Bankruptcy is the legal process that happens when a person, or organization, doesn’t have the money to clear all their debts. People that file for bankruptcy do it when they are in a demanding financial condition that can be caused by high debts like medical bills, a divorce or even loss of a job or incarceration. Imagine your bills stacking up and not having enough cash to clear all of them, besides being in an awful situation, you would have to seek a bankruptcy lawyer in Phoenix to get more information about whether bankruptcy is a good option for helping to regain your financial footing.

A bankruptcy lawyer will help you through the process and provide advice to save the assets you want to keep and to release the debts you don’t in a Phoenix Chapter 7 filing or even organize them in a way to end up with the most benefits with a Phoenix Chapter 13 filing. In Arizona, My AZ Lawyers has the training and experience required to advise you in everything you need for your specific situation. Each member of our team has the necessary knowledge to help you achieve debt relief. There are a few things you have to avoid doing in order to have a smooth bankruptcy filing.

STOP USING YOUR CREDIT CARDS IMMEDIATELY

The first thing you have to do after you file for bankruptcy is to never use your credit card for any reason. If you want to buy clothes, do some shopping, get electronics, things you want for yourself, basically anything, your only option is to use a debit card with money you already have. Otherwise, just the cash you have at hand. Having a credit card is like having the option to take a direct loan to the bank so using it will lead to direct damage at your bankruptcy case.

If you want to receive money, it should only come from sources of income like your job or freelance work. You should never deposit any check or amount of money that belongs to anybody, even accept them from friends and family that wants to help you. This will harm your case and your bankruptcy lawyer won’t be able to further assist you.

DON’T TRANSFER ANY MONEY OR PROPERTY THAT HAS YOUR NAME

General public frequently thinks that by transferring houses, vehicles, or money to other people, will save those assets from bankruptcy procedures, which is wrong. Even more, if you manage to do an asset transference to another person, it will be considered as fraudulent in court, so you have to be really careful with anything you do.

NEVER PAY ANY DEBT WHILE FILING FOR BANKRUPTCY

If you ever think that clearing at least one of your debts is going to help you in your bankruptcy case, it won’t do any good and your bankruptcy lawyer will also advise you not to do it because it will lead to a preferential transfer. For more information, you can give us a call to bring you a complete information about what this means.

YOU SHOULD STOP FILING LAWSUITS

As soon as you file for bankruptcy, every possession in your name, including payments awarded by lawsuits, will be transferred to the court that works on your bankruptcy case. In other words, you will not receive any settlement that has not been worked out. However, there are few exemptions that may let you have a percentage of the settlement’s amount. In some states, they can award you the total amount, but other states just give you a fraction of it, and finally some states will not have any kind of exemptions.

DON’T ACCEPT ANY FUTURE PAYMENT OF ANY KIND

Current funds in your possession, and all of the payments that you are waiting to receive in the future, will be part of your bankruptcy estate. Future payments includes tax refunds and also inheritances. Since you won’t have control of receiving this payments, be conscious that it will go straight to the court until your creditors are contented.

For more information about filing for bankruptcy, My AZ Lawyers in Arizona will help you whenever you need help. Don’t hesitate to give us a call if you have any doubt, our bankruptcy lawyers are more than happy to answer all the questions you have. We guarantee the best service at the most affordable prices.

Published By:
My AZ Lawyers

Mesa Location:
1731 West Baseline Rd., Suite #100
Mesa, AZ 85202
Office: (480) 448-9800

Glendale Location:
20325 N 51st Avenue Suite #134, Building 5
Glendale, AZ 85308
Office: (602) 509-0955

Tucson Location:
2 East Congress St., Suite #900-6A
Tucson, AZ 85701
Office: (520) 441-1450

Avondale Location:
12725 W. Indian School Rd., Ste E, #101
Avondale, AZ 85392
Office: (623) 399-4222

The 2005 change in the bankruptcy laws was supposed to slow down the rate at which people file for bankruptcy. It may have temporarily worked. BK filings climbed to all time highs in 2010 before starting to again decline. The 2005 change in the bankruptcy laws was supposed to slow down the rate at which people file for bankruptcy. It may have temporarily worked. BK filings climbed to all time highs in 2010 before starting to again decline.

