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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

Oil News Squashes Wall Street; Sometimes, I Hate It When I'm Right.

Posted on March 09, 2011
Okay, Wall Street reacts badly to oil news. And this is surprising in what way? Now, here's the shocker: we'll have more bankruptcy in Phoenix, and Mesa, and Tempe, and Chandler Gilbert because of gas prices. And that's for two different reasons, of course...

Bankruptcy and Tax Refunds and the Secret Bankruptcy Exemption: The Video

Posted on March 08, 2011
At this time of year, people may be getting a tax refund, which is a good thing if you owe a lot of debt. On the other hand, if you owe a lot of debt, you may be considering filing a bankruptcy sometime soon. When you contemplate a bankruptcy filing, a lot of questions may well pass through your mind, including what do I get to keep, and what debts will be discharged, and how do I fill out the bankruptcy forms, and what happens at a first meeting of creditors? Many people forget this question: what happens to my tax refund if I have not received it and spent it on food and mortgage or rent and medicine and legal fees prior to filing my bankruptcy? In this little educational bankruptcy video, I talk about that, and I also make reference to the "secret bankruptcy exemption", which is almost like a mini-wild-card exemption in Arizona; the secret is simple economics...

Irish Need Not Apply; Oops, that's UNEMPLOYED Need Not Apply!

Posted on March 07, 2011
Back in the good old days, the patrician English settlers on the East Coast of our fair land didn't much like the invasion of the Irish, because they were dirty, dishonest, lazy, diseased, and drunken. Well, at least they had us pegged correctly, right? Now there is a simply crazy new trend showing up: if you're unemployed, don't bother asking for a job...

Liens Survive, Like Cockroaches. A Discharge Doesn't Scrape Off a Properly Perfected Lien.

Posted on March 07, 2011
When I was a kid, we heard in school that after a nuclear war, we could be sure of one thing: the cockroaches would survive. And that's because no matter whether the weather is very hot, or full of sulfur, or full of germs, or full of kryptonite, cockroaches can take a beating and keep on eating...

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Pre-Bankruptcy Planning in Arizona: The Pigs and the Hogs

Posted on March 05, 2011
There is a phrase sometimes used to address the issue of pre-bankruptcy planning in Arizona, and it always made me a little cranky because it was flippant, and it provided no guidelines whatsoever for an Arizona Bankruptcy Attorney trying to make decisions about a bankruptcy in Phoenix, or Chandler, or Mesa, or Gilbert, or anyplace else in Arizona...

New IRS Collection Standards

Posted on March 04, 2011
I wonder why the IRS believes that people can live on these amounts while they try to raise a family.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...

Improvement in Unemployment Rates, Says Wall Street Journal Marketwatch

Posted on March 04, 2011
Do you feel rich yet? The Wall Street Journal has recently reported that some statistics for February show that unemployment is dropping and that some jobs, although not a lot, are being created. I am reminded of the Great Depression: the Government announced on approximately 30 separate occasions that the Depression was over and that it was safe to go back to buying...

It's ALIVE!!!!!!

Posted on March 03, 2011
You've all seen that old Frankenstein Movie Scene, where the Mad Scientist gets to say, "It's Alive!!!" Well, that's kind of the way I feel about my new bankruptcy blog! It's built on a different platform from this blog (this is blogger, and that is movable type)...

Do I Need To List A Debt if I Have Received a Satisfaction of Judgment and Release of Lien?

Posted on March 03, 2011
It always makes me happy when I can tell that a client has done the Bankruptcy Homework and understands that it's absolutely necessary to list all their debts, whether the debt is dischargeable, non-dischargeable, disputed, unliquidated, contingent, or from Neptune...

Nomads Chapter 7 Bankruptcy: Travel Clubs Don't Do Well During Depressions

Posted on March 03, 2011
If you have a business with a 47-year track record of success, and you have your own airplane, and you have several million in assets, you think you're on top of the world, right? Well. It turns out that longevity doesn't ensure business success, because markets change, and during a depression, the ability and willingness of the public to pay money for anything changes...

Bankruptcy News That Matters: Updated Means Test Numbers

Posted on March 02, 2011
New means test numbers have been released. Read about it here!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...

Consumer Bankruptcy Cases Go Up. What a Surprise!

Posted on March 02, 2011
Here's an article where the ABI tells the Wall Street Journal that consumer bankruptcy cases went up last month. I'm an Arizona Bankruptcy Lawyer, and I could have told 'em that!NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Business Bankruptcy Filings Down; and It's Still Not a Good Sign

Posted on March 01, 2011
Here's an article about bankruptcy statistics for businesses in Maryland. What I liked about it was the analysis; business owners are realizing that they can close their business and not bother filing a business bankruptcy. So don't misinterpret the data; this doesn't mean that the depression is over!NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Beauty Queen Was Homeless After Eviction

Posted on March 01, 2011
I like rags to riches stories, like this one. But in reality, I'm seeing more street people of late than I want to see. After I picked up some gum at a drug store near my house last week, I was panhandled by a nice woman who could have been thirty, and could have been sixty...

