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Bankruptcy

Arizona Bankruptcy Attorney Blog

The perspective of one Arizona Bankruptcy Attorney on insolvency during a depression.
By Joseph McDaniel, Esq.

Post Frequency: 2.4/day

Last Entry: March 31, 2011 at 10:42:02

If You're Not Ready for Bankruptcy, Maybe You're ReadyForZero!

Posted on February 03, 2011
One of my genius buddies is named Chris, and he sent me a link to a webapp that may be useful in planning to pay off your credit cards, if a bankruptcy in Arizona is not in your future. The application is called ReadyForZero, and it will work for some people, and not for others; the application lives on a site called lifehacker...

Educational Bankruptcy Videos Reach First Ten Thousand Views!

Posted on February 03, 2011
Thanks to all our loyal fans for watching those uneven educational bankruptcy videos that we have produced. Counting Channel Views and Total Upload Views, we have now hit ten thousand! Thanks; now that I know you like 'em, I'll make more!NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Consumer Bankruptcy Cases Drop in January!

Posted on February 03, 2011
The American Bankruptcy Institute and the National Bankruptcy Research Center announced recently that consumer bankruptcy filings had dropped in January of 2011, after a year of the highest filings since 2005. Other bankruptcy experts, in a related Wall Street Journal Article, suggested that there may be as few as 1...

Bankruptcy in Arizona and Its Effect on Mortgage Foreclosures and Trustee's Sales

Posted on February 03, 2011
One of the proximate causes of bankruptcy cases in Arizona is the Notice of Trustee's Sale. It's not the root cause of the bankruptcy filing; remember that consumer bankruptcy cases are caused by a slow growing issue like credit card debt, and then after the Jenga Tower is weakened, it's pushed over by a proximate cause like unemployment, cancer, divorce, or a lawsuit...

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Consumer Bankruptcy News Coverage is Sparse

Posted on February 02, 2011
It saddens me that there is so much news coverage for big kid bankruptcy cases like W.R. Grace, and so little for consumer bankruptcy cases in Arizona and the rest of the United States. Since I'm an Arizona Bankruptcy Lawyer, and I've always handled consumer as well as business bankruptcy cases (okay, thirty years isn't "always", but it seems that way to me), consumer cases are every bit as interesting to me as business cases...

Bankruptcy in Arizona? Lawsuit in Arizona? Negotiated Deal in Arizona?

Posted on February 01, 2011
So this guy had a house teed up for a short sale, and there was this big second that wasn't going to get paid. So the guy, who has only one big debt, says to the second position lender: "How about if I kick you some dough, because if you sue me for the second, there's only one solution, and that's The B Word...

A Chapter 11 is Forever. Wait, That's a Diamond!

Posted on February 01, 2011
One of the top ten questions that clients ask me is how long a Chapter 7 will take, from start to finish. Many are astonished to hear that a no-asset, ezee-peezee (by comparison with my other cases) Chapter 7 will take around a year, and if there are assets, four years is not uncommon...

Another Bankruptcy Myth in Arizona

Posted on January 31, 2011
There is another bankruptcy myth in Arizona. It gets a lot of circulation because Bankruptcy Mills spout this myth every chance they get, on television! The myth is this: that it is incredibly easy to file a Bankruptcy in Arizona. And that is simply nonsense...

One Top Ten Urban Myth About Chapter 7 Bankruptcy in Arizona: The Liquidation Myth!

Posted on January 31, 2011
Here's the myth: if you file a Chapter 7 Liquidation Bankruptcy, you lose everything! Clothes, shoes, cars, house, plates and food. Even medicine! Here's the reality: about 97% of the people who file bankruptcy in Arizona lose nothing at all to the bankruptcy trustee...

Bankruptcy Rumblings Worry California?

Posted on January 31, 2011
Why? It's the same with bankruptcy as with drugs. Even if you are offered a bankruptcy, you can...just say no! Permitting a State to file a bankruptcy is not the same as forcing a state to file a bankruptcy. In fact, all a State has to do to avoid filing a bankruptcy is to...

Reuters Says Borders Books May File Bankruptcy

Posted on January 31, 2011
See, I talk to folks (and businesses) all day who agonize over the decision to file a bankruptcy. It's a very different deal in the mega-corporate dimension, where I've spent only limited time. For instance, what is the most upbeat possible way to say that a company in a Chapter 11 is going to boink bunches of creditors, and pay something to some other creditors to bribe them for their vote in favor of the Chapter 11 Plan? Well, this would get my vote for best expression of "get ready and brace yourself; your ox is getting gored next!" "Bankruptcy is a wonderful tool for taking the majority of interests and implementing a plan that may be over the objections of a minority of interests," said Michael Epstein, a managing partner at restructuring advisory firm CRG Partners who is not involved in the situation...

Do Credit Cards Drive Bankrupcy Cases in Other States, Too?

Posted on January 30, 2011
Well. Yes. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY ATTORNEY WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY THINGIE...

The Chandler Bankruptcy Amendments Discussed in Memphis

Posted on January 30, 2011
I always like it when the Chandler Bankruptcy Amendments are discussed. Since my name is Joseph Chandler McDaniel, it's almost like...bankruptcy is my middle name! And I think Chandler makes for a better sound than Joseph Bankruptcy McDaniel, after all...

They Say They're Going to Put a Judgment on Us! Can They Do That?