Did we really think that simply changing the laws in 2005 would make all the bankruptcies go away? It didn’t, it made things a little better for a short period of time, however, the housing crisis in 2008-2010 drove numbers to all time highs.

There was an increase in filings just prior to the law changes in 2005 and things stayed pretty consistent until 2008 when the housing market crashed and the number of bankruptcy filings escalated. They continued on an upward path until 2010 and then started to slightly decrease every year.

When a person files for chapter 7 bankruptcy protection they are able again to file 8 years after their case is discharged. With so many filings in 2008 and 2009, there will be a lot of people eligible to file again in 2016 and 2017. This crop of freshly eligible
bankruptcy filers may mean that bankruptcy filing rates again could spike.

From 2005- 2010 all states showed an increase in bankruptcy filings. Some experts believe some of the increase is due to a natural recovery as consumers and Phoenix Bankruptcy attorneys become accustomed to a recent overhaul of bankruptcy laws, the numbers indicate clear correlations to recession-weary regions. Arizona saw the fastest increase, a jump of 77% from the year before, followed by Wyoming (60%), Nevada (59%) and California (58%). While every state saw a rise in bankruptcies , Alaska (up only 12%), Nebraska (12%) and North Dakota (14%) performed best.

These hard hit states may be the first ones to see a second wave of filings. A second wave may be coming on the heels of all of the 2008 and 2009 filers becoming eligible to file for chapter 7 bankruptcy protection again. Only time will tell.

Published By:
My AZ Lawyers

Mesa Location:
1731 West Baseline Rd., Suite #100
Mesa, AZ 85202
Office: (480) 448-9800

Glendale Location:
20325 N 51st Avenue Suite #134, Building 5
Glendale, AZ 85308
Office: (602) 509-0955

Tucson Location:
2 East Congress St., Suite #900-6A
Tucson, AZ 85701
Office: (520) 441-1450

Avondale Location:
12725 W. Indian School Rd., Ste E, #101
Avondale, AZ 85392
Office: (623) 399-4222

Big news could be devastating for employees of General Motors Company’s production plant in Phoenix, Arizona. Just a few days ago, General Motors Company was met with the startling revelation that one of their key suppliers, Clark-Cutler-McDermott Company, filed for bankruptcy in Phoenix. A contract dispute, said General Motors Company, plus the company’s bankruptcy lawyer’s in Phoenix move to file for bankruptcy may force the automotive company to close nearly all of their United States assembly factories, including the plants in Phoenix.

General Motors, which is based in Detroit, Michigan, depends on Clark-Cutler-McDermott Company for over one hundred and seventy five different insulation and interior material parts for their vehicles. Should this company file for bankruptcy successfully, General Motors could lose parts that are used in almost every car they manufacture in the country.

Clark-Cutler-McDermott Company ceased production of parts for General Motors earlier in July and laid off all employees. Clark-Cutler-McDermott Company had laid off workers earlier this year until General Motors could receive a restraining order against the company, which was granted. Now, that order has expired and Clark-Cutler-McDermott Company may be shutting down for good.

Production for large companies such as General Motors is a very sensitive process. Should supplies cease to be produced for their cars for even a 24 hour period, all North American plants could be closed for good. This was also said in General Motors own court documents, which claimed, “A continued disruption in the supply of component parts will also cause a catastrophic disruption in the supply chain and the operations of countless GM suppliers, dealers, customers, and other stakeholders.”

Since vehicle brands do not have products and parts on hand in order to save production factory space and must rely on immediate deliveries, even the slightest issue with suppliers could be dangerous for vehicle brands. It is even more dangerous that General Motors Company relies solely on one single supplier. General Motors Company can’t work with another supplier company either, since no other companies produce the correct parts for General Motors vehicles.

