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.

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.

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.

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.

Any competent Arizona real estate lawyer, Arizona foreclosure lawyer or Arizona bankruptcy lawyer will agree that the Arizona anti-deficiency statute is one of the most important Arizona laws protecting borrowers with loans secured by a residence. This statute will prevent many mortgage lenders from suing debtors for any deficiency amount after a foreclosure occurs. In a surprise ruling, a recent Arizona Court of Appeals case has extended the Arizona anti-deficiency statute to construction loans.