chapter 7

A Reaffirmation Agreement in Bankruptcy

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A reaffirmation agreement in bankruptcy is a form agreement between a debtor and a secured creditor, such as a vehicle lender. The debtor agrees to pay back a specific debt even after bankruptcy. In return, the creditor promises not to repossess the collateral associated with that debt so long as the debtor stays current with payments. Reaffirmation agreements are available in Chapter 7, not Chapter 13. They are primarily used for secured vehicle loans, not mortgages.

Arizona Bankruptcy Exemptions

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People file bankruptcy in Arizona to discharge most debts. The Arizona bankruptcy exemptions allow a debtor to retain certain property. This is called exempt property, and it is protected. Debtors must understand the Arizona bankruptcy exemptions to know which assets they may retain.

Filing Bankruptcy in Arizona

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Potential clients frequently ask whether filing bankruptcy in Arizona is their best option. Before filing, you also must understand the differences between Chapter 7 and Chapter 13. If you are considering bankruptcy, always consult with an experienced Arizona bankruptcy lawyer prior to making any decisions. Every person’s situation is different. 

Discharging Taxes in Bankruptcy

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A debtor may discharge taxes in bankruptcy under certain conditions. Bankruptcy can discharge some income taxes. Taxes such as payroll taxes, sales taxes, or property taxes are not dischargeable. Discharging taxes in bankruptcy is possible by meeting specific criteria and following certain procedures.