Lehman Brothers filed Chapter 11 bankruptcy in September 2008.  The value at bankruptcy: $691 billion in assets.   Lehman was eventually liquidated after its financial crisis accelerated and the government make the decision not to bail our the huge investment bank. Leading up to its bankruptcy in 2008, Lehman borrowed significant amounts in order to fund its investing.  A large portion of this investing was in assists relating to housing, making it vulnerable if there was a downturn in that market.  In 2007, Lehman closed its subprime lender (BNC Mortgage) due to poor market conditions.  Due to the continuing subprime mortgage crisis, Lehman was facing a loss like had never been seen before. Huge losses accrued in lower-rated mortgage-backed securities.  In the first half of 2008, Lehman stock lost 73% of its value.

The U.S. government did not announce any plans to assist with any financial crisis that developed at Lehman. On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection.  The claim had been called a “most momentous bankruptcy hearing.”

Five years later, the Lehman Brothers bankruptcy is still a topic of conversation concerning the financial crisis of 2008, hoping in retrospect the cause of the crisis could be identified in order to save the economy from a recession.

The city of Detroit is ending city-paid health insurance and for retirees and cutting pensions of thousands of retirees in order to get rid of $7 billion of debt. With financial help from the state, Detroit also plans to tear down the arena where the National Hockey League Detroit Red Wings call home.  The plan is to give the land to a creditor as part of a major settlement in the town’s bankruptcy case.

There is a trial being held to determine if the city’s plan to get out of bankruptcy is not only fair, but do-able.  The bankruptcy case was the largest filing by a city in United States history.

After months of settlements between Detroit and its creditors, Financial Guaranty Insurance was one of the last creditors still standing, asserting a $1 billion claim. The arena and parking garage on the land owned by the city along the Detroit River would be demolished, giving almost nine acres to Financial Guaranty. 

Likely to start in 2017, Michigan has agreed to give $6 million for the demotion.  The financial restructuring  is a “turning moment for this area of Detroit” according to a lawyer for the city.  The land is considered valuable because it is near the downtown convention hall in Detroit.  The land provides opportunities for hotels, condos, office space, or retail development.

What’s going to happen to the NHL arena? Already there are plans to move the Red Wings to a new home a few miles away. Joe Luis Arena is home of the 11-time Stanley Cup Champion Detroit Red Wings and currently stands along the banks of the Detroit River. It is Detroit’s largest indoor venue, seating 20,058 and hosts professional sports, concerts, shows, circuses and many other activities.

At some point, if your debt is growing and you cannot afford to pay your bills, you may consider filing for bankruptcy. Filing is a complicated process, and contingent on each person’s financial situation. So seeking the advice of an knowledgable bankruptcy attorney is crucial for a successful fresh financial start. Even an initial FREE CONSULTATION may help you to answer any questions that you may have regarding your finances.

Are you finding yourself in a situation in which you can’t afford to pay your bills and your debt balances are growing? ….And then wondering if filing for bankruptcy is the answer to your financial problems?  You are done hoping that everything will go away or fix itself. You have to take some action to get your financial matters on the right track. But if you cannot manage the overwhelming debt, how are you going to manage to come