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I started a business in 2011 (LLC). I am the solemember owner. Hired my now husband in 2013 as a w2 employee to do accounting work. We got married in 2015. I took out a business loan I personally guaranteed in 2020.
My question is, if I have to close the business and cannot pay the loan... View More 
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answered on Aug 27, 2024
Filing for bankruptcy on your own does not automatically make your spouse responsible for your personal guarantee on the business debt. In Arizona, which is a community property state, assets acquired during the marriage are generally considered joint property, so the bankruptcy could impact... View More
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answered on Aug 23, 2024
If you file for bankruptcy in Arizona, you must list all of your assets, regardless of their location. This includes any partial ownership of property in New York. The bankruptcy court will review all of your assets to determine how they can be used to repay your debts.
Depending on the... View More
It's my current understanding that electronic devises that play multimedia items are exempt within the $15K max limit for the Electronics category, but I'm not sure about the multimedia items themselves (CDs (compact discs), vinyl records, DVDs). One source said that the multimedia items... View More
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answered on Aug 2, 2024
In Arizona, the exemption laws for bankruptcy can be complex and may vary based on interpretations. For electronic devices that play multimedia, there is an exemption up to $15,000 under the Electronics category. This covers items like CD players, vinyl record players, and DVD players.... View More
we divorced in 2014 refinanced the house just before the divorce so I could afford the mortgage on one income. I have paid the mortgage this whole time and owe less than 30,000 dollars.
answered on Jun 13, 2024
The reach-back by Bankruptcy law for "fraudulent conveyances" (transfers of assets for less than fair market value) is two years. I'm in PA, and the PA state law for like transfers is four years (which a bankruptcy trustee is entitled to use).
Your question seems to hinge on... View More
49k and I was told they wrote off the debt in 2017?
answered on May 21, 2024
A properly recorded lien is not discharged by a bankruptcy proceeding, whether a Ch.7 or Ch. 13 (there may be a way in a Ch.13 if there is no equity for the HELOC to attach, but that will be litigated).
Likewise, a creditor's "charge off" of any loan balance is in *internal*... View More
I was told to contact bankruptcy lawyer. It was ordered in separation agreement and divorce, but he has not done the QDRO for me to receive my portion. Can I begin QDRO while the bankruptcy is in process? Will I lose the money? Thank you.
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answered on Dec 29, 2023
Once you receive the money, so long as you leave the money in the 401(k) (or rollover IRA) and don't withdraw it, the funds will be exempt (protected). You should consult a local attorney (preferably one with both bankruptcy and Arizona family law experience) about the timing and procedure for... View More
I filed bankrtupcy and have completed my hearing. My ex spouse has several years of unpaid *Decree Ordered* joint-child expenses. Specifically outlined as "Medical and extracurricular", as agreed in writing. Now he claims he no longer owes those arrears because of the bankrtupcy. I... View More
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answered on Nov 20, 2023
Your bankruptcy does not affect amounts that are owed to you, whether pursuant to a court order or otherwise. It discharges amounts that you owe, but not the ones that are owed to you. Further, all amounts that you receive in the form of child support or spousal support are exempt (they cannot be... View More
I relocated to Colorado at the middle of August, with my husband spending time in both CO and in Arizona since July. We did so (renting a house in CO) so that we could sell our Arizona home and use the equity to pay off all of our unsecured debt. Since moving we have lost two contracts on the... View More
answered on Nov 5, 2023
I wish your question had a simple 'yes' or 'no' answer, but the answer depends on timing. There are specific time periods that apply to the filing of any bankruptcy and which exemptions can be used. Your unique situation makes it extremely important that you talk to an... View More
The executor/beneficiary lives in NC and does not ride motorcycles. The bike is at a dealer in AZ and they want to get rid of it. The creditor has stated no interest in repossessing but will not release lien. In some states that is a violation of bankruptcy code. There is no money in the estate to... View More
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answered on Nov 5, 2023
If the creditor refuses to repossess the motorcycle or release the lien, and assuming the debt was discharged in the Chapter 7 bankruptcy, you may need to reopen the bankruptcy case to file a motion to compel the creditor to act. It’s also possible to negotiate with the creditor, explaining that... View More
-Received two certified letters, one addressed to me, one to sister-in-law.
