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Written by Canterbury Law Group

3 Steps When Filing Bankruptcy

At Canterbury Law Group, our Scottsdale bankruptcy attorneys are renowned industry experts. We represent clients through the entire bankruptcy process and, although all cases are unique, the end goal of bankruptcy is always a new beginning and fresh financial start.

Here are three tips for those considering bankruptcy:

1. Gather financial documents. Start collecting financial documents that your attorney can use. Obtain a record of debt including credit card bills, unpaid medical bills, loan statements, etc. Also locate any documentation on assets you currently hold as well as your monthly income statements.

2. Find a qualified law team. Filing for bankruptcy is a complicated process and a simple mistake can be harmful to your case. Make sure you have a legal team that is experienced, understands your goals and can get the job done. Many law firms offer a complimentary first-time consultation. Call the Scottsdale bankruptcy lawyers at Canterbury Law Group today to schedule your appointment.

3. Improve upon your financial habits. You must improve your financial life after your file bankruptcy. Obtain a secured credit card or personal loan to start building up your credit but remember that you may have to wait some time before you can be approved for a secured credit card. Further educate yourself by reading books, reviewing financial websites and seeking out professional guidance.

As authorities in the legal industry, the bankruptcy team at Canterbury Law Group was uniquely formed to provide no-nonsense legal counsel for personal and business bankruptcy cases. The law group at Canterbury consists of a unified team of litigators and paralegals with the experience necessary to deliver high results. The team’s attention, experience and sophistication allows for innovative resolutions that have a positive client impact.

Our legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your consultation. Our track record speaks for itself!

bankruptcy, bankruptcy attorneys, Chapter 11, Chapter 11 Bankruptcy, Chapter 13, Chapter 13 Bankruptcy, Chapter 5, Chapter 5 claims, Chapter 7, Chapter 7 Bankruptcy, Filing Bankruptcy in Scottsdale, personal bankruptcy attorneys, Scottsdale Attorneys, Scottsdale Legal Help
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Regular Post
Written by Canterbury Law Group

Tips When Filing Chapter 7 Bankruptcy

The most common form of bankruptcy in the United States is Chapter 7. At Canterbury Law Group, we constantly work with clients to file Chapter 7, which allows individuals to extinguish all debts which are “dischargeable” under the Bankruptcy Code. In a Chapter 7, all of the debtor’s non-exempt assets on the petition date are liquidated through the priorities set forth in the bankruptcy code. At the time of filing, the bankruptcy code establishes the creation of your “debtor’s estate” which includes all “non-exempt assets.” As a Debtor you have various duties and obligations, including significant duties of co-operation, which are owed to the Bankruptcy Trustee. These obligations are designed to assist the Trustee in the administration of your bankruptcy estate.

The Scottsdale bankruptcy lawyers at Canterbury Law Group will counsel you regarding these duties, which if followed, will make your case run smoothly. Unfortunately, many debtors who are not fully informed of these obligations run the risk of not receiving a full discharge of some or all or their debt. If you’re thinking of filing Chapter 7, here are some recommendations from our lawyers:

1. Complete the Mandatory Credit Counseling – Before you can file chapter 7 bankruptcy, it is essential to complete credit counseling. It is a mandatory step before you can file and often requires paying a fee. Otherwise, your filing will not be allowed to continue.

2. File All Chapter 7 Paperwork – Complete and file all necessary paperwork in court. Make sure all of your paperwork is accurate. Determine any fees associated with your filing.

3. Meet With Your Creditors – Approximately one month after filing the petition, you will need to meet with your creditors, an arrangement made by the court. During this important meeting, your creditors will question you regarding your finances and property. Typically this meeting involves only a few people connected with the credit card companies to whom you owe your debt. Your lawyer can certainly be present to aid you through this process.

4. Attend the Personal Financial Management Instruction Course – In addition to your credit counseling course, a personal financial management course generally costs about $30 and is necessary for completing your filing of chapter 7. If you skip the money management course, you risk dismissal of your case.

Having a trusted legal team on your side is critical during bankruptcy. Call Canterbury Law Group today to schedule your consultation. 480-744-7711.

bankruptcy, bankruptcy attorneys, Chapter 7, Chapter 7 Bankruptcy, Filing Bankruptcy in Scottsdale, personal bankruptcy attorneys, Scottsdale Legal Help
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Regular Post
Written by Canterbury Law Group

Business Bankruptcy in Scottsdale

Our attorneys have vast experience in Scottsdale business bankruptcy cases. If you are a business owner thinking of filing bankruptcy, we will represent you throughout the entire process, from preparing to file through the restructuring of your company post-bankruptcy.

