Will Arizona Bankruptcy Affect My Security Clearance?

By German Yusufov | Updated May 24, 2020

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 […]

Form 1099-C and Debt Forgiveness in Arizona

By German Yusufov | Updated May 24, 2020

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. […]

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

By German Yusufov | Updated May 24, 2020

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 […]

Debts Not Discharged in Chapter 7 Bankruptcy

By German Yusufov | Updated May 24, 2020

A Chapter 7 bankruptcy discharges many types of debt. However, there are some debts that are not discharged in Chapter 7. The list of non-dischargeable debts appears in section 523 of the Bankruptcy Code (11 U.S.C. § 523).  There are a total of nineteen categories of debts not discharged in Chapter 7, with some categories […]

Difference between the U.S. Trustee and a Bankruptcy Trustee?

By German Yusufov | Updated May 24, 2020

If you are contemplating bankruptcy, you may hear or see references to the U.S. Trustee or a bankruptcy trustee, and wonder what the difference may be. The short answer is that the U.S. Trustee is the bankruptcy trustee, although in some cases the U.S. Trustee may appoint private individuals to serve as the bankruptcy trustee […]

Should I Hire A Bankruptcy Attorney?

By German Yusufov | Updated May 24, 2020

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.

What Happens To My Property When I File For Bankruptcy?

By German Yusufov | Updated May 24, 2020

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?

By German Yusufov | Updated May 24, 2020

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?

By German Yusufov | Updated May 24, 2020

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

By German Yusufov | Updated May 24, 2020

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.

Free Consultation

To discuss your financial situation and learn more about your
debt relief options, give us a

call at (520) 745-4429 or (480) 788-0098

Free Consultation

To discuss your financial situation and learn more about your
debt relief options, give us a

call at (520) 745-4429 or (480) 788-0098