An upcoming court hearing has been scheduled to deal with requests from both General Motors Company and Clark-Cutler-McDermott Company.

Understanding bankruptcy

Bankruptcy is a general term that refers to the federal court procedure of eliminating debt for a business or person. Bankruptcy is often filed when the amount of debt an entity has greatly outweighs their assets and income, making the debt nearly impossible to pay back. The entity in question must prove to a court of law that they are entitled to a bankruptcy. Should the bankruptcy hearing be successful, the entity’s debts, in full or partially, can be completely wiped away.

A bankruptcy lawyer is usually involved in the entity’s bankruptcy filing for several reasons. The biggest reason is that because all assets and incomes must be accounted for, it is extremely easy to make a mistake. Should you file for bankruptcy with fraudulent information, you could face serious fraud charges. A bankruptcy lawyer can help you go through your assets and accurately file for bankruptcy.

This is no simple magic wave of the wand, though. Filing for bankruptcy puts a stamp on your credit score that can remain there for ten years or more. The ability to get a credit score based loan for anything may be impossible because of your bankruptcy filing. Businesses usually dissolve and must be sold or closed down. This is why Clark-Cutler-McDermott Company’s file for bankruptcy could mean the end of General Motors Company. Should Clark-Cutler-McDermott Company cease production, General Motors Company will have no other means of manufacturing their vehicles with specific parts made by the supply company.

I want to file for bankruptcy, but I do not know if I should. Where can I find a bankruptcy lawyer in Phoenix, Arizona?

My AZ Lawyers, PLLC can help. Not only do we handle bankruptcy law, but we also have attorneys with niche expertise in criminal defense, divorce, and DUI cases. You should always look for a bankruptcy lawyer that has a good track record of successful bankruptcy cases. Not only that, but you should never handle your bankruptcy case alone. Small details can be missed and could mean big trouble for you in the future. Give My AZ Lawyers, PLLC a call today to learn more about how we can help you.

Published By:
My AZ Lawyers

Mesa Location:
1731 West Baseline Rd., Suite #100
Mesa, AZ 85202
Office: (480) 448-9800

Glendale Location:
20325 N 51st Avenue Suite #134, Building 5
Glendale, AZ 85308
Office: (602) 509-0955

Tucson Location:
2 East Congress St., Suite #900-6A
Tucson, AZ 85701
Office: (520) 441-1450

Avondale Location:
12725 W. Indian School Rd., Ste E, #101
Avondale, AZ 85392
Office: (623) 399-4222

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Blog – Phoenix Bankruptcy Attorney

http://phoenixbankruptcylawyers.co/blog

http://phoenixbankruptcylawyer.co/blog

A recent analysis shows that the number of bankruptcy filings in Phoenix Arizona and throughout the United States are declining. This must mean that the financial crisis and recession is over, right? — WRONG! If the current trend continues and filings continue at the same rate /pace as the past year, total bankruptcy numbers should continue to decline (for a second straight year in a row).

Perhaps the falling number of filings could be the result of sustained low interest rates, decreased spending, and/or tighter lending standards. These, plus a slightly improving economy has assisted consumers in helping to balance their finances. These are the most common thought of theories to lower bankruptcy numbers, however, there could be additional reasons that the number of people filing for bankruptcy in Phoenix Arizona has declined.

One of the rules of filing chapter 7 bankruptcy is that a person can only declare chapter 7 bankruptcy once every eight years. Thus, if 10 million people have filed already within the past 8 years, that in itself limits the amount of people who are even eligible to consider filing for bankruptcy protection again until waiting the 8 year period, despite their current financial situation. There are probably several people in need of a bankruptcy who just aren’t eligible to file until they wait the mandatory 8 years.

When the number of bankruptcy filings increased in the past 5 years, creditors could see the trend and started working with people more frequently in order to arrange payment plans or to negotiate reduced payments or interest rates in an attempt to avoid having the money they lent discharged in a chapter 7 bankruptcy.

