Category Archives: Bankruptcy

Do I Have to Pay Taxes on Canceled Debt?

When debts are canceled or forgiven, the Internal Revenue Service considers those canceled debt as taxable income. So, when the amount of a loan or mortgage is canceled or forgiven, the IRS taxes that amount as if the borrower earned it as income. But, it is important to understand that the law allows exemptions in certain situations. If your canceled…

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Arizona Ranks Seventh Lowest in Student Loan Debt

A new study by LendEDU, an online marketplace for student loan financing, shows that Arizonans are well below the national average when it comes to student debt. According to an article in The State Press, the average college student in Arizona owes about $23,594 compared to a national average of $28,400. To do this study, LendEDU calculated the average student…

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Drivers Warned to Secure Their Loads on Arizona Roadways

Arizona Department of Public Safety (DPS) officials are warning all drivers who are transporting anything in their vehicles across the state’s roadways are responsible for securing their loads. According to 12news.com report, DPS troopers say they see a whole lot of debris littering Arizona’s roadways from wheelbarrows and landscaping equipment to furniture and Christmas trees, posing serious injury hazards to…

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Could Chapter 7 Be the Answer to Your Tax Debt Problems?

Many of us know that filing Chapter 7 bankruptcy can help erase credit card debt and medical bills. However, many Arizonans are still confused regarding how a bankruptcy filing might help discharge debts owed to the IRS or to the state of Arizona. Whether you can discharge tax debts in a Chapter 7 filing could depend on a number of…

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Do you get out of all debts if you declare bankruptcy?

Although bankruptcy can eliminate some debt, it cannot get you out of all kinds of debt. Before filing for bankruptcy, it is important to know which kinds of debt can and cannot be wiped out. For the most part, filing for Chapter 7 and Chapter 13 bankruptcy can get you out of credit card debt. However, that doesn’t stand for…

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Arizona Bankruptcy Timeline Infographic

All times are approximations based upon typical experiences. Yours could vary, so if the timing of your case is critical because you plan to move or some other reason, let us know as early as possible so we can plan around it. Although there is some flexibility, federal court appearance is mandatory. Failure to attend can result in dismissal of…

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Is Medical Debt Driving You to Bankruptcy?

If you guessed the biggest source of bankruptcy in America is credit card bills or home mortgages, you are wrong. Many recent studies show medical debt is the biggest cause of bankruptcy in the United States. While Obamacare aims to make medical insurance more affordable, many of us still cannot afford to pay for health insurance or quality healthcare. Many…

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Seven Strategies to Help Settle Your IRS Tax Debts

Owing money to the Internal Revenue Service (IRS) can be extremely stressful and intimidating. There are also very real consequences when it comes to owing money to the IRS. This is a federal agency with a lot of power. They can garnish your wages, seize your assets, and even place a lien on your property to get the money you…

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Arizona Bankruptcies Fall for the Sixth Straight Year

Bankruptcies in Arizona dropped for the sixth straight year in 2016. However, according to a news report in The Arizona Republic, rising debt levels and delinquencies on some loans, including credit cards, are causing concern among many. These are signs, experts say, that the decline in the number of bankruptcies statewide might not be a trend that is sustainable. According…

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