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Written by Canterbury Law Group

31 May 2017

What Type of Bankruptcy Should You File in Arizona?

There are several different types of bankruptcy to consider if you are in serious debt you cannot pay back. First, you have to decide that bankruptcy is the best course of action to take. Once you have done that, you should decide under which “chapter” under which to file for bankruptcy.

The most common types of personal bankruptcy are Chapter 7 or Chapter 13. To decide between the two, you should seek legal advice from a local bankruptcy lawyer in Scottsdale, Phoenix or elsewhere. Let’s look at the types of bankruptcy available and which type may suit your needs the best:

Chapter 7

Chapter 7 bankruptcy is sometimes referred to as “liquidation bankruptcy.” It’s quite common because it allows the court to discharge many types of unsecured debts. For example, massive amounts of credit card debt or personal loan debt can be completely discharged by a judge under this law. If there are nonexempt properties or debts, the court would appoint a Trustee to oversee your finances until remaining creditors are paid off.

This type of bankruptcy is only available to debtors with medium to low-income. The process to file for Chapter 7 bankruptcy can take up to 4 months, and sometimes involves significant paperwork.

Chapter 11

This type of bankruptcy is similar to Chapter 13 in that it is also a type of “reorganization” bankruptcy. It is typically used by large corporations or companies but individuals can use it too. Personal bankruptcy is rarely filed under Chapter 11 however.

Chapter 12

Chapter 12 bankruptcy is exclusively for fishermen and farmers. It involved submitting a repayment plan to court like in Chapter 13. However, unlike Chapter 13, these plans are allowed to be more flexible. Chapter 12 offers more flexibility with cramdowns and lien shipping for unsecured aspects of secured loans. Chapter 12 requires higher debt limits to get a favorable ruling.

Chapter 13

Chapter 13 bankruptcy is called the “wage earners” bankruptcy. It’s usually the last resort for those who don’t qualify for Chapter 7 bankruptcy. This route allows debtors to pay back their creditor in full or part via a court-approved payment plan. Paying the debts off can take up to 5 years depending on the petitioner’s income. Once the payment plan is approved, the court may discharge some unsecured debts. Chapter 13 bankruptcy can prevent a home foreclosure and allow debtors to keep much their property. Discussing these issues with experienced bankruptcy legal counsel is critical.

Under Chapter 13 bankruptcy law in Arizona, only unsecured debt below a certain fixed debt amount (e.g. $394k) will be discharged by a court. Submitting a payment plan for this type of bankruptcy can be complicated so a bankruptcy attorney is almost always needed to successfully procure court approval of your 3 or 5 years Chapter 13 discharge plan.

To decide which type of bankruptcy is best for you, look at two things: assets and income. Income matters because filing under Chapter 7 is only possible for people in a certainly limited income bracket. You must also choose the right type of bankruptcy to protect assets that could be considered nonexempt. Speaking in general terms, if you are unemployed or earn a low income with few available assets, Chapter 7 may be the best option. If you earn a significantly high income and have many assets, Chapter 13 could be the best option. Under either Chapter, counsel with experienced and seasoned bankruptcy legal counsel is the critical first step in the process.

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Regular Post

Written by Canterbury Law Group

22 November 2016

Simple Tips to Help Avoid Post – Holiday Bankruptcy

The annual gift-giving season is swiftly approaching and the Phoenix and Scottsdale bankruptcy attorneys at Canterbury Law Group know that this can sometimes lead to serious repercussions after the holiday cheer wears off.

To combat any decisions that may lead you to bankruptcy, the law team at Canterbury suggests treating your holiday spending like a business. Below are suggestions to help you stay on track during the most expensive season of the year.

1. Strategize. Begin by creating a holiday spending plan. Decide how much you can afford to spend this season, including gifts, travel, parties, decorations, and any other holiday expenses. Make a shopping list for whom you want to purchase gifts for. Determine how much you’ll earn between now and the holidays and decide how much you’ll need to set aside each paycheck to save the amount you will need. Also, consider your charitable gift intentions and budget.

2. Track your spending. If you realize you do not need to spend as much as you planned in some categories, move the extra funds to other categories. Or, save the money for your debt stockpile when the bills start to arrive in the New Year.

3. Shop without your credit cards. Yes, leave them at home unless you know you need them for a specific purchase and you already have a specific plan to repay the debt. Use cash.

4. Shop smart. Shop online first so you can price compare multiple retail locations. It’s also wise to ignore most of those “big” sales. In reality, deals such as “Buy 2, Get 1 Free” often leave you spending more and acquiring items that aren’t needed. Stores will often mark up items before “cutting” the price and you end up paying the same-or more.

