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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

Friends Will Get You Through Times of No Technology Better Than Technology Will Get You Through Times of No Friends!

Posted on June 13, 2009
Clients, ignore this post. This is just a thank you to my friends Ru, Chris, Jon and Joel, who have recently routed me articles as grist for my blog, and in one instance restored a broken link from my blog to the ABA Journal online version of the Arizona Bankruptcy Attorney Blog...

Is This a Do-It-Yourself Bankruptcy? What am I Paying You for, Anyway?

Posted on June 11, 2009
About a decade ago, I went in to have laser surgery done to correct my nearsighted eyes. I did all of the research in the world, and the doc I finally chose had more credentials than a dog had fleas. He may have been the most highly-credentialed eye surgeon in Arizona at the time...

My Feelings Are Hurt.

Posted on June 11, 2009
I just saw a cute television advertisement for a credit card. Beautiful commercial, showing all sorts of beautiful happy things you can get with your brand x credit card. It even shows the whole panoply of goodies under a huge rainbow. Now, I gave 'em a chance...

Well, That Answers the Question About a Credit Card after your Chapter 7 Bankruptcy in Arizona

Posted on June 09, 2009
Bankruptcy lawyers have suspected for a long time, based on anecdotal evidence, that credit card companies are pretty smart; they're happy to give new credit cards to debtors after the filing, because it's going to be a bunch of years until those folks can file again...

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What Could be Good About this Depression?

Posted on June 08, 2009
Well, nothing. But if there were, what would it be? A depression always means that people will be out of work. And that means that those who are out of work have time to think.After all, when you're on top of the world, you have a tendency to think things like, "Boy, I'm smart! Gee, I'm well-disciplined! Hey, I have great networking skills! And on top of it all, I DESERVE all this cool stuff because I planned and executed my plan, and I'm a wonderful person!"Now, I've never had those thoughts, and I'm sure you haven't, but I've heard that SOME people have thoughts like those when things are sailing along...

Do Medical Bills Cause Bankruptcy?

Posted on June 07, 2009
There's a study being passed around that concludes that the bankruptcy tsunami is driven by medical bills. The methodology of the study and its conclusions were provocative. It was exactly as though, in seeking the causes of death in men, the researchers had gone to the morgue, and discovered that 29% of the men who had passed away were bald, and that most of the other had at least 10% hair loss prior to their deaths...

My Favorite New Bankruptcy Ads on Television in Arizona!

Posted on June 07, 2009
I don't watch a lot of television (distracts me from blogging), but I was recently told about a couple of big budget advertisements for Arizona bankruptcy lawyers. One funny example: the narrator says in a very loud voice: OUR BANKRUPTCY LAWYER ARE ALL (voice changes to a whisper) supervised by BOARD CERTIFIED BANKRUPTCY LAWYERS!---------------------------------------------------------------Here's one a little more sophisticated and sinister: "Our bankruptcy lawyers are LICENSED to practice bankruptcy law in Arizona!"That one is cuter...

Play 20 Questions with a Bankruptcy Lawyer!

Posted on June 06, 2009
I built a list a lot like this 30 years ago, so when I came back from a gigantic lunch I wouldn't forget to ask about important stuff. See, the problem with a gigantic lunch is that afterward you just want to sleep; and if you're sleepy during a client conference you may not ask all the right questions...

Clients Ignore: Lawyers, Check it Out! Somebody Who Gets Twitter!

Posted on June 05, 2009
I know things are very tough out there, because of the number of lawyers who have contacted me about filing a bankruptcy here in Arizona.And the ABA Journal has reported that about 10,000 lawyers that they know of have lost jobs this year. Many people would say, "That's a good start!"I would say, those poor devils need some help...

When Is a Liquidation not Like a Liquidation in a Chapter 7 Bankruptcy in Arizona?

Posted on June 05, 2009
Will they liquidate my house and my car and my food and my medicine?No.Probably. The only way "they" (not the "Men in Black") will liquidate your house is if your house is worth more than the mortgages on it, AND the exemption in Arizona. Note that there's a cap that went into effect in some cases after the 2005 Bankruptcy Amendments...

Your Top Ten Bankruptcy Questions, Answered!

