Most debtors filing Chapter 7 bankruptcy want to be able to keep their vehicles. An Arizona bankruptcy lawyer may advise the debtor to pay the lender only the current retail value of the vehicle in lieu of the entire loan balance. However, redeeming a vehicle loan has its drawbacks.
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.
An Arizona bankruptcy lawyer will advise that a debtor may keep all wages received for work the debtor performs after the bankruptcy filing date. However, a debtor may have to pay to the bankruptcy trustee 25% of wages, commissions or accounts receivables that were earned but unpaid as of the bankruptcy filing date.