Posted on January 30, 2011
A judgment is a piece of paper; it gives a creditor additional rights to mess with you. It does not appear by magic, as in "Poof!" First you get served, either in person or by mail, in connection with most sorts of debts and suits. The "Summons" will tell you how long you'll have to Answer...

Craig D. Robins has a Nifty Bankruptcy Blog

Posted on January 30, 2011
I really like the Bankruptcy Blog that Craig Robins built. It's well organized, and it has tons of cool bankruptcy information, some of which is relevant to debtors in Arizona, even though Craig practices bankruptcy law in Long Island. But some blogs are beautiful and well organized (I'm working on it, I'm working on it!), and also have nifty information about bankruptcy...

The Third Proxmate Cause of Bankruptcy Filings in Arizona; Don't Let THIS Happen to YOU!

Posted on January 30, 2011
The third most common reason folks call my Arizona Bankruptcy Office is that they notice that a creditor has gotten a judgment against him or her or them and they notice it because their paycheck is 25% short. Sometimes more, depending on the nature of the debt...

Bankruptcy AZ; Proximate Causes of Bankruptcy in Arizona

Posted on January 30, 2011
The second most common proximate cause of a consultation concerning a consumer bankruptcy in Arizona is notice of a Trustee's Sale. A Trustee's Sale is used by mortgage holders in Arizona because it provides a summary technique to swipe your house quickly and efficiently, with little fuss or muss or recourse to those icky Courtrooms, which the Mortgage Company or Bank likes about as much as you do, for similar reasons; a Judge wants to examine the facts before she makes a ruling, and the Mortgage Company wants to make the process of grabbing your house from you as fast, cheap and painless (for them) as possible! And it's hard to squeeze all the compassion out of Judges; it shows up when you least expect it...

Bankruptcy Arizona: Causes, Part I

Posted on January 30, 2011
By far the most common reason people come to visit me is that they are being sued, finally. That acts as a wake-up call; the debtors have been able to stuff their fingers in their ears until this point and say, "I can't HEAR You!" to collectors calling them on the phone to scare them into coughing up some dough...

Non-Bankruptcy Public Service Announcement: Life is Better Than Death, So Contribute to New Life Society!

Posted on January 30, 2011
A group of heavy-hitters in Arizona, some of them former organ-transplant recipients, has formed a group to collect dough to fund organ transplants in Arizona. It's called the New Life Society. And here's an article about the group. Here's their facebook page; I'll be joining as soon as I get finished with this post...

Why Does Ride-Through Matter in an Arizona Bankruptcy?

Posted on January 29, 2011
Well, here's why: reaffirmation on a car is a very, very bad idea. Even though you need the car. Example: when I was a baby lawyer, back when dinosaurs roamed the earth, a beautiful girl had a beautiful car and had a beautiful job with her boyfriend, so nothing could possibly go wrong...

The Death of Ride-Through in Consumer Bankruptcy Chapter 7 Cases in Arizona

Posted on January 29, 2011
Some case law is worth reading. Not all of it, of course. The most devoted Evelyn Woods enthusiast couldn't plow through all the cases that get ginned out over a day, in addition to taking a shower and shaving, and working for a living. But some of you who didn't go to law school may wonder what goes on inside the heads of Judges...

Oh, Sure! Right After I Got My Membership Card!

Posted on January 29, 2011
So now Borders explores an "in-Court restructuring". This week I got my membership discount card at the Borders at the Biltmore. So is my ox going to get gored this time? Watch this space! NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Will Baker's Keyboard Lounge Take the Money and Run?

Posted on January 29, 2011
Bankruptcy Cases are sort of history and emotion under cake domes. And not only does money change hands in bankruptcy, emotions jump and jive in bankruptcy cases as though you were in a, you know, Jazz Club! NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

The Federal Trade Commission Protects America's Consumers by Talking About Mandatory Credit Classes Before and After Bankruptcy

Posted on January 29, 2011
The Federal Trade Commission protects you by explaining the mandatory pre- and post- consumer credit counseling classes. Feel safe yet? NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Bankruptcy Alternatives for States: Keep Doing the Same Thing and Expecting a Different Result!

Posted on January 29, 2011
There is one alternative for States that are currently insolvent that I haven't yet discussed, and my only excuse is that I didn't think it was a worthwhile alternative. In fact, it was so nutty, it never crossed my mind. But a friend suggested to me that nobody ever went broke underestimating the intelligence of politicians, and he's probably correct...

Bankruptcy Alternatives for States: Spend Less!

Posted on January 29, 2011
One advantage of a multi-state government in the United States is simple; we all get to watch different approaches to government play out, and see how the endgame looks. If it looks good, we can adopt that approach for our state, and if it looks bad, we can keep lookin'...

Should States Be Permitted to File Bankruptcy? It's Like a Ping-Pong Game!

Posted on January 29, 2011
Recently I've been intrigued by the currently-popular idea that States should be permitted to file bankruptcy. Since I'm a simple back-country bankruptcy attorney, I'm not smart enough to have made a decision yet; I can see some nice arguments for State Bankruptcy, and some against permitting them to file...

A Tool To Help You Find a Job During Your Life After Bankruptcy

Posted on January 29, 2011
You aren't the only one having trouble finding a meaningful job right now. Some people were so depressed by their inability to find honest jobs that they went out and became politicians. But there's a specific group that is, for the first time since the high point in U...

"The Straw that Broke the Camel's Back was a House."

Posted on January 28, 2011
One of my clients had a cute turn of phrase and I liked it: "the straw that broke the camel's back was a house". And you already know the rest of that story. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

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