5. Avoid purchasing on impulse. Instead, make a note of the product, where you saw it and how much it was. Consult your spending plan, and, if there’s room, return for the purchase. If you are married, consult your spouse. Do not hide your spending; you are a family and a team.

If your credit card debt truly gets to the point of seeming to reach the point of no return, no matter how much you save or earn—you might consider bankruptcy to flush out all the debt and start fresh and new.

It is no surprise that filing bankruptcy can seem like an extreme option but it does offer a way out. At Canterbury Law Group, we will represent you through the entire process and fight diligently to secure your fresh financial start. Call us today to schedule your consultation. [email protected] or 480-744-7711 or www.canterburylawgroup.com

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Regular Post

Written by Canterbury Law Group

24 August 2016

Important Factors on Bankruptcy Help in Scottsdale

If your financial struggles are becoming overwhelming and the future looks bleak, there are a few things you need to know before filing for bankruptcy.

1. There is No Shame in Filing – If you are considering bankruptcy but your feelings about what type of person you would be to file are stopping you, it’s time to get over it! These days, people from all walks of life file for bankruptcy. You should feel no shame in wanting to solve your financial struggles and get your life back in order. The stigma is in avoiding the problems, hiding from creditors, and not facing the facts – it’s time to fix your finances and turn a new corner.

2. You May Be Able to Keep Your Home – Arizona has well known homestead exemptions that allow you to keep your primary residence. Being forced out of your home is not a reason to avoid filing bankruptcy. The likelihood of losing your home is much greater if you do not file. A Scottsdale bankruptcy attorney can help you make bankruptcy choices that in most cases may permit you to maintain ownership of your home even after your bankruptcy concludes. And in this day and age when so many homeowners are underwater on their mortgage, the likelihood of your home not being included in your bankruptcy is even greater.

3. Bankruptcy is an Investment – If you feel as if you are sinking financially, now is the time to contact a Scottsdale bankruptcy attorney. He or she can help you assess your current situation and get a handle on where you are headed. This will give you some time to save up the money you need to file for bankruptcy before it is too late.

Canterbury Law Group is uniquely qualified to represent clients in the most sophisticated personal and business bankruptcy cases. The range of services we provide depends on an individual’s or a company’s unique situation. Call us today to schedule a consultation. 480-240-0400 or [email protected]

Regular Post

Written by Canterbury Law Group

17 August 2016

Does Bankruptcy Affect Students Financial Aid?

As back to school season is here, many parents are wondering if a previous bankruptcy can affect eligibility for education loans. Although it may affect some loans, it does not affect eligibility for certain forms of financial aid.

The Bankruptcy Reform Act of 1994 (P.L. 103-394) amended the US Bankruptcy Code at 11 USC 525(c) to prohibit denial of government student grants and loans based solely on the student’s or borrower’s past or present filing of a bankruptcy petition. The only exception is the Federal PLUS loan.

A child is eligible for federal student loans, such as the Stafford loan, regardless of the parent’s history of bankruptcy. Also, the Stafford loan does not depend on the borrower’s credit history in any way.

A parent’s history of bankruptcy also does not affect the child’s eligibility for federal grants, state grants, scholarships and money from the college, nor student employment programs like Federal Work-Study. The parent may also be eligible for tuition installment plans because these plans are usually structured as a qualified education loans to make them difficult to discharge in bankruptcy.

However, parents are ineligible to borrow from the PLUS loan program for five years from the date of the bankruptcy discharge. By law, PLUS loan borrowers must not have an adverse credit history. The regulations define an adverse credit history as having had a bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment or default determination in the last five years or a current delinquency on any debt of 90 or more days.

If a child’s parent is denied a PLUS loan because of an adverse credit history, the child becomes eligible for increased unsubsidized Stafford loan limits. Parents with a recent bankruptcy will be ineligible to serve as the borrower or co-signer on most private student loans. The provisions of the Bankruptcy Reform Act of 1994 apply only to federal student loans, not private student loans. Most lenders of private student loans ask about bankruptcy filings in the last 7 or 10 years. It really doesn’t matter whether the filing was under chapter 7, 11 or 13, as the lenders will be wary of lending money to anybody with a recent bankruptcy filing.

The bankruptcy lawyers at Canterbury law Group work attentively with bankruptcy clients to secure their fresh financial freedom. Whether filing as an individual or for your business, the bankruptcy attorneys at Canterbury Law Group are experienced experts in all areas of bankruptcy cases in the Phoenix area. Please call us today to schedule your consultation.

Regular Post

Written by Canterbury Law Group

13 July 2016

Arizona Bankruptcy Exemptions

At Canterbury Law Group, our Scottsdale attorneys are renowned bankruptcy technicians. 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.

