Can Bankruptcy Help an Arizona Real Estate Investor Keep Investment Property?

Real estate bankruptcy has risen.  With the financial downturn of the last several years, and the corresponding deterioration of lease rates for real estate, many real estate investors have found themselves in the unenviable situation of owning residential or commercial real estate that does not generate sufficient revenue to cover the debt service. Faced with […]

The Basics of Financial Planning and Dealing with Debt

As a bankruptcy attorney, I am used to counseling individuals and families who are struggling with debt. But what I still cannot get used to seeing is how well-meaning people, who want to do what they can to pay off their debts, end up making their debt problems much worse by using incorrect debt management methods. And this is almost always avoidable.

Can A Creditor Come After Me If I Co-Signed For A Loan?

The short answer is yes. I see this situation all the time: parents co-sign loans for their children, family members co-sign for each other, and friends co-sign for friends. Then, when the primary debtor stops paying, the creditor tries to collect from the co-signer. At that point, there are four basic ways for the co-signer to handle the debt: (1) dispute it (e.g. because the debt is too old, or because it is unenforceable for some other reason), (2) try to settle with the creditor, (3) file for bankruptcy, or (4) not do anything. The last option should only be used after careful consideration of all alternatives, and generally only if the co-signer is judgment-proof (meaning the co-signer does not have assets that could be taken by the creditor). Of course, there is also a fifth option—to get the primary debtor to pay the debt—but oftentimes the primary debtor simply does not have the resources to pay. Afterall, the likelihood of non-payment by the primary debtor is probably why the creditor required a co-signer in the first place.

Should I Hire A Bankruptcy Attorney?

If you are considering bankruptcy, your finances are probably already very tight, so paying for a bankruptcy attorney can seem almost counterintuitive–afterall,if you had the money to pay for a lawyer, you would not need a bankruptcy, right? Why should you hire one then? If you are filing for personal bankruptcy (as opposed to a bankruptcy for a business that you own) you don’t need to have a lawyer, you can file for bankruptcy on your own. It is not impossible to do, and people have successfully done it before. However, if you are going to file for bankruptcy on your own, you need to make sure you know what you are doing. This means that you will have to spend some time learning how the process works, and what specific steps you need to take to successfully navigate through bankruptcy.

Going Through A Mortgage Modification While Behind On Mortgage Payments? Read This First.

I get contacted almost every week by people who were attempting to do a mortgage modification (also known as loan modification) through their mortgage company, but ended up losing their house to foreclosure.

It’s a similar situation in every case: the homeowner is behind on his or her mortgage payments, and the mortgage company threatens or even starts foreclosure proceedings. In an effort to save the house, the homeowner contacts the mortgage company, and is told that he or she may qualify for a mortgage modification, but that she needs to complete an application, provide financial information, and then wait for this information to be reviewed by the mortgage company.

What Happens To My Property When I File For Bankruptcy?

Almost all of us own property. When the term “property” is mentioned, most people think of land or a house. However, property includes any item or thing that a person may own or possess. So, land or a house are property, but so is a car, a couch, a computer, a wedding ring, a book collection, or a set of tools. In addition, intangible things (i.e. things that you cannot hold in your hands) can also be property. For example, if you have a checking account, that checking account is property. If you are a part owner of a business, your interest in the business is also property, and so on.

Should Spouses File For Joint Bankruptcy?

Today I want to talk about an issue that is important to every married couple considering bankruptcy—whether both spouses should file. The question comes up particularly often with families who arrange their finances so that most or all of their property is registered in the name of only one spouse. The answer in Arizona is that it is usually better for both spouses to file together. Although in most cases it may be sufficient for only one spouse to file, there are generally no benefits to be gained from doing so. Here’s why.

When Should You File For Bankruptcy?

A question I am often asked by clients is “When do I file for bankruptcy?” If you are considering bankruptcy, it is important to time the bankruptcy filing so that you can take the most advantage of the benefits of bankruptcy, and avoid the pitfalls created by filing too early or too late. There are many reasons why delaying or accelerating filing for bankruptcy may be beneficial. For example, if you are expecting to incur necessary expenses that would be dischargeable in bankruptcy, such as medical bills, then it is advisable to delay the filing until after you incur these expenses. That way, you can discharge these expenses through the bankruptcy.

Tucson Bankruptcy And Debt Relief Attorney

Filing for bankruptcy is never an easy choice, but in the right circumstances it can be the best way to protect your assets and get a fresh start. Bankruptcy can stop collector harassment, prevent home foreclosure, and help you get back on the right financial path. If you are considering bankruptcy and would like expert consultation and help understanding the process, Yusufov Law Firm is here to help.