Category - Bankruptcy

In almost every chapter 7 bankruptcy case the Debtor(s) will have vehicle(s) or some other type of personal property that they owe money on and want to keep. There is a statement, called the Statement of Intentions, that deals with this situation and it is usually filed with your other bankruptcy documents. The Statement of Intention tells the Court and the creditor what the Debtor intends to do with that particular piece of personal property.

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Making the decision to file for bankruptcy protection is only the first step, albeit a very important decision. You have probably researched the internet, talked with friends and family, and I would hope taken the most important step to speak with an experienced bankruptcy attorney. There is a lot of misinformation floating around the internet and certainly friends and family are not the best source for bankruptcy advice. A bankruptcy consultation, and in my case a free consultation, will give you accurate information and legal reasoning related to your specific situation and allow you to then make an informed decision.

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That depends on a few factors. In Arizona, homeowners are protected by two anti-deficiency statutes with respect to their homes, A.R.S. §§ 33-729(A) and 33-814(G). § 33-729(A) applies only to purchase money mortgages. Arizona courts have construed it to apply also to purchase money deeds of trust that are foreclosed judicially. A.R.S. § 33-814(G) applies to deeds of trust foreclosed by trustee’s sale, whether or not they are purchase money deeds of trust.

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