Archive for the ‘Chapter 7 Bankruptcy’ Category

Keep It or Lose It Under Chapter 7?

Thursday, June 23rd, 2011

At the Rosenstein Law Group, PLLC, Bankruptcy is an up close and personal issue and should be handled in such a manner. We firmly believe in meeting each client personal and understanding the process that led to the importance of filing bankruptcy. We strive to help each client achieve the goal of financial planning and preparation.

When considering filing bankruptcy it is easy to become confused and misled without legal counsel. Filing bankruptcy falls under federal law. Do not attempt to begin disperse property and giving valuables away to family and friends. This will not be beneficial long term. A trustee will be appointed and is in control of collecting all non-exempt property and responsible for distributing monies received from property to creditors. Seeking legal advice first will ensure you receive the most of your exemptions through caring, guided, correct legal advice while remaining within the Arizona guidelines. Find out which form, chapter 7 or chapter 13, is best for filing in the situation.

It doesn’t have to be a tricky matter. Chapter 7 is the most common form of bankruptcy. It means when it’s all over and done you have a fresh start. Your slate has been wiped clean. Though bankruptcy is governed under federal law, each state allows necessary or essential property to be kept. In Arizona you are entitled to KEEP your home or up to $150,000 value of the property and is NOT doubled for a married couple. In order to qualify for this exemption you must have been a resident of Arizona for a minimum of two years prior to filing. Personal property up to the value of $4,000 which may be doubled for a married couple has specific guidelines which legal counsel can help you with. There are numerous situations and exemptions allowed under Arizona guidelines concerning various property and monies you may retain.

Chapter 7 allows the debtor a fresh start, giving up some property yet keeping some. There are some debts chapter 7 does NOT wipe out. Child support, some tax debt, some student loans and debt created by the debtor fraudulently are still responsibility of the debtor.  The attorneys at Rosenstein Law Group will provide you the best legal advice concerning bankruptcy. A personal issue should have an attorney that will handle the financial situation personally and provide the financial planning needed.

Do not become confused or frustrated there is help.  Our Tempe bankruptcy lawyers offer candid advice and effective debt solutions so contact us today at (480) 248-7666. We are here to provide the legal advice and financial problem solving that you need to reclaim your financial future.

Which Debt Relief Option May Be Right For You?

Sunday, June 12th, 2011

At a loss or having difficulty deciding what to do? Is filing for bankruptcy the right choice? What do I file and what can I keep? The right decision concerning bankruptcy and debt relief is made much easier through the guidance of legal counsel. Attorneys at the Rosenstein Law Group, PLLC, are able to offer the legal advice you deserve. By providing legal advice attorney provide more information in order to better help make a difficult decision. Appropriate legal advice will answer many difficult questions and provide guided answers.

Is Chapter 13 the correct bankruptcy law to file under? While chapter 7 basically clears all debt while allowing limited property to be exempt from the proceedings, chapter 13 allows the debtor to reorganize debt to be paid off within a three to five year deadline.  Chapter 13 provides the allowance of more time to pay off yet all property is still held by the debtor. Reorganizing debt may be the solution and relief needed to get back on top of the situation. Chapter 13 establishes a structured legal plan ensuring creditors receive payment in a timely manner yet stop harassing the debtor and cease excessive late penalties.  Debtors feeling morally obligated to repay debt or debtors with the financial ability to pay incurred debt and having too much should elect to file chapter 13. It is an expense to the debtor, but an attorney trained in bankruptcy laws, such as those at Rosenstein Law Group will help you reach a debt settlement with creditors. Chapter 13 not as common as chapter 7 due to still be required to make payments under a structured guidance plan but it does enable the debtor a little breathing room and time to regroup and through a settlement and payments within reason.

Getting back on top of debt includes not falling back into the same hole again. Filing for bankruptcy will provide immediate relief yet the original problem is still apparent. The Tempe bankruptcy attorneys at Rosenstein Law Group will provide our clients with assistance in financial planning. When bankruptcy is the elected decision allow superior legal advice to provide guidance and aide in answering the puzzling question. Whether it’s chapter 7 or chapter 13 contact the Rosenstein Law Group, PLLC. We offer candid advice and effective debt solutions so contact us today at (480) 248-7666. We are here to provide the legal advice and financial problem solving that you need to reclaim your financial future.