Estate Planning Attorney Phoenix AZ

1. http://gaudiosilaw.com/

2. WHAT YOU NEED TO KNOW ABOUT BANKRUPTCY • What is Bankruptcy • Bankruptcy is legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code). The three most common bankruptcies filed are Chapter 7, Chapter 13, or Chapter 11. Jim Gaudiosi is experienced and knowledgeable in all three of these chapters. • Chapter 7 Bankruptcy • Chapter 7 bankruptcy is sometimes called a straight bankruptcy or liquidation bankruptcy.Chapter 7 bankruptcy’s intent is to give the debtor a relatively quick “fresh start.” The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. Most debts are dischargeable and the debtor usually receives a discharge in less than six months. In the vast majority of cases, the debtor’s assets are protected by state law exemptions, and are therefore out of the bankruptcy trustee’s reach. Chapter 13 Bankruptcy is known as a reorganization bankruptcy and differs from Chapter 7 since there is no re-payment plan in Chapter 7.

3. WHAT YOU NEED TO KNOW ABOUT BANKRUPTCY • Chapter 11 Bankruptcy • Chapter 11 Bankruptcy is a form of bankruptcy that involves a reorganization of a debtor’s business affairs and assets. It is generally filed by corporations, which require time to restructure their debts. Chapter 11 gives the debtor a fresh start, subject to the debtor’s fulfillment of its obligations under its plan of reorganization. Chapter 11 may also be an option for those non-business debtors who may not qualify for Chapter 13. • Chapter 13 Bankruptcy • Chapter 13 Bankruptcy is for individuals who want to pay off their debts over a period of three to five years and do not qualify for Chapter 7. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay toward their debts. In many cases, a percentage of the debt is discharged after the reorganization is complete. Both bankruptcy chapters 7 and 13 muzzles bill collectors and eliminates some or all of your credit card and unsecured debt. Filing bankruptcy stops a home foreclosure, car repossession and creditor harassment.

4. WHAT YOU NEED TO KNOW ABOUT BANKRUPTCY • What if I don’t do anything? • If you have been threatened with a lawsuit or if you have been sued, you may choose to ignore such filing. This will not extinguish the debt or address the situation. This will only prolong the end result. Once the mandatory time has passed, action will likely be taken. After this the plaintiff will be able to proceed against your assets or your income. This is not usually the best option. If you have not been sued, remember that unsecured creditors usually have to sue in order to collect. They cannot garnish your wages or take other actions without suing you. You cannot be thrown in jail for not paying your debts and your creditors cannot collect money that you do not have. Before determining whether inaction is the best action, consider your budget. List out all expenses and all income. If you cannot pay your expenses with the amount of income received and cannot find a way for the numbers to match, it is a likely conclusion that your debt will someday overtake you. At this point bankruptcy is usually one of your best options.

5. WHAT YOU NEED TO KNOW ABOUT BANKRUPTCY • How do I stop the phone calls? • A very effective way to stop the phone calls is to know your rights. If a caller threatens to sue you, judgments are normally as easily dischargeable in bankruptcy as credit card debt. After you have decided on bankruptcy, this threat really has little meaning. Additionally, if your only income is from social security or disability a lawsuit will do little to help collection efforts. At this point you may be judgment proof and may not even need a bankruptcy. Jim Gaudiosi will help you filter through the laws and tell you whether or not bankruptcy is a good option for you. If bankruptcy is not for you, Jim Gaudiosi will let you what your options are. Call today for a free consultation. • Am I still able to file? • Congress made changes to the bankruptcy laws in 2005, but bankruptcy remedies are still available for individuals. The well-publicized law changes have scarcely affected anyone’s ability to file bankruptcy. Rumors that bankruptcy is not available anymore or that your creditors can again pursue you in ten years are not true. Bankruptcy is still a right given under the United States Constitution. Most people that consider bankruptcy turn to their close friends or family and normally encounter at least one person who claims to know everything there is to know about bankruptcy and cannot wait to share it with them. However well you may know this person there is no substitute for a FREE consultation with Jim Gaudiosi. The cost is really minimal when compared to the risks involved. There is no reason to step into this kind of problem when you can have affordable, knowledgeable and experienced representation that is readily available.

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7. Peoria Location Address:15396 N. 83rd Ave, Suite D102, Peoria, AZ 85381 Office:623-777-4760 OR 602-325-3670 Fax:623-777-4762 Email:jim@gaudiosilaw.com Scottsdale Location Address:7010 E Acoma Drive, Scottsdale, AZ 85254 Office:623-777-4760 OR 602-325-3670 Fax:623-777-4762 Email:jim@gaudiosilaw.com Scottsdale Location Address:6803 East Main Street, Suite 1116, Scottsdale, AZ 85251 Office:480-478-0709 Fax:623-777-4762 Email:jim@gaudiosilaw.com http://gaudiosilaw.com/