Bankruptcy
Will I lose my guns in chapter 7 bankruptcy?
The short answer is, probably not.
Arizona law provides an exemption for, “All firearms of not more than an aggregate fair market value of two thousand dollars.” So, if your collection of firearms is worth $2,000 or less, you will be able to keep them in a chapter 7 bankruptcy. The exemption doubles if you are married.
Read more »of “Will I lose my guns in chapter 7 bankruptcy?”
Chapter 7 Residency Requirements and The 730-Day Rule
So, you’ve moved to Arizona recently, but you want to file a chapter 7 bankruptcy. Can you? As with every legal question, the answer is: “It depends.”
To file a chapter 7 bankruptcy in Arizona, you just need to have resided here for the majority of the past 180 days (91 days) before the filing date. Even though you can file your bankruptcy here in Arizona doesn’t always mean you can use Arizona exemptions.
Read more »of “Chapter 7 Residency Requirements and The 730-Day Rule”
You Don’t Lose Everything When Filing for Bankruptcy!
When you file a bankruptcy, it creates a bankruptcy estate, which consists of everything that you own. State and federal law allows you to protect certain property from your creditors and from sale during the bankruptcy case. These laws are called exemptions.
In Arizona, the Arizona exemptions apply, as long as you have lived in Arizona for the last two years. There are also federal laws that protect things such as social security income, retirement accounts, and veteran’s benefits, among others.
Read more »of “You Don’t Lose Everything When Filing for Bankruptcy!”
Can filing bankruptcy stop my wage garnishment?
It can be hard to make ends meet under normal circumstances. In Arizona, creditors can garnish up to 25% of your take-home pay, depending on the type of debt. If you’re already living paycheck to paycheck, wage garnishment be disastrous.
Luckily, filing bankruptcy can stop most garnishments. When you file your bankruptcy case, the bankruptcy court issues an order called the automatic stay, which stops creditors from initiating or continuing any action against you. Once the bankruptcy is filed, we notify your employer, and your employer will stop the garnishment.
Read more »of “Can filing bankruptcy stop my wage garnishment?”
What happens to my house in a chapter 7 bankruptcy?
It is rare for a person to lose a house in an Arizona chapter 7 bankruptcy case. That’s because the exemption for most people is $250,000 of your house’s equity (A.R.S. § 33-1101). If your home’s value, less any mortgages, is $250,000 or less, there’s a good chance you will get to keep your home. You do have to live in the house to claim the exemption.
Read more »of “What happens to my house in a chapter 7 bankruptcy?”
Is My Bank Account Protected in a Chapter 7 Bankruptcy?
Arizona law allows you to keep $300 in one bank account. A.R.S. § 33-1126(A)(9). This only applies to the day that your chapter 7 bankruptcy petition is filed. It is important to note that that the law does NOT allow you to just withdraw cash to get under the $300 limit and then deposit it
Read more »of “Is My Bank Account Protected in a Chapter 7 Bankruptcy?”
Can I keep my car in a Chapter 7 Bankruptcy?
ARS § 33-1125(8) allows you to protect, “equity in one motor vehicle of not more than six thousand dollars. If the debtor or debtor’s dependent has a physical disability, the equity in the motor vehicle shall not exceed twelve thousand dollars.” If you are married, you can double this exemption and use it on the same car, or if you are a two-car family, use each exemption on a separate car.
Read more »of “Can I keep my car in a Chapter 7 Bankruptcy?”
To Reaffirm A Vehicle Or Not?
When filing for Chapter 7 bankruptcy, you do have some options when it comes to your vehicle. If you are in good standing with the payments on the vehicle you are purchasing and would like to continue making payments, you may be able to enter into a reaffirmation agreement with your creditor. Bankruptcy exemptions for chapter 7 allow you to have up to $6,000 in equity for one motor vehicle or $12,000 if you are married.
Read more »of “To Reaffirm A Vehicle Or Not?”