If a debtor files bankruptcy before receiving a tax refund, the money may have to be surrendered to the bankruptcy trustee. Therefore, a competent Arizona bankruptcy lawyer will help avoid a premature bankruptcy filing that may cost the debtor thousands of dollars.
When you stop making mortgage payments, an experienced Arizona foreclosure lawyer or Arizona real estate lawyer will advise that you will still be able to live in your house for at least 90 days after a foreclosure notice is filed and delivered to you. And depending on how aggressive the lender is, a foreclosure notice may not be filed for quite some time after you stop making payments.
If you make too much money, you may not qualify for Chapter 7 bankruptcy, forcing you to file Chapter 13 and make monthly payments for three to five years. But even if you make too much money, an experienced Arizona bankruptcy lawyer may still be able to help you qualify for a Chapter 7 by performing a complicated analysis called the Means Test.
A person facing foreclosure or bankruptcy is understandably concerned about how such decisions impact a person’s credit. The reality is that no one knows for sure how these credit scores are computed. An Arizona bankruptcy lawyer or foreclosure lawyer may be able to provide some tips and tricks that a person can use to minimize credit damage.
Some people mistakenly believe that filing bankruptcy will force a mortgage lender to agree to a home modification. Not true. However, an experienced Arizona bankruptcy lawyer and real estate lawyer will advise you that you may be able to get rid of junior liens if the value of your home is worth less than what you owe on your first mortgage.