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Will I lose my retirement funds if I file Chapter 7 Bankruptcy in Arizona?  

By admin - 1st December 2011

Probably not. A.R.S. § 33-1126(B) provides the exemption that applies to “any money or other assets payable … from … a retirement plan which is qualified under §§ 401(a), 403(b), 408 or 409 of the United States Internal Revenue Code of 1986 … from any and all claims of creditors of the beneficiary or participant.” However, In re Flindall, 10,5 B.R. 32 (Bankr.D.Ariz.1989) and In re Hirsch, 9,8 B.R. 1 (Bankr.D.Ariz.1988) held that A.R.S. § 33-1126(B) is preempted by the...

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Can my spouse stop me from getting a divorce?

By admin - 1st December 2011

No, Arizona is a no fault divorce state. This means that if you file for divorce you can get one even if your spouse wants to still be married to you. -This is not legal advice. Every case is different and if you are considering divorce you should speak with a competent divorce attorney.  

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529 plan and bankruptcy?

By admin - 1st December 2011

Whether the account is safe in bankruptcy depends on when you established the 529 plan, who the beneficiary is, and when you deposited money into the account. 529 plans are safe only if the beneficiary was a child, stepchild, grandchild, or stepgrandchild of the debtor(you) and Money deposited into a 529 plan over two years prior to filing is fully protected. Money deposited one year or more but less than two years prior to filing is only partially protected. The...

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What does it mean to reaffirm a debt?

By admin - 10th June 2011

Reaffirmation means that you are agreeing that the debt will not be discharged and you will be bound post-bankruptcy to all the terms and conditions contained in the reaffirmation agreement, which are largely the same as in the documents that you signed when you got the loan. In other words, if you were to reaffirm a debt in your bankruptcy and then later lose the collateral, such as in a foreclosure or repossession, you would be liable for all attorneys’...

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Why use an attorney for a chapter 7 bankruptcy?

By admin - 10th June 2011

In some circumstances it may make sense to use a paralegal or to prepare the petition yourself; however, in the overwhelming majority of cases the use of an attorney is almost required. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCA) resulted in significant changes, which as a whole made filing bankruptcy considerably more complicated. The changes written and implemented in BAPCA by Congress, who by the way are neither bankruptcy scholars nor bankruptcy judges, have been regarded...

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Why can’t I discharge my student loans?

By admin - 21st May 2011

In very rare cases can you discharge your student loans. To discharge the student loans you need to show an undue hardship. This means that you have to demonstrate that you cannot pay your student loans and you will not be able to ever pay your student loans. For example the court ruled an elderly woman who was unemployed and had cancer did not have an undue hardship to discharge her student loans. Unless you are on disability or have...

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Can I file Chapter 7 bankruptcy in Arizona?

By admin - 21st May 2011

Many factors go into determining if a particular person can file chapter 7 bankruptcy within the state of Arizona. To file bankruptcy in Arizona a person must reside within the state for the greater part of 180 days. The word reside has many meanings and to determine if you have resided in Arizona for the greater part of 180 days you should speak with a bankruptcy attorney. To file a bankruptcy in Arizona you must also qualify under the means...

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Under Arizona Law, what is the average length of marriage that warrants alimony?

By admin - 17th May 2011

Answer:   Unknown, but shorter marriages have resulted in spousal maintenance awards.  There are 10 factors that the Court looks to in determining spousal maintenance awards list in A.R.S. § 25-319.  Arizona Common Law stresses that “the trial court has broad discretion.” Burkhardt v. Burkhardt, 109 Ariz. 419.  When Arizona Courts discuss the length of marriage in determinnig Alimony (Factor 2), often the Factor 3 (Age, employment history, earning ability, and physical and emotional condition of the spouse seeking maintenance)...

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Under Arizona Law, are military benefits considered community property?

By admin - 17th May 2011

Answer: It depends.  Retirement benefits are community property if the parties are married for at least ten years and the military spouse served during the marriage.  Due to confusion regarding the property status of military benefits, Congress enacted the Uniformed Services Former Spouses Protection Act, 10 U.S.C. § 1408 (“USFSPA”). In Arizona, the amount accumulated in any retirement fund at the time of Dissolution is community property.  Income accumulated after Dissolution is the sole separate property of the spouse that...

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