Bankruptcy

FAQs re AZ BK Law and FAQs re AZ BK Proceedure, FAQs re AZ BK Options, and FAQs re AZ BK Lawyers

By Joseph McDaniel, Esq.

That was true when I started my bankruptcy practice thirty years ago (only twenty-eight, if you don't count my Federal Clerkships with U.S. Bankruptcy Judge Vincent Maggiore, and then with Chief U.S. Bankruptcy Judge Hugh Caldwell; I count those).

It was true that questions were repeated often in the past, and that's why I decided to do sort of a retrospective of frequently asked questions about bankruptcy in Arizona.

And that, of course, is what Bankruptcy FAQs means.

Here are a few blasts from the past:

Some people ask how long will this thing take, when they're asking about filing a Chapter 7 bankruptcy case.

Some want to know what they get to keep, and the converse, what they will lose when they file a bankruptcy in Arizona. This one is a little tricky, and you'll need to track down some other posts of mine about which exemption law may apply to you if you don't get to keep the Arizona exemption list!

About one potential debtor (bankrupt) in a hundred or so will ask me, "How will the trustee in my case even know that I own this car/land/comic book collection?"

Everybody ultimately wants me to tell them what happens at Bankruptcy Court when they see the Bankruptcy Judge at the First Meeting of Creditors, and some are disappointed that they don't get to see a Judge when they go to the first meeting of creditors. In fact, if you're going to see a Judge in the context of a Chapter 7 Bankruptcy in Arizona, that suggests that something has gone wrong. Not horribly wrong; we may be talking about a reaffirmation, for instance. But Judges, by and large, judge conflicts, and I try to structure my cases so there are none. Usually works, too.

One in five hundred clients think about maxing out their credit cards just before filing; that's a bad idea, of course. But some still ask if they should just max out their credit cards, and so I tell them why that's a bad idea. Bear in mind that maxing a credit card and then waiting for 91 days before filing is also a bad idea.

Comic books, Beanie Babies, engagement and wedding rings and automobiles always take up a disproportionate amount of time in pre-bankruptcy discussions, compared to their economic significance.

Some folks ask if they have to list all of their debts, including their relative's, disputed debts, friendly creditors, and secured creditors, as well as tax debts, student loans, and all other debts. I always say yes, yes, a thousand times yes. And sometimes people hear me, and sometimes they don't. Makes me sad when they don't.

Ditto with "do I have to list all my assets?", of course. Yes, you have to list all your assets, or your transactions and what you did with the proceeds, if you sold assets within a year or so of filing.

Finally, the FAQ that I get to hear a bit less now that I've built this Az Bk Blog is "what happens next?"

And the funny thing is that I never get tired of answering the same questions, because if I were a debtor in Arizona, I'd want the answers to the same frequently asked questions myself!

And I even talk about how to find an AZ Bk attorney someplace in this blog!

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on July 12, 2010 (boomark / email).