Creditors were pushed to do this as it was better for them to collect some part of the debt than to lose out on it entirely. The willingness of these creditors to work with people has also helped to slow the filing bankruptcy frenzy. People wanting to try to make payments and work themselves out of debt, were more able to do so with creditors willing to work with their debtors, the urgency of filing bankruptcy decreased.

Another theory for the decline in bankruptcies is that people are managing their money more carefully, there is just a plain decrease in spending overall, the decrease in spending has led to less credit card debt, the trend of people to be more careful with their spending habits has aided in the decreased number of filings.

Bankruptcy is still the best solution to many financial situations for individuals, couples, and businesses in Arizona and throughout the United States. A bankruptcy provides an individual with a means to rebuild and recover, however, an increasing number of people have chosen credit counseling, debt reorganization, loan modifications, short sale of homes, and debt consolidation and negotiation instead of filing for bankruptcy protection.

If you are facing a financial hardship or just can’t stay ahead of the bill collector, an experienced and trusted Phoenix bankruptcy attorney can look at your financial situation and help you determine if filing for chapter 7, chapter 11, or chapter 13 bankruptcy or other alternatives to bankruptcy may be in the best interest for you.

You should work with a fair lawyer who will explore and explain all your options available to you in order to get your finances back on track. Don’t you deserve a fresh start?

668 N. 44th St., Ste 320
Phoenix, AZ 85008
Office: (602)509-0955

1731 W. Baseline Road, Suite 100
Mesa, AZ 85202
Office: (480) 263-1699

20325 N. 51st Ave., Suite #134
Glendale, AZ 85308
Office: (623) 640-4945

2 East Congress St., Suite 900
Tucson, AZ 85701
Office: (520) 306-8729

Call (602)509-0955 for a FREE Bankruptcy Consultation NOW!!!

Serving Chapter 7, Chapter 11, and Chapter 13 clients in Phoenix and surrounding communities!

MY AZ LAWYERS, PLLC
PHOENIX BANKRUPTCY LAWYERS
LOCATIONS: Offices throughout the valley.
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Call (602) 509-0955 to set an appointment with one of our Phoenix Area Bankruptcy Lawyers.

OUR PHOENIX BANKRUPTCY LAWYERS ARE LOCATED IN PHOENIX, ARIZONA, AND SERVE BANKRUPTCY CLIENTS IN SCOTTSDALE, PHOENIX, GLENDALE, TEMPE, MESA, CHANDLER, PLEASANT VALLEY, AVONDALE, CASHION, EL MIRAGE, PEORIA, SUN CITY, SUN CITY WEST, TOLLESON, YOUNGTOWN, GILBERT, QUEEN CREEK, CASA GRANDE, SURPRISE, PRESCOTT, MARANA, TUCSON, FLAGSTAFF AS WELL AS PIMA, PINAL, AND MARICOPA COUNTY.

DISCLAIMER: THE INFORMATION YOU OBTAIN AT THIS ARIZONA BANKRUPTCY LAW WEB SITE IS NOT, NOR IS IT INTENDED TO BE, LEGAL ADVICE. YOU SHOULD CONSULT A PHOENIX LAWYER FOR ADVICE REGARDING YOUR INDIVIDUAL SITUATION. OUR ARIZONA BANKRUPTCY LAWYERS AND STAFF INVITE YOU TO contact our Arizona Bankruptcy Law Firm AND WELCOME YOUR CALLS, LETTERS, AND ELECTRONIC MAIL. CONTACTING US DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. PLEASE DO NOT SEND ANY CONFIDENTIAL INFORMATION TO US UNTIL SUCH TIME AS AN ATTORNEY-CLIENT RELATIONSHIP HAS BEEN ESTABLISHED.  THANK YOU FOR VISITING OUR PHOENIX DEBT RELIEF WEB SITE.