Want to Avoid Bankruptcy? Don’t Seek Advice from Allen Iverson.

Allen Iverson, the former NBA superstar and MVP, has indicated that he is broke and considering bankruptcy?  Iverson, was an accomplished athlete and was generously compensated for his talents.  Over his fifteen (15) year career, Iverson earned $200 million dollars.  Earning so much money in so little amount of time could certainly be enough to support himself comfortably for two life-times.  So how is it that he now, only a few years removed from his profitable athletic career, is facing bankruptcy?  One athletic journalist provides… Continue reading →

PITFALLS IN BANKRUPTCY

I understand the when you are facing serious financial trouble, you do just about anything to keep your head above water.  Many of these transactions are seemingly harmless.  Unfortunately, if you are in such a financial bind that you are considering bankruptcy, it is important to consult with an attorney to make sure these otherwise harmless transactions don’t hurt you or delay your bankruptcy  should you choose to file. Selling Property for Less than it’s Worth It is not entirely uncommon for someone to be… Continue reading →

What is a Means Test?

If you are considering filing bankruptcy and you have heard about how you need to pass a means test to be able to file, don’t be scared.  First of all, the means test is not a written exam.  Rather, it is a calculation of your income and reasonable expenses and your attorney has to do all the work.  Second, if you do not pass the means test, even though you likely cannot file a chapter 7 bankruptcy, you can still file a chapter 13 bankruptcy.… Continue reading →

Chapter 7 versus Chapter 13

When someone comes into my office with questions about bankruptcy, after going through their finances and determining whether I would even recommend bankruptcy, the first question they have is, “What is the difference between a chapter 7 and a chapter 13 bankruptcy?” Chapter 7 A chapter 7 is the most commonly filed bankruptcy.  Likely, if you have heard anything about bankruptcy, you have heard about a chapter 7.  In a chapter 7, there is a strict liquidation of property.  Once you file a chapter 7,… Continue reading →

What is Diminished Value

WHAT IS DIMINISHED VALUE AND DO YOU DESERVE IT? Diminished value occurs when a vehicle has been involved in an accident and is repaired. The loss in value to your vehicle is the difference between what a reasonable person would pay for your vehicle if it had never been involved in an accident and what that same person would pay for the your vehicle after the accident and repairs.  Another way to think of diminished value is under this scenario: you are given the ability… Continue reading →

Balance Billing For Medical Providers - Read Agreements Before You Sign!

When you go to your doctor it is important you review any documents they have you sign.  These documents generally include an agreement to pay for services if your medical insurance company either denies the claim or pays for only part of the claim. Most of the general public does not understand medical providers and medical insurance companies agree to contracted rates for service. For example, if a doctor charges $100.00 for an examination and the patient has medical insurance, the doctor may have an agreement with the medical… Continue reading →

Stripping Second Mortgages

There are so many people these days who are struggling to make ends meet because of the enormous debt on their home. It is not entirely uncommon for these people to have a second and in some instances a third mortgage on their home. They love their home and don’t want to lose it, but the multiple mortgages creates a financial bind that leaves them living paycheck to paycheck, or, even worse, it does not allow them to make ends meet and they are falling… Continue reading →

How Do I Keep My Home In Bankruptcy?

Most people who file bankruptcy in Arizona still owe money on their homes. The question of concern that many of these people have is if they can keep their home in an Arizona bankruptcy? The answer to this question is that you can keep your home if you are able continue paying the mortgage. A mortgage is different from a debt to a credit card company.  Credit card companies have no rights other than to collect money from you personally under the terms of the… Continue reading →

Protect Property In Arizona bankruptcy

There are two major misconceptions about bankruptcy and the property of the person filing bankruptcy. One line of thinking is when you file bankruptcy you lose all of your property. The competing idea is when you file you get to keep everything you own. Neither of these statements is exactly true and the level of validity of each of these statements depends on what chapter of bankruptcy you file and the individual’s circumstances. In a chapter 7 bankruptcy in Arizona, a consumer filing bankruptcy is… Continue reading →

"The information on this blog is general in nature and is not intended to be comprehensive legal advice. Every case is different and if you would like specific information concerning your personal situation call us at 480-539-9400 or 1-800-777-8529"