th consecutive month of improvement in bankruptcy filing rates on a year-over-year basis. Overall, Arizona is also reporting improvements, with bankruptcy filings decreasing by 12…

Secured Debt and Bankruptcy

Under a bankruptcy proceeding, secured debt is treated differently than unsecured debt. Secured debt refers to an entire debt or part of a debt that is secured by collateral. For example, when you buy a home, you give the creditor the right to foreclose and take the home as payment for your loan if you…

Unsecured Debt and Bankruptcy

If you have a good deal of unsecured debt, bankruptcy may be the best way to discharge these debts and give yourself a fresh financial start. Unsecured debt is treated differently than secured debt in a bankruptcy proceeding, but you cannot simply keep all your secured debt and discharge your unsecured debt. Instead, it is…

Public Drunkenness Not a Crime in AZ

Being drunk in public in Arizona is not a crime, according to an Arizona Appeals Court decision. A man cited for public intoxication in Scottsdale in December 2011 appealed to the Arizona court after the municipal court decided in the city’s favor. Upon appeal to the Maricopa County Superior Court, the three-member panel unanimously ruled…

What Debts Cannot Be Discharged With Bankruptcy?

Although bankruptcy can discharge almost any debt, there are certain debts or financial obligations that will not be discharged with a bankruptcy. It is important that debtors understand this, because the choice to file bankruptcy may be based on the idea that certain debts will be forgiven when, in fact, they may not be. Oswalt…

Bankruptcy and Taxes: Common Misconceptions

Many people believe that tax debt cannot be discharged under bankruptcy, but this is not true. If you meet the test for tax debt under the bankrutpcy code, you may be able to discharge tax debts with a bankruptcy filing. However, the rules for this type of discharge are very stringent, so it is important…

Chapter 13: A Reorganization Bankruptcy

The United States Bankruptcy Code outlines the ways in which debtors can discharge their debts under bankruptcy law. Contrary to what many people believe, “bankruptcy” is not a single action but one of several types of court actions through which debtors can seek court protection. One of the more popular types of consumer bankruptcy is…

Chapter 7: A Liquidation Bankruptcy

The United States Bankruptcy Code offers help for those who are struggling with debt. Consumers, businesses, farmers, fishermen and others can take advantage of the protections offered by this code. The USBC is divided into “Chapters,” each of which covers a different type or purpose of bankruptcy and outlines the rules for each method. There…

Three Things You Should Do Before Filing Bankruptcy

While filing bankruptcy can help you control your debt and stop creditor harassment, it is not the first step you should take in order to handle your finances. There are three things that Oswalt Law Group, a leading Arizona bankruptcy law firm, recommends before you file for bankruptcy. Taking these steps may help you avoid…

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