We help clients determine eligible exemptions for their bankruptcy case. Here are some of the most common exemptions available under Arizona law (meaning that they will emerge from bankruptcy):

Alimony and Child Support – Alimony and child support, up to the amount needed for support. 33-1126.
Bank Deposit – A debtor may exempt $300 in a single bank account. Ariz. Rev. Stat. Ann. § 33–1126(8).
Homestead or Residential Property – Under Arizona law, debtors may exempt up to $150,000 (per debtor or married couple) of their home or other real property covered by the homestead exemption. Ariz. Rev. Stat. Ann. §§ 33–1101, 33–1103 and 33–1104.
Insurance Benefits – Life insurance benefits that are payable or received by a surviving spouse or child, up to $20,000.
Claims for the destruction of, or damage to, exempt property – Cash surrender value of life insurance policies, subject to length of ownership requirements and other exceptions.
Motor Vehicles – A debtor may exempt up to $6,000 in one or more motor vehicles. An elderly or disabled debtor, or an elderly or disabled spouse or dependent of the debtor, may exempt up to $12,000.
Pension and Retirement Benefits – Benefits from various employee pension systems are exempt. Ariz. Rev. Stat. Ann. §§ 33–1126 and 38–792.
Personal Property – A debtor may exempt the following personal property:
- up to $6,000 in household furniture and appliances not covered by other exemptions
- up to $1,000 total in bible, bicycle, sewing machine, typewriter, computer, burial plot, rifle, pistol or shotgun
- up to $500 in clothing
- up to $400 in musical instruments
- up to $800 in animals
- up to $2,000 in engagement and wedding rings
- up to $250 in books
- up to $150 in watch
- wrongful death awards
- prepaid rent or security deposit to $2,000 or 1.5 times your rent, whichever is less, in lieu of using homestead exemption.
- all teaching materials for youth, and
- certain professionally prescribed health aids.

Tools of the Trade – A debtor may exempt up to $5,000 in trade implements, which includes farming tools if the debtor’s primary income is from farming. All arms and uniforms that a debtor is legally required to keep are exempt. Library and teaching aids of a teacher.
Unemployment Compensation – Unemployment compensation is exempt as long it is not commingled with other funds and except for the enforcement of child support orders. Ariz. Rev. Stat. Ann. § 23–783.
Wages – A debtor may exempt the lesser of the following wages, per week:
- 25% of his or her disposable earnings, or
- earnings in excess of 30 times the federal minimum wage
- Workers’ Compensation – A debtor may exempt up to $6,000 in one or more motor vehicles. An elderly or disabled debtor, or an elderly or disabled spouse or dependent of the debtor, may exempt up to $12,000.

Our legal team is ready to represent you in your Scottsdale business or personal bankruptcy case. Call us today to schedule your consultation. Our track record speaks for itself! 480-744-7711.

Regular Post

Written by Canterbury Law Group

6 July 2016

Gawker – Popular Media Site – Files Chapter 11 Bankruptcy

Media site, Gawker, has recently filed Chapter 11 bankruptcy, motivated by the company’s agonizing and all-consuming legal fight with Hulk Hogan. A judge has ordered Gawker to pay Hulk Hoag $140 million in damages.

Gawker has agreed to sell all seven of its brands and other assets to the tech publisher Ziff Davis. The Ziff Davis bid — worth $90 million to $100 million, according to sources — sets the floor for the bankruptcy auction process.

The asset purchase agreement to Ziff Davis, the owner of PC Magazine, marks the start of the bankruptcy auction process. Bidding is expected to continue next week. The sale agreement to Ziff Davis will need to be approved by the bankruptcy court, which will conduct an auction to see if there is a higher offer available. Ziff Davis will be what is known as a “stalking horse bidder,” whose offer for the company can be topped by other bidders.

Gawker is pushing ahead with an appeal of the judgment with Hulk Hogan and has maintained confidence that it will ultimately be vindicated, but the company has been openly entertaining a sale.

Canterbury Law Group helps businesses and individuals, usually with a high net worth, file Chapter 11 to solve their bankruptcy needs. The bankruptcy attorneys at Canterbury Law Group have significant experience with Chapter 11 filings, which tend to be very complex, and are capable of filing an individual case or a corporate entity case under Chapter 11 as mandated by the facts of each individual case.

Filing for bankruptcy can be an intimidating process and people are often ashamed of doing it. However, a real challenge when filing for bankruptcy is not securing the services of trusted legal representation like the bankruptcy lawyers at Canterbury Law Group. The legal process can be very demanding and tedious. Without the help of an experienced lawyer it is common to miss important deadlines, make mistakes on required forms and to misunderstand certain rules or terms which can be highly detrimental to your case. The bankruptcy lawyers at Canterbury law Group work diligently with bankruptcy clients to secure their fresh financial freedom.

