Regular Post
Written by Canterbury Law Group

Celebrities Filing Chapter 11 or Chapter 13 Bankruptcy

At Canterbury law Group in Scottsdale, we have seen an increase in clients filing bankruptcy. It’s not only Scottsdale bankruptcy but, in fact, bankruptcy cases have become more common throughout the entire country. More individuals, usually with a high net worth, are turning to Chapter 11 or 13 to solve their bankruptcy needs.

Just recently, Curtis James Jackson III, the rapper better known as 50 Cent, filed for bankruptcy. Although we do not work directly with Jackson, we do know that Chapter 11 is how many celebrities have publicly dealt with their debt problems. You do not have to be completely out of money to file for Chapter 11, it merely means you do not have good current cash flow. Filing for personal bankruptcy allows Jackson to continue his involvement with various business interests and continue his work as an entertainer, while he undergoes an orderly reorganization of his financial matters.

Jackson’s spending and business activity, including any personal salary , could be subject to the analysis and approval of bankruptcy court pending the review of his bankruptcy filing. Also, as in all Chapter 11 cases, when he files payment schedules, it will show all the details of his debts, assets, even whether or not he paid his landscaper on time.

The Scottsdale bankruptcy attorneys at Canterbury Law Group have significant experience with Chapter 11 filings, which tend to be multifaceted, and are capable of filing an individual case under Chapter 11 as mandated by the court.

When choosing Canterbury Law Group to represent you throughout your bankruptcy case, you will have deep industry experience and a dedicated team to ensure maximum case efficiency. Our goal is to help you achieve a new financial existence. Our success allows clients to move forward with a new financial freedom. To discuss Chapter 11 or Chapter 13 bankruptcy, or any Scottsdale bankruptcy case, contact us today to schedule an initial consultation.

bankruptcy, bankruptcy attorneys, Chapter 11, Chapter 11 Bankruptcy, Chapter 13, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
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Regular Post
Written by Canterbury Law Group

Filing Chapter 7 Bankruptcy in Scottsdale

Chapter 7 bankruptcy is one of the most common types of bankruptcy. Filing bankruptcy in Scottsdale can be a very intricate and overwhelming process, so the dedicated law team at Canterbury Law strives to help clients every step of the way.

A Chapter 7 bankruptcy filing provides immediate relief for those who are struggling with unsecured debt such as medical bills, credit card debt and certain tax debt. It is a valid means of resetting your financial life and getting back on track with your finances. Chapter 7 provides individuals with a discharge of all debts that are “dischargeable” under the Bankruptcy Code. Notably, some debt, like child support obligations and student loans are, for the most part, non-dischargeable.

It is wise to work with experienced legal counsel when trying to negotiate the complex process of filing for Chapter 7. The law team at Canterbury Law in Scottsdale has experience with the most intricate bankruptcy cases.

Stopping Collections Actions – After filing for Chapter 7, all collections activities from creditors will go through an automatic stay, or stop. Approximately four months after your filing, you will receive a Chapter 7 discharge, which will release you from personal liability on most debts and prevent creditors from contacting you regarding these discharged debts.

Qualifying for Chapter 7 Protection – A means test is needed to qualify for Scottsdale Chapter 7 bankruptcy protection. If your current monthly income is below the adjusted median income in Arizona, you automatically pass the test. If you do not meet these initial requirements, you must pass a secondary means test that deducts expenses to determine if you qualify.

It is important to have an experienced Scottsdale bankruptcy lawyer to help guide you through this filing bankruptcy. The bankruptcy lawyers at Canterbury Law will counsel you to help settle your debt and start fresh with your finances.

bankruptcy, bankruptcy attorneys, Chapter 7 Bankruptcy
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Regular Post
Written by Canterbury Law Group

Filing Bankruptcy in Scottsdale

At Canterbury Law Group, we believe that no one should feel embarrassed or ashamed when having to file bankruptcy. Bankruptcy has been a significant issue in society since the very beginning, as our founding fathers rejected the idea that a person should be saddled with their debts for life. That’s why the founding fathers included bankruptcy as a fundamental right for all United States citizens.

Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

At Canterbury Law Group, we help our clients understand Scottsdale bankruptcy rules and exemptions as well as expose the myths commonly associated with bankruptcy. Filing for bankruptcy in the phoenix land area can settle your debt. We also help you decide which options to debt relief fit your situation the best. Our firm can assist you in putting an end to any of the following:

Creditor Harassment:

  • Repossessions
  • Wage Garnishment
  • Foreclosures
  • Collection Lawsuits
  • IRS Problems

As Scottsdale bankruptcy attorneys, we often find that clients are surprised at learning they can keep assets when filing bankruptcy.

These assets may include:

  • Your home (even with mortgages) – Equity in your home (up to $150,000 per person)
  • Your qualified retirement plans – (IRAs, 401Ks, etc.)
  • Most day-to-day personal property – (furnishings, televisions, clothing, autos.)
  • Pets

Let our dedicated legal experts evaluate your financial situation and determine the best course of action needed to provide you with a fresh financial start.

bankruptcy, bankruptcy attorneys, Filing Bankruptcy in Scottsdale
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