When a debtor consults with an Arizona bankruptcy lawyer, one of the first questions is how will the bankruptcy impact my credit report. Although bankruptcy will adversely impact a credit score at the time of filing, a debtor’s credit will immediately start to improve shortly thereafter.
Only a competent Arizona bankruptcy lawyer can determine whether a debtor’s federal or state income taxes can be discharged in a Chapter 7 or Chapter 13. If the taxes are old enough and tax returns were timely filed, you may be in luck!
A competent Arizona bankruptcy lawyer may try to discharge student loans if they constitute an undue hardship to the debtor. But this is an extremely difficult standard to prove.
Unlike a Chapter 7, a Chapter 13 provides the mechanism for a debtor to come current with overdue mortgage payments. But beware! If you lack regular monthly income and you refuse to curb your expenses, a competent Arizona bankruptcy lawyer will advise that Chapter 13 may end up being a waste of time and money.
As an Arizona real estate lawyer, I advise both residential landlords and tenants to make sure they are complying with the Arizona Residential Landlord and Tenant Act. Landlords and tenants have rights, but one mistake could expose them to severe liability. A landlord may also need to consult with a good Arizona bankruptcy lawyer to prevent a tenant’s bankruptcy from delaying the eviction process.