A common misconception about business bankruptcy is that it means the end of a business. Contrary to those beliefs, many companies that Canterbury Law Group has worked with thrive and advance after bankruptcy and restructuring. If bankruptcy might be an option, here are some terms to know.

Business Bankruptcy: A type of bankruptcy that allows a company to efficiently sell assets or to liquidate in a controlled manner. Just like any other business strategy, bankruptcy should be considered early enough to be a viable strategy to preserve the business’s assets and help it continue as a going concern. Bankruptcy can also be an important tool for assisting in an orderly wind down and liquidation of a business and its assets if you intend to close the business for good.

Business Restructuring: The primary goal of a business bankruptcy is to reorganize a business, which includes restructuring the company’s debts so the business can continue to operate and prosper into the future. There are many ways that this can be accomplished, ranging from selling assets to closing down sites or reducing personnel. It is critical to understand that bankruptcy affords a business the opportunity to propose and implement these changes, without the looming threat that creditors will shut the business down for good.

Our bankruptcy legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your consultation. 480-744-7711.

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Regular Post
Written by Canterbury Law Group

5 Steps to Becoming Debt Free

Canterbury Law Group is uniquely qualified to represent debtors, creditors, trustees and committees in both personal and commercial bankruptcies. The range of services we provide depends on an individual’s or a company’s unique situation but may include business bankruptcy, Chapter 7, adversary proceedings, restructuring, Chapter 11, creditor representation, Chapter 5 claims and Chapter 13.

If you’re debt is overwhelming your life, bankruptcy may be the right choice for you. However, if you’d prefer working towards eliminating some of your debt, we can also help. And, if you’ve already filed bankruptcy, the attorneys at Canterbury Law Group in Scottsdale want to make sure you stay on track and have a flourishing financial future.

The path to becoming debt-free can be a difficult and arduous one. But following these basic steps will help you and your finances.

  • Create a financial strategy. If one of your financial goals for the year is to get a better handle on debt, put together a debt payoff strategy that complements your budget and won’t overextend you financially. Keep track of future financial needs and contribute to a savings plan.
  • Pay off the most expensive debt first. Look at the interest rates of all of the credit cards you use to make purchases and sort them from highest to lowest. By paying off the balance with the highest interest first, you increase your payment on the credit card with the highest annual percentage rate while continuing to make the minimum payment on the rest of your credit cards.
  • Lower your interest rate. You can often lower your credit card interest rates by doing a balance transfer. Shop around and try to get the lowest interest rate for the longest duration (preferably until the debt is paid off completely).
  • Eliminate new debt. As you start to pay down your debt, stop using credit cards until you have your finances under control.
  • Pay more than the minimum. Break the habit of paying only the minimum required each month on your credit card statement. Paying the minimum – usually 2 to 3 percent of the outstanding balance – only prolongs a debt payoff strategy.

Our bankruptcy legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your consultation. 480-744-7711.

Chapter 11, Chapter 11 Bankruptcy, Chapter 13, Chapter 13 Bankruptcy, Chapter 5, Chapter 5 claims, Chapter 7 Bankruptcy, Debt
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Regular Post
Written by Canterbury Law Group

3 Steps to Take Before Filing For Scottsdale Bankruptcy

At Canterbury Law Group, our Scottsdale bankruptcy attorneys are top industry experts. We represent clients through the entire bankruptcy process and, although all cases are unique, the end goal of bankruptcy is always a fresh financial start.

Here are three tips for people that are starting to think about bankruptcy.

  • Gather documents. You must start collecting financial documents for your attorney. Obtain a record of debt including credit card bills, unpaid medical bills, loan statements, etc. Also locate any documentation on assets you currently hold and monthly income statements.
  • Find a qualified legal team. Filing for bankruptcy is a complicated process and a simple mistake can be detrimental to your case. Make sure you have a legal team that is experienced, understands your goals and can get the job done. Many law firms offer a complimentary first-time consultation or cut-rate deals. Generally speaking, uou get what you pay for. Instead, call Canterbury Law Group today to schedule your appointment.
  • Better your financial habits. You need to make sure you improve your financial life after your file bankruptcy. Educate yourself by reading books, reviewing financial websites and seeking out professional guidance. Obtain a secured credit card or personal loan to start building up your credit but remember that you may have to wait some time before you can be approved for a secured credit card.

As authorities in the legal industry, the bankruptcy counsel at Canterbury Law Group was uniquely formed to provide no-nonsense legal counsel for personal and business bankruptcy cases. The team’s attention, experience and sophistication allows for innovative resolutions that generate positive client results.

Put time on your side and consult on your possible bankruptcy sooner than later. Our legal team is ready to represent you in your Scottsdale business bankruptcy case. Call us today to schedule your initial consultation. 480-744-7711.

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

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.

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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.

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