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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

As this Depression Continues, Scams Abound, Because there is Less Honest Work to be Had. Top Ten Scams of the Year!

Posted on January 28, 2011
Bankruptcy and scams go together like... scams and bankruptcy. See, some businesses are scams, like Ponzi Schemes, and they give rise to big Chapter 11 Cases. Can you think of any of those? Yeah, I thought so. On the other hand, some individuals are the victims of scams, and are therefore forced to file consumer Chapter 7 Bankruptcy Cases, in Arizona and elsewhere...

What Do Voters Think About States Filing for Bankruptcy?

Posted on January 28, 2011
Well, it depends on the way you phrase the question. Apparently, when it's a choice between a State filing a bankruptcy and needing to pay higher taxes...well, you know. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

You Thought You Had It Bad Department: Was That Half a Trillion Dollars? For ONE Category of Debt?

Posted on January 28, 2011
Recently battle lines have been drawn and people are choosing sides on a Bankruptcy Issue! This is surprising to me because I'm a simple backwoods bankruptcy lawyer, and I seldom see big kids fighting about issues in my practice; I just toil in the shadows...

A Ton Of Bankruptcy Resources, Most of Which are My Favorite Price!

Posted on January 28, 2011
I think my Findlaw Representative, Alex Morris, is a genius, but he's in the business of helping lawyers help more people by building websites and showing up on directories, not in the business of helping Arizona Bankruptcy Debtors keep their exemptions and obtain their discharge in a Chapter 7...

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When the "C" Word Meets the "B" Word: Cancer, Old Age, and Bankruptcy

Posted on January 27, 2011
So what happens when you work hard all your life and you survive your first bout with cancer, but you only have Social Security to rely on, and you're old? And you used to be a big dog, and you made a few bad investments that your advisers told you to make? Well, bankruptcy, I think...

Mesa Airlines to Emerge From Bankruptcy! I Love a Happy Ending!

Posted on January 27, 2011
When I saw the article about Mesa Airlines emerging from a Chapter 11 Bankruptcy, it made my day. I especially liked it that the company didn't boink its employees, which is pretty common in big cases. There's only one thing that bothered me: why New York City? We have some pretty good U...

Who Will File Next? Well, I Guess It Was Time for Ultimate Electronics

Posted on January 27, 2011
I used to think that if a company became big and strong, it was forever safe. But when I was working for a publicly traded company, I discovered that you're only as good as your last quarterly report. Now, apparently it wasn't a bad quarterly report that was the problem for Ultimate Electronics; but when the suppliers stop supplying, it's hard to keep retailing! You know? NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

It LIVES! The Arizona Bankruptcy Homework Blog is Alive and Well. Again.

Posted on January 27, 2011
So you get fancy, and you make mistakes. I tried to give my little Arizona Bankruptcy Homework Blog a nifty custom domain name, which didn't involve the word "blogspot", and it vanished. Poof. Disappeared from the ken of men. And women, who are often more kenning...

Who's Next to Fall!

Posted on January 27, 2011
Describing a bankruptcy blog isn't easy. The writers at Bankruptcy Beat, my new favorite business bankruptcy blog, describe their bankruptcy blog very well: "Produced by the editors of Dow Jones Daily Bankruptcy Review, Bankruptcy Beat provides an inside view into the latest corporate bankruptcies, companies headed for trouble and emerging trends in bankruptcy law, distressed investing and corporate restructuring...

Bankruptcy Beat Dishes the Dirt on Lehman Brothers Chapter 11 Plan!

Posted on January 27, 2011
There's apparently a bankruptcy blog associated with the Wall Street Journal called the Bankruptcy Beat. And I really like the name of that blog; I'll need to remember to put it in my blog roll. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Public Service Announcement: Tax Lawyers Wanted by Arizona State Bar Association

Posted on January 27, 2011
Here's the announcement: State Bar of Arizona?s Lawyers On Call Seeks Volunteer Attorneys for Show on Tax Laws and the Issues Associated With Them.----- The State Bar of Arizona and 12 News will host the first Lawyers on Call public service program of the year on Feb...

Rand Paul's Budget: You Think You Have a Hard Time Budgeting?

Posted on January 27, 2011
A household facing insolvency and bankruptcy often tries to reduce spending, but often runs into fixed costs that limit that effort: you're gonna have to make the car payment, or it's shank's mare for you, me boyo! The Federal Budget is a little different, in many ways...

We Don' Need No Steeenkeeng Bankruptcy!

Posted on January 27, 2011
And do you think anybody protests too much? As I have said, however The B Word plays out as a political option, it looks to me as though a State Bankruptcy Case would benefit Democrats more than Republicans. But he who lives longest sees most. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

State Bankruptcy Cases and the Law of Unintended Consequences

Posted on January 27, 2011
The size of our insolvent States (they are bigger than most countries economies, remember) makes the prospect of a State Bankruptcy somewhat shocking and daunting. For the moment, Republicans are apparently the party pushing to permit States to file bankruptcy...

Insolvency in the Commercial Court Vienna; Bankruptcy Abroad!

Posted on January 27, 2011
There is a lot of insolvency in the world, and people talk about it. Frankly, I've never heard of the Commercial Court Vienna, because the Bankruptcy Court in Phoenix, Arizona is plenty of work for a guy like me. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Bankruptcy Misery Loves Company: The B Word in Scotland

Posted on January 27, 2011
There's an interesting article about the increasing number of business insolvency cases in Scotland, and the fact that among higher economic classes, bankruptcy is becoming a necessary evil. And here it is! NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Bankruptcy For Insolvent States Still a Possibility: The B Word Still Lurks!

