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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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How to Restore Your Credit After Bankruptcy in Arizona

By German Yusufov | Updated November 28, 2019

It is a common misconception that bankruptcy will destroy a person’s credit for several year. Many of my Arizona bankruptcy clients think that restoring credit after bankruptcy is difficult or impossible.  In fact, while bankruptcy may reduce a person’s credit score (depending on how high it is before bankruptcy), the credit score can be improved […]

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Can Business Bankruptcy in Tucson Help You Stay in Business?

By German Yusufov | Updated March 25, 2019

A common misconception is that filing for bankruptcy means financial failure. This could not be further from the truth, especially when it comes to businesses. Most businesses that file for bankruptcy do so in order to be able to continue operating. Business bankruptcy is simply a tool that allows a business to restructure its operations […]

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Do I Need a Bankruptcy Lawyer? – A Judge’s View

By German Yusufov | Updated February 12, 2019

For those struggling with debt, hiring a bankruptcy lawyer can seem like yet another expense that they can’t afford.  In the video below, bankruptcy judge Case from the District of Arizona Bankruptcy Court discusses the bankruptcy process and the implications of filing without a lawyer.  This video should be watched by anyone considering bankruptcy, whether […]

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How to Avoid Debt Collection Scams in Arizona

By German Yusufov | Updated February 10, 2019

Debt collection scams are on the rise. In order to avoid being taken in by a scammer, read this article and find out what to look for when dealing with debt collectors.

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Debt Collectors Sanctioned for Deceptive Practices

By German Yusufov | Updated February 10, 2019

The Consumer Financial Protection Bureau (CFPB) recently sanctioned two of the largest debt collectors for deceptive and abusive debt collection practices. The two entities are Portfolio Recovery Associates and Encore Capital Group, Inc. Encore’s subsidiaries are Midland Funding LLC, Midland Credit Management, and Asset Acceptance Capital Corp. These entities buy delinquent or charged-off debt from […]

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Court Expands Mortgage Interest Deduction

By German Yusufov | Updated January 10, 2017

In a recent decision, the 9th Circuit Court of Appeals expanded the mortgage interest deduction, effectively doubling the deduction limits for unmarried co-owners. The decision has important implications for individuals with very high mortgage debt, and also for those who take out second mortgages on their homes. Read on to find out more. The tax […]

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