-Certified letter indicating summary judgement refers to her as spouse, which she is not.
-The debt I have incurred is my own, I am disabled.
-I cannot pay at this time, how can I exonerate my poor sister-in-law.
answered on Sep 30, 2023
Your sister-in-law needs to file an answer stating that she is not your wife, nor is she liable to for the debt (unless she is).
For example, I am not facing a foreclosure so do I include that form in my petition and leave it blank, or simply not include it?
…$2800. I am current on my $150 monthly car payments and can easily afford to continue it with my monthly budget. I don’t mind being upside down on it because it’s super reliable & I’ve put a lot of parts/labor into it. Please inform me of the PROPER procedure to request at the... View More
answered on Aug 13, 2023
The following assumes you are filing in Arizona. A denial of the reaffirmation is NOT bad. It means you can keep the vehicle so long as you are current on payments at the time of the reaffirmation hearing, and that you stay current. Also, the vehicle needs to be insured. The judge denies the... View More
… my Allstate safe driving merchandise rewards program points must be spent before they expire Nov 1, to redeem close to $8500 in merchandise such as luggage, sunglasses, cutlery, & store gift cards alone worth close to $5k (Macy’s, Bloomingdale’s, Nike,etc). Will this ‘windfall’ of... View More
answered on Aug 11, 2023
Yes. You will have to list all property owned by you, but you may be able to use your exemptions to protect it all as well as distribute over the means test.
…$7000 Military Star Credit Card debt. Both debts are individual accounts only in my name, but were acquired while married to my wife during yrs 4-6 of our marriage in AZ, a community property state. Both debts were personal items that I only purchased and used, and not shared such as clothes,... View More
answered on Jul 19, 2023
Unless your wife signed on them as guarantor ( instead of authorized user), the creditors can never go against her to try and collect the debt. Your discharge should end it all.
…stole my identity. Should I still include this in my list of debts since ‘technically’ it’s filed under my identity? Or not include it? I don’t want to delay the process or worse have my petition denied based on omission. On the other hand, if I list it, won’t that be considered as... View More
answered on Jul 15, 2023
If you look at the Official Bankruptcy forms, you will see that there is a column to note whether the CLAIM is disputed, contingent or unliquidated. Your obligation is to list all CLAIMS against you, and the holders of those claims, whether you agree with the claim or not (unlisted creditor's... View More
I and my wife are the beneficiary of an irrevocable trust (the settlor is deceased). After speaking with the trustee/attorney, we chose to not transfer the title out of the trust until my wife and I felt comfortable. In addition, my wife and I live in the home (and have since before the trust was... View More
answered on Jul 13, 2023
Have an experienced attorney in AZ examine your HOA covenants with a title examination of the residential property. Most probably, The Homeowner's Association enjoys written covenants in the real estate records that apply to each property and give it a right to impose the debt with priority... View More
This is my problem. I am not able to get details.
Any help Would be appreciated. Thank you so very much.
answered on May 20, 2023
Check with your local bar association or legal aid society. They maintain lists of pro Bono and reduced fee attorneys.
Last year (in 2022), I filed a chapter 13 bankruptcy. At the time I filed, I did not qualify for a chapter 7 bankruptcy because the equity in my car was too high.
After I filed my chapter 13 bankruptcy, in November of 2022, the majority of voters voted yes on Arizona proposition 209 which... View More
answered on May 1, 2023
Mr. Denison's answer is not correct for Arizona, but it might be for his state. This is a much more complicated question than you realize. Prop 209 is being challenged. Plus Prop 209 (assuming it stands as is), will only apply to those bankruptcies filed after December 5, 2022. Depending on... View More
I obtained the interest in a one member owned LLC by Charging Order. The LLC contained tens of thousands of dollars, but the the bank disregarded the Order and allowed the member to close the bank account. The Order specifically stated my interest in the money within the account. The member no... View More
answered on Apr 23, 2023
A common charging order issued against a Bank holding funds in a bank account of a judgment debtor can render the Bank liable when it allows the account to be depleted by anyone other than the Court or without the consent of the judgment creditor -- in this case, you. I have successfully collected... View More
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