Posted on January 27, 2011
I recently read an article that tells me that Gingrich and Jeb Bush favor permitting States to file bankruptcy. Now, I don't have time to keep up with politics, but my guess is that if Gingrich and Jeb Bush are for it, a buncha guys on the other side of the aisle are against it...

Can You Sue a Creditor for Harassing You on the Phone?

Posted on January 26, 2011
So does it help to sue a creditor for harassment? Here is a smart Judge discussing the standards and the law for one such claim. Sometimes it doesn't pay to try to do the right thing, and to offer a deal, and filing a bankruptcy works better; serves 'em right, too! NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Mortgages Underwater, and Scuba-suit Morality

Posted on January 26, 2011
I know that ordinary folks agonize about their economic decisions. And so does this guy, who is wrestling with his conscience. I know what I think is moral, but everybody has to make his own choices in the world; and some choices are harder than others...

Creditor Harassment Illegal If THIS Applies; And a Good Thing It Is!

Posted on January 26, 2011
This only applies if you're one of our heroes in the military, but I read it and wanted to spread it around. And if you are one of those underpaid, under-appreciated heroes, and you're in harm's way, all I want to say is, God bless and keep you safe, and reunite you with your loved ones soon! NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Credit Card Debt: You Think You Got It Bad? Try Argentina!

Posted on January 26, 2011
So here's the Rule of Unintended Consequences in action; if inflation is running at a real rate of 27% (as it is in Argentina), people will use credit card debt because they can spend now and pay later. And thereby get a meaningful advantage in the inflation wars! Nothing like that could ever happen in the United States, of course...

Bankruptcy, Short Sales and Loan Mods, Oh, My!

Posted on January 26, 2011
I thought I hated loan modifications and mortgage companies. And banks. Compared to this lovely lady, I'm St. Francis! Actually, I think she may have forgotten something that makes everything else worse. We plowed through about 1.2 mortgage foreclosures last year, and we're on track for more this year...

Bankruptcy and Loan Modifications: "loan documents are inexplicably lost"

Posted on January 26, 2011
I like the gentle tone of this article; when clients of mine tell me that the Banks routinely lose their documents at least three times during the year long loan modification process, they sometimes actually sound...cranky! And my favorite loan modification story came from a client who had hired some loan modification company to work for him; he'd worked with them for a year and was finally told that he had been granted a loan modification...

Loan Modifications and Bankruptcy: Why I Hate Loan Modifications Almost as Much as Reaffirmations.

Posted on January 26, 2011
So I'm looking through the mail, like you do when you're a bankruptcy lawyer in Arizona. And I say see an important looking envelope from a giant bank, and the letter says that they have approved one of my clients for a trial loan modification of some sort or another...

When Gas Prices Go Up, So Do Other Prices; And Business Fail. There is a Relationship Between Business Failures, High Gas Prices, and Unemployment

Posted on January 26, 2011
When I was a kid, oil companies and gas stations would bribe my parents to buy their brand of gasoline with things like free glasses with cactus of various species painted on them. That was when we had gas stations at every corner, and I didn't have to do a logistical search to figure out which gas station in the vicinity I could reach with the fumes in my tank and still not support Hugo Chavez...

Sometimes a Chapter 11 is a Very Useful Tool. Especially if You Owe Three Billion Dollars or So.

Posted on January 25, 2011
For the correct candidate, with adequate resources, a Chapter 11 Bankruptcy can be a good business decision. As it was in the FairPoint Chapter 11 Case. But not if you sell hot dogs from a cart and you're two months behind on the rent for the cart. NOTHING IN THIS BANKRUPTCY BLOG CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12...

Just a Reminder; Those Pesky HOA Dues May Keep Dogging You After You Get Your Discharge, and Even After Your Case is Closed!!!

Posted on January 25, 2011
This case sets out the law pretty well; so remember that you don't want to impede some trustee's sales more than necessary, because after the trustee's sale, you're usually off the hook for HOA Dues and Fees. On the other hand, make triple sure that you don't goof up and let a sale happen if you needed that payment to pass the Means Test! There are rocks, and there are hard places, and you are between them...

Arizona's Finest Lawyers

Posted on January 25, 2011
I am very pleased. Today I received a letter explaining that I had been selected as one of Arizona's Finest Lawyers. That was a surprise, and a pleasant one. But I'll keep trying to help my clients, and if that makes me one of Arizona's Finest Lawyers, then thank you! p...

Cantor says, No Bankruptcy Option for States!

Posted on January 25, 2011
I think it's a case of slamming the door after the horse has galloped away. We had a system that rewarded banks and mortgage companies for making lousy loans; similar economic profit incentives made credit card companies a little sloppy. And they knew exactly what was coming, because billion-dollar banks ain't stupid...

Business Bankruptcy Statistics Don't Tell the Whole Story: It's Worse.

Posted on January 25, 2011
You know how the statistics for unemployment say nine or ten per cent, and it's really seventeen or twenty? And you know how the numbers for inflation lie like dogs in the street, because you shop for groceries and now a wheel of cheese is $19,327.99? Well, it's the same with small business bankruptcy statistics...

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