As an Arizona bankruptcy lawyer, I can safely say to my potential bankruptcy clients that many successful and well respected individuals have been forced to file bankruptcy. Here is just a sample.
What happens if I don’t pay my HOA assessments?
An Arizona real estate lawyer, an Arizona foreclosure lawyer and an Arizona bankruptcy lawyer will warn clients that failure to pay HOA assessments will cause the HOA to sue the homeowner and collect such amount. Even Chapter 7 or Chapter 13 bankruptcy will not discharge all HOA assessments.
The ABCs of HOAs
Homeowner associations are common in Arizona. As a long time Arizona real estate lawyer, I have frequently drafted HOA governing documents that set forth the powers and responsibilities of HOAs. If homeowners don’t elect a competent Board of Directors, the HOA’s stability becomes a serious risk.
Should I Use a Debt Settlement Company?
Debtors commonly explore their options with a debt settlement company before consulting with an Arizona bankruptcy lawyer. Most debtors get discouraged with the entire debt settlement process. In most circumstances, choosing to file a Chapter 7 or Chapter 13 bankruptcy is a more efficient and better option.
Have You Received a Complaint and Summons? Your Wages Could Be Garnished
Most debtors who are served with a summons and complaint will receive a judgment against them that will permit garnishment of their wages. Unless the creditor agrees to some type of payment plan, an Arizona bankruptcy lawyer may advise the debtor to file a Chapter 7 bankruptcy or Chapter 13 bankruptcy.