Wanta Fresh Start - Kirk Guinn Attorney

Created by the federal government to help employed homeowners who are having difficulty making mortgage payments on their home, the Home Affordable Modification Program (HAMP) may be able to lower house payments for Arizona homeowners by as much as 31 percent of their gross monthly income. Even if you are planning to file or have already filed for Chapter 7 or Chapter 13 bankruptcy, you may be eligible for the benefits of the HAMP plan.

The Bankruptcy Court is a Federal Court that must follow Federal law and Federal Bankruptcy procedural rules. The court filing fees are set by Federal law and are uniform in every Bankruptcy Court in the country.

In bankruptcy, a debtor is required to file a petition and schedules with the Bankruptcy Court.

The length of the bankruptcy process is dependent upon several factors. An important distinction can be made between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy.

Due to unforeseen economic difficulties arising from sudden unemployment, excessive medical bills, an expensive divorce or other hardships, Arizona residents often find it necessary to file for bankruptcy. Most people only need to file bankruptcy once in their life. But when additional, financially devastating events occur following the completion of one bankruptcy, the necessity to file another one may be inevitable.

Large corporations often use bankruptcy protection when restructuring or when faced with significant drops in the economy. On Thursday, well-known Dallas based corporation Reddy Ice filed for Chapter 11 bankruptcy protection with the support of its lenders and creditors. The filing will not affect the day to day business of Reddy Ice, the largest packaged ice producers in the country.

Failure to pay rent or violation of lease agreements may result in a tenant receiving an eviction notice from the landlord.

While spouses are not legally obligated to file for bankruptcy together, there are situations where a spouse may choose to file for bankruptcy on their own. This could include when the wife or husband is the only one carrying significant amounts of debts (usually obtained before the marriage in the form of credit card debts or unpaid personal loans,) property aspects (such as whether properties are owned jointly or individually,) or community debt amount issues.

Just as the economy is struggling to recover from the mortgage crisis of the past couple of years, a new threat is looming – student-loan debt. In February, the National Association of Consumer Bankruptcy Attorneys referred to a student loan “debt bomb”. Last month, the Federal Reserve Bank of New York announced that debt had reached $870 billion. And that number continues to climb. A student graduating in 2010 owed an average of $25,000 in student loans.

When one person owns a considerable amount of assets such as money, property or business investments, this individual may feel more secure about getting married if a prenuptial agreement is filed prior to the marriage.