The bankruptcy attorneys at Canterbury Law Group are experienced experts in all areas of bankruptcy cases in the Phoenix and Scottsdale area. Please call us today to schedule your consultation.

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Regular Post

Written by Canterbury Law Group

8 June 2016

How Celebs end up in Bankruptcy

American society always seems surprised when learning about the newest A-lister or celebrity who has filed for bankruptcy. Having a celebrity status and earning millions doesn’t necessarily deter bankruptcy. How is it possible that so many millionaires find themselves in bankruptcy court, clamoring to protect what little assets they have left? With all the celebrity millionaires (and billionaires) who have gone broke, we may be able to learn from their mistakes.

1. No Financial Education – Often, when you go from having nothing to having everything, a financial education is not part of the package. Learning how to save, budget, and invest can take years, and if you’ve never had substantial money before, you may never have learned these essential financial management skills. When handed huge checks to cash, many celebs go out and buy the biggest house and fastest car they can find, rather than learning how to properly handle their money.

2. Lack of Trustworthy People – Many celebrities surround themselves with attorneys, accountants and insurance professionals to help them with proper estate, tax and insurance planning. However, in doing so, they often do not bother double-checking the work that is being done on their behalf, nor do they properly vet the financial professionals they hire. Not surprisingly, many fall prey to unscrupulous advisors. Worse yet, some celebrities are taken advantage of by friends and family who they hire to manage their affairs.

3. Unrealistic Career Expectations – It might be easy to expect a successful Hollywood or professional sports career to continue indefinitely. But sadly, most careers don’t last very long. Unfortunately, not every actor picks up another well-paying gig immediately after their show is cancelled.

Regular Post

Written by Canterbury Law Group

4 May 2016

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!

Regular Post

Written by Canterbury Law Group

30 March 2016

Common Questions When One Spouse Files Bankruptcy

The Scottsdale bankruptcy attorneys at Canterbury Law Group represent debtors, creditors, trustees and committees in both personal and commercial bankruptcies. Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of non-dischargeable debts. It also permits individuals and organizations to repay secured debts with more favorable terms to the borrower.

The Phoenix bankruptcy lawyers at Canterbury represent many clients through personal bankruptcy cases. If you’re married and considering filing bankruptcy, here are common questions that often arise:

1. Do I Have to File Bankruptcy with My Spouse? If only one partner in a marriage owes debt, then only that partner should file for bankruptcy. Debts where spouses are jointly and severally liable for payment will remain with the spouse who has not filed for bankruptcy. However, in states that follow community property law, single spouse bankruptcy for joint debts may in some situations be advantageous.

2. Can I File for Bankruptcy without My Spouse’s Knowledge? Legally and in theory, yes, it would be possible for one spouse to file for bankruptcy without the other partner ever finding out. However, Chapter 7 bankruptcy uses income as a test for eligibility and utilizes income garnishment as a means of settling debt. The non-filing spouse will certainly notice if his or her paychecks are being collected by the bankruptcy court for debt repayment. Even outside Chapter 7 bankruptcy though, there are plenty of other ways for a spouse to discover his or her partner’s financial situation. Our Scottsdale bankruptcy lawyers suggest that hiding bankruptcy is only a temporary solution at best and is not healthy to any marriage nor recommended.

3. Will My Credit or Property Be Affected If My Spouse Files Bankruptcy? In general, one spouse filing for bankruptcy will not affect the other spouse’s financial situation, including the other spouse’s credit rating. A debt is created by contract between a debtor and a creditor – each debtor must sign the contract to be liable for payment. Therefore, the bankruptcy of one spouse does not cause the other to become bankrupt.

4. Does Single Spouse Bankruptcy Change the Nature of Joint Debts? Under Chapter 7 bankruptcy, when a spouse’s debts are wiped clean, the creditor can go after the other spouse. However, a major advantage of Chapter 13 bankruptcy, where the debtor plans to re-pay her debts, is that the creditor will leave the co-debtor alone, as long as bankruptcy plan payments are timely deposited.

5. Are There Any Exceptions? While the bankruptcy of one spouse does not generally affect the other, there are some notable exceptions. For example, the bankruptcy of one’s spouse may show up on the other’s credit report if joint debt is involved – a contentious area of the law. Also, if applying for a joint loan in the future, the bankruptcy of one spouse will affect the creditworthiness of the applying couple.

If you’re considering filing bankruptcy, the Phoenix bankruptcy attorneys can help you. Contact us today to schedule a consultation. 480-744-7711.

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Regular Post

Written by Canterbury Law Group

2 March 2016

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.

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