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Can I Keep My Car in Chapter 7 Bankruptcy?

By German Yusufov | Updated February 11, 2020

Many people incorrectly think that if they file for bankruptcy, they have to give up everything they own, including their car.  This is not correct.  Under both the bankruptcy law and Arizona law, a person filing for bankruptcy can keep many types of property, up to a certain value.  These are called exemptions (See What […]

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How to Stop a Wage Garnishment Right Now

By German Yusufov | Updated January 7, 2020

Have you received a notice from your employer that your wages are about to be garnished?  Or, was your last paycheck garnished without you even knowing it would happen?  In Arizona, a creditor can take up to 25% of your wages through garnishment. So if a garnishment happens unexpectedly, it can seriously hinder your ability […]

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Should I Accept a Stipulated Judgment to Settle a Collection Lawsuit?

By German Yusufov | Updated August 23, 2019

If you are being sued by a creditor, the creditor may offer to “settle” the lawsuit by putting you on a payment schedule, provided that you agree to a stipulated judgment.  Most people faced with a lawsuit want to do anything that will put an end to it, and are happy to jump at any […]

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Ultimate Guide to Stopping Garnishment in Arizona

By German Yusufov | Updated April 26, 2020

In this guide, we go into detail about garnishments: what they are, how they are initiated, and what you can do to stop a garnishment and avoid losing your assets.  As you read this, please keep in mind that this guide is intended to be informational only, that every situation is unique, and that you […]

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How to Use Bankruptcy to Stop an Eviction

By German Yusufov | Updated June 14, 2019

Do you rent your residence?  Is your landlord threatening to evict you?  If so, bankruptcy may help you avoid eviction.  In this article, I will discuss how bankruptcy affects eviction proceedings, how to determine if bankruptcy will be of benefit to you in stopping an eviction, and the requirements for stopping an eviction through bankruptcy. […]

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Common Questions About Chapter 13 Bankruptcy

By German Yusufov | Updated April 26, 2020

These are answers to some of the most frequent questions I hear from my Tucson and Mesa clients considering Chapter 13 bankruptcy.  For a general overview of the Chapter 13 process, see our Chapter 13 Overview page. 1. When should I choose a Chapter 13 bankruptcy? As with any bankruptcy, you should choose Chapter 13 […]

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7 Mistakes to Avoid When Filing for Bankruptcy in Arizona

By German Yusufov | Updated December 8, 2019

Bankruptcy can be very effective in eliminating debt and getting your life back on track.  But for those trying to file for bankruptcy without a lawyer, mistakes can be costly (Read Should I Hire a Bankruptcy Attorney?).  Unfortunately, once the bankruptcy is filed, mistakes become very difficult to fix.  Here are the most common mistakes […]

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Will Arizona Bankruptcy Affect My Security Clearance?

By German Yusufov | Updated March 25, 2019

A common question I receive from military clients, and clients working in security-sensitive areas, is whether filing for bankruptcy will affect their security clearance. The short answer is that bankruptcy does not automatically disqualify someone from having a security clearance. In fact, in many cases I’ve handled, my client was required to file for bankruptcy […]

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Form 1099-C and Debt Forgiveness in Arizona

By German Yusufov | Updated March 25, 2019

One of the ways to deal with excessive debt is to negotiate a debt forgiveness or debt reduction agreement.  However, most people are surprised to learn that the IRS can impose a tax on the amount forgiven or reduced.  This article discusses the tax consequences of debt forgiveness and the options to deal with it. […]

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New Mortgage Modification Program Coming to Arizona

By German Yusufov | Updated February 18, 2019

For those struggling to make their mortgage payments, and having even more difficulty getting their mortgage company to respond to their mortgage modification requests, a new mortgage modification mediation program administered through the bankruptcy courts can offer a solution. The new program provides a streamlined and transparent process, under the supervision of the bankruptcy court, […]

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Posted in Mortgages and Foreclosure Prevention in Arizona | Leave a comment