"Economy Gaining Momentum"; If Your Car Took This Long to Gain Momentum, Wouldn't You Sell Your Car?

Posted on March 01, 2011
There's an intelligent article in the New York Times in which Bernanke's testimony that the U.S. Economy is "gaining momentum" is reported. Frankly, if my car took that long to gain momentum, I'd get a new car. And by the way, why did we give the right to set monetary policy to the Fed, which isn't even a government agency? Inquiring minds want to know...

The Means Test Is Harder for Public Workers; At Least in Wisconsin!

Posted on February 28, 2011
There are some states where public workers make more money than workers in the private sphere. Actually, there are 41 such states! That's got to make the means test harder for public sector folks in those states!NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Why Is the Japanese Stock Market Rising?

Posted on February 28, 2011
Well, with 300 nuclear power plants, Japan doesn't need to worry about increases in petroleum prices. See the Reuters article for confirmation. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

The Single Best Source of Unbiased, Non-commercial, Accurate Bankrupcy Information in Phoenix, Arizona!

Posted on February 28, 2011
There is a gold mine of free, accurate, unbiased bankruptcy information at your fingertips, and I talk about it and blog about it with a certain amount of frequency. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Top Ten Ways People Waste Money

Posted on February 27, 2011
I just ran into an article suggesting that there are ten top ways that people waste their money. It's an interesting article. But I disagree strongly that gifts are a waste; people give gifts to show love, and a failure to judiciously gift can hurt the feelings of the non-recipient...

The United States Is NOT Bankrupt, I Tell You! It's Just Insolvent.

Posted on February 26, 2011
Interesting article in Bloomberg suggests that the United States is bankrupt, which is ridiculous. Insolvent, sure! Bankrupt? Hey, even States can't currently file bankruptcy cases. The United States? There's no statute which would permit it. But I volunteer to be the Trustee! And the First Meeting of Creditors will be a lot of fun, I promise! Note: if we hire a turnaround expert to fix the United States, the way a bankruptcy guy would fix a corporation, I move that we hire the nice lady who wrote this article, Mary Meeker...

Dave Duerson Filed Bankruptcy and Checked Out Early; and That's Sad

Posted on February 26, 2011
Dave Duerson was a former Bears defensive back. He filed a bankruptcy, and he subsequently committed suicide. The event that caused the dominoes to fall was when a creditor of Duerson's filed bankruptcy, making his primary asset, a judgment against that creditor, worthless...

Banks Get Beat On for a Change! Wells Fargo and Bank of America Report Fines, Lawsuits

Posted on February 26, 2011
Willie Sutton was said to have been asked why he robbed banks, and his answer was "That's where the money is!" Maybe true, maybe not, but easy to understand. It's also easy to understand why folks would like to see banks beaten up for their continuing Scrooge Act...

Nicolina Kovacevic Speaks About Bankruptcy

Posted on February 26, 2011
Nicolina Kovacevic talks about bankruptcy, and she's always worth listening: 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...

Nancy Rapoport Has Bankruptcy Jokes!

Posted on February 26, 2011
You already know that I love Nancy Rapoport's Blog. Now I love it even more, because it has a list of jokes, including a few bankruptcy jokes. As you may be aware, jokes about bankruptcy and insolvency are thin on the ground; if you have some, send them my way so can share them...

More Bankruptcy, Because Oil Prices Higher; Crude Hits 21/2 Year High

Posted on February 26, 2011
I like being right, except when I hate being right. My previous post about oil continuing up, with occasional dips to make people bored so they don't do anything about it, was absolutely correct. And that makes me sad; when oil goes up, the cost of transporting goods goes up...

The Next Big Wave of Bankruptcy Cases? Lawyers Whose Jobs Are Outsourced to India.

Posted on February 25, 2011
Here's an interesting article about the end of lawyering as a "noble profession". If I were a lawyer working for a large law firm, and I read that article, and saw the advertisement for the legal outsourcing seminars that are coming up in London, I'd be...

Voting with Their Feet. In Ireland. Because of the Depression.

Posted on February 25, 2011
Other countries are having economic troubles, too. My guess is that the underlying causes are similar. But in Ireland, folks have had a universal remedy for hundreds of years, and lucky they were who had it. Because some came to this beautiful land. And yes, my name is Joseph C...

No, You Can't Keep Your Personal Submarine in Your Chapter 7, Unless You Pay for It!

Posted on February 24, 2011
Most people keep everything they have in a Chapter 7 Bankruptcy Case in Arizona, which is why most bankruptcy cases are categorized as "no asset" cases. Bankruptcy trustees compare the list of exempt assets in Arizona with the list of assets on the schedules of the debtor, and as long as they match, the debtor keeps everything, including non-exempt items that are worthless or over-encumbered...

We're From the IRS and We're Kinder and Gentler Now!

Posted on February 24, 2011
The IRS says it's going to be warm and fuzzy now. Do you believe them?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...

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