Halloween is the scariest time of year, but Arizona’s property exemptions can take the fear out of Chapter 7 liquidation bankruptcy. That’s our lead story in the Pew Law Center’s Arizona Bankruptcy Newsletter, October 2012.
While your kids are picking out their favorite pumpkin, grab a cup of hot mulled-cider and read what’s new in the world of bankruptcy, foreclosure, and tax problem resolution.
They Can’t Take That! AZ’s Chapter 7 Bankruptcy Exemptions
Did you know that Arizona’s statutory exemptions protect property from creditors, even in a liquidation bankruptcy? Assets exempted under state and federal laws cannot be sold by a trustee to pay off creditors. Claiming the homestead exemption (currently $150,000) and numerous personal exemptions (automobile, household furnishings, wearing apparel, tools of trade, musical instruments, and more) ensures that the debtor who files Chapter 7 is not deprived of most assets.
Evander Holyfield Loses $200,000 Bout with IRS
Boxer Evander Holyfield is a world champion, but his finances were in such disarray that he owed the IRS $200,000, his home was foreclosed on, he owes back child support, and his boxing memorabilia will be auctioned off.
Tax Charges Bring Down Ponzi Operators, Lead to Prison Time
Talk about teaching an old dog new tricks. Two senior citizens were sentenced to federal prison for tax crimes in a Ponzi scheme. The “Genesis Fund” investment scammers were Johnson (age 73) who was ordered to pay $2.3 million in restitution, and Putnam (age 68) who was ordered to pay $13 million.
Don’t Skimp on Sleep
You’ve been told, probably since you were a kid, to get eight hours of sleep every night. Well, that’s still the best advice. When the lights are out, our brains are sequencing through five important stages of sleep. Sleep deprivation interrupts these stages and leaves us vulnerable to illness, depression, poor diet control, and diminished concentration.
Nothing Warm and Cozy About These Bath Salts
No, we’re not talking about the pink, blue, and lavender bath salts that you buy at the local Bed, Bath, and Beyond. These so-called “bath salts” are synthetic stimulants – designer drugs that are viciously addictive and psychoactive. Read about the July cooperative sweep in Phoenix and Mesa that brought together local, state, and federal law enforcement in Operation Log Jam.
Florida Tax Man Gets 30 Months for Tax Evasion
Sentenced to federal prison for tax crimes, this Florida man operated a payroll services company in Ocala. While his business clients entrusted him with their payroll taxes, he embezzled hundreds of thousands of dollars from them.
Can’t Text and Walk at the Same Time?
We all know that we should never text while driving. But did you know that texting while walking is dangerous, too? Because so many personal injury accidents have resulted from serial texting while on foot, lawmakers in Arkansas and New York have proposed anti-texting legislation for pedestrians.