Posted on June 04, 2009
There are some questions that come up with great frequency. I've posted blog entries to address some of those, and the most frequently asked are the following:How Long Will This Thing Take?What do I get to Keep?How will They Even Know I Have It?What Happens at the First Meeting of Creditors in Arizona?Will They Take Away All My Credit Cards?If I'm Going to File a Bankruptcy, Why Don't I Just Max Out My Credit Cards First?Are They Going to Take My Comic Book Collection? My Beanie Baby Collection?What About My Wedding Ring?Do I Have to List All My Debts and Assets, Even if I Don't Want To? (Hint-Yes!)Could I Just Modify My Mortgage Instead of Filing Bankruptcy? Hey, Take a shot!NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

What are Secured Debts? What are Unsecured Debts? What are Priority Debts? What is a Judgment Lien?

Posted on June 04, 2009
The definition of secured, unsecured, priority debts, and liens (two flavors; consensual and judgment) is something ordinary folks don't normally need to know about. But in the same way that Eskimos have three hundred words for "snow", Arizona bankruptcy lawyers have many, many different words for debts, because the precise kind of debt determines how that particular debt is going to be handled in the bankruptcy case...

A Funny Blog About Bank Law?

Posted on June 04, 2009
I just found a screamingly funny blog about Banking. Yes, I know. It's like finding a screamingly funny blog about watching grass grow. But it's true, and you can see it here.In case the link doesn't work, here's an url: http://www.banklawyersblog.com/3_bank_lawyers/2009/05/so-you-thought-being-a-bank-director-was-an-honor...

If I'm an Insurance Agent, Can I File a Bankruptcy? If I'm a Lawyer, Can I file a Bankruptcy?

Posted on June 03, 2009
Yes, and Yes. But those aren't really the questions you mean to ask.You really mean to ask, are there terrible consequences? And the answer is, as it so often is, maybe. If you're a lawyer, and you didn't steal from your clients, and you just have a bunch of debt, oh, well...

Am I Too Competitive? Clients, Don't Bother With This One.

Posted on June 03, 2009
Everybody needs a hobby. Mine is First Meetings of Creditors.But at some point, I got the goofy idea that I'd write a bunch of reviews on Amazon.com, and watch my rating go up. Some people watch the paint dry, I watch Amazon ratings go up. Hey, takes all kinds to fill the freeway, right?So I'm feeling good, because I've written enough reviews that my rating, listed on my profile, has gone up from about 30,000 to about 6,500...

I Thought I Would Just Pay You and You'd Do Everything!

Posted on June 03, 2009
That would be a "no".I'm always made sad by the number of folks who figure that if they've done the hard work, getting themselves psychologically ready to go into an Arizona bankruptcy lawyer's office and talk about bankruptcy, that the rest of it should be easy for them...

Why File a Chapter 7 for a Corporation?

Posted on June 03, 2009
I asked this very question of a nice gentleman I met yesterday. He wanted me to file a bankruptcy petition for his flat puppy corporation. I pointed out that such a filing would not discharge the debts of the corporation.He knew that.I told him I'd have to charge him to file the Chapter 7 for the corporation, and to attend the First Meeting of Creditors with him, and to attend the probable Rule 2004 exam with him if the trustee wanted to know more about the flat puppy...

A Website to Try to Get a Mortgage Modification under the Obama Plan

Posted on June 03, 2009
I don't do mortgage modifications right now, but there's a nifty Nolo's Bankruptcy and Foreclosure Blog that points to a government website with tools to help people find out if they qualify for an Obama mortgage modification. That blog is located here; if you have trouble with the link, the url of the website is: http://www...

Shall I Rack Up My Credit Cards to the Max Before I file My Chapter 7 Bankruptcy?

Posted on June 02, 2009
I don't normally suggest that as a course of action. Maxing out your credit cards just prior to filing is generally considered rude, crude, and fattening by the credit card companies themselves, and that only seems fair. They set up a deal with you based on your expressed willingness to pay as agreed on the credit card, and loading them up to the limit just before filing a bankruptcy just looks bad...

What Do I Do About my Beloved Rolex in my Chapter 7 Case in Arizona?

Posted on June 02, 2009
Whatever you decide to do about your beloved Rolex Submariner in connection with your bankruptcy case in Arizona, keeping it is probably not a perfect option. The exemption for watches in Arizona is about a hundred bucks, and your Seiko or your Timex will probably not be an issue...

What Happens if My Credit Card Companies Keep Calling Me After I File a Chapter 7 Bankruptcy in Arizona?

Posted on June 02, 2009
It's probably a good idea to set up two lists. One list for things you should be afraid of (atomic bombs, giant poisonous snakes, visits from your in-laws), and another list for things that are less scary.And then when you need to feel afraid, you can just go down the list to good old number 73, and watch your hair follicles clench in terror!A call from a credit card company after you filed your bankruptcy probably should go in the "less scary" list...

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