When you file bankruptcy, you receive a discharge. Your creditors can no longer come after you. But your ex-spouse may come after you if the creditors now collect from him. An Arizona bankruptcy lawyer will advise that you can also discharge some of your divorce decree obligations to your ex if you file the correct bankruptcy under Chapter 13.
There is this myth that if you file for bankruptcy, you won’t qualify for a home loan in the near future. As an Arizona bankruptcy lawyer and Arizona real estate lawyer, I always advise clients that they will be able to qualify for financing so long as they save money for a downpayment and continue to improve their credit.
An Arizona bankruptcy lawyer must remind clients that although bankruptcy may adversely impact a person’s credit immediately after filing, credit will start rebuilding shortly thereafter. The bankruptcy filing doesn’t stay on a person’s credit report for as long as most people think.
After you consulted with an Arizona bankruptcy lawyer, you realized that you will have to surrender some of your non-exempt property to the trustee. So you give it away or sell it on the cheap prior to filing. This is called an unlawful transfer, and you have just caused your own unnecessary complications and serious liability for the transferee.
An Arizona bankruptcy lawyer or an Arizona real estate lawyer will advise that a lender cannot be compelled to foreclose and take title to property. As such, these delayed foreclosures are causing uncertainty and potential liability to the debtor.