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One of the most common concerns of homeowners who are considering filing for bankruptcy is whether or not they will lose their home if they file for bankruptcy. In many cases, you will not have to give up your home simply because you have found yourself in financial trouble, and have chosen to file for either Chapter 7 or Chapter 13 bankruptcy. There are certain circumstances which could lead to your property being foreclosed upon as well as alternatives that could be helpful, such as a short sale. If you are current on your mortgage payments, and you wish to continue living in your home, our firm may be able to help avoid losing the property.

Arizona law permits the complete exemption of certain properties providing their value does not exceed the limits as laid out in the Arizona statutes. To gather a more complete understanding on Arizona bankruptcy exemptions, and to determine if your home and property qualify for exemption, we recommend you contact our firm to discuss your situation with an experienced Mesa bankruptcy lawyer. The lawyers at our firm have more than 35 years combined experience helping clients navigate through a range of different bankruptcy situations. We know that each situation is different, and that is why we work closely with our clients to determine the course of action that will best suit their needs, and allow them to regain control of their finances.

If you are struggling with debts and believe that you will not be able to repay your creditors, it may be time to consider bankruptcy. Through Chapter 7 or Chapter 13, you may be able to finally secure the financial freedom for which you have been searching. Bankruptcy can be confusing, but with the assistance of a caring and proven legal counselor, you can take back control from your creditors and achieve debt relief. Every situation is unique, so it is best to discuss your circumstances with an experienced bankruptcy lawyer before making any decisions. Bankruptcy may be the right choice if the following statements are true of your situation:

  • You are purchasing even basic necessities with credit cards
  • You are borrowing from friends and family just to pay your bills
  • You have to live paycheck to paycheck
  • You are constantly being harassed by your creditors
  • You have to dip into your retirement or savings accounts to make ends meet
  • Your financial problems are making your life stressful and overwhelming
  • You are always worried about your debts and inability to pay your bills

Do those statements describe your family’s financial troubles? If so, do not hesitate to speak to a skilled legal counselor as soon as possible. Although you can file for bankruptcy on your own, it is important to be fully informed before making any decisions, so that you are confident filing is the right choice for your family.

Chapter 7 vs. Chapter 13

After assessing your circumstances, if you believe bankruptcy is right for your family, the next step is determining which Chapter is best for your debt, with the help of a knowledgeable attorney. Chapter 7 uses the liquidation of nonexempt assets to repay creditors, and after the liquidation process is complete, the filer is released from the remaining balances of most of their unsecured debts. In
Chapter 13 bankruptcy, the filer works with their attorney and a court-appointed bankruptcy trustee to create a monthly repayment plan through which they will repay their creditors over a 3 to 5 year period.

There are a number of benefits to each Chapter, but there are also implications that must be considered carefully before making your choice. If you are interested in bankruptcy to help your family overcome debt and regain control of your financial future, our team would be proud to help. Our attorneys at Dodge & Vega, PLC have helped countless clients in Mesa and all over the state through the bankruptcy process, and we can assist you with exceptional legal counsel during this difficult time. To determine your available options and learn how bankruptcy could benefit your financial situation, please call our team at your earliest convenience!

Parents will almost always admit that they love to spoil their children. Whether this be in the form of letting them attempt every sport or activity known to mankind in order to help them find their niche or spending hundreds of dollars on clothes and toys. Spending money, and a lot of it, is a way of like for the average American, and in many cases that habit doesn’t change even when the budget ought to be a little tighter. It is the beginning of August, and every parent knows what that means; back to school shopping. Every child’s favorite time of the year, it is almost like Christmas for them. The thoughts of a new backpack, pencils and pens, and then the new clothes on top of it, can be thrilling. The kids anticipate the moment when they will show all of their friends their new gear.

Unfortunately for parents who are in major debt, back to school shopping can be a nightmare, how do you tell your children that they can’t have as much as last year without going into all the details of your personal financial crisis. If a parent, or parents, really sit down and plan out their spending it is very possible to save money when back to school shopping. It may also be a good idea to sit down with your children and explain some of your situation, and that a lot of spending is not the best decision. For many parents, the thought of not buying their children something that they want is heartbreaking; parents would rather sacrifice their own new clothes in order to help make the children happier. Consider buying cheaper brands or thrifting for new clothes for this season of life, children don’t need to wear the latest fashion statement brands, as long as they are presentable.

Often, it is easy for parents to spend extravagantly on their children, especially in the department of expensive clothing. While it may cost much more than an average department store, it is cheaper than the adult versions of those clothes. Consider the options that are out there and make a budget and a plan for spending. Wise decisions when it comes to shopping is going to be helpful in the bankruptcy period of life. Bankruptcy isn’t going to keep you from living comfortably forever, it just requires some discipline and patience in order to free yourself and your family from financial debt. If you have any questions or concerns regarding bankruptcy, whether seeking to file for it or in the process,
contact Dodge & Vega today. We are an attorney’s office that specializes in the field of bankruptcy, and we want to help you get closer to freedom from your financial debt!1

In 2005 the bankruptcy law was revamped to its current form. Periodically, the rules that govern bankruptcy are reviewed and tweaked. On December 1, 2011, some of those tweaks took effect. In chapter 7 and chapter 13 cases, creditors will feel the greatest effect with the new changes.

Creditors filing proofs of claim in bankruptcy cases will not be required to file documentation to support the amounts they are claiming, as opposed to a simple summary. Creditors must include all charges that are included in the claim. Creditors who hold a security interest (like a mortgage) must disclose the amount of any default at the time of filing. Mortgage creditors must also attach documentation proving the security interest and an escrow statement if an escrow account exists on the property.

Mortgage creditors will also be required to file with the Court any changes in mortgage payments, regardless of the reason. They must also serve on a debtor an itemized statement of any post-petition charges, including late fees, NSF charges or attorney fees. Along with the new requirements for mortgage creditors, the trustee in a chapter 13 case must file a notice of the final cure payment being made to a mortgage lender. The mortgage lender then has 21 days to dispute that notice.

If you have any questions regarding these changes and how it may affect your bankruptcy case, please don’t hesitate to contact us. We always look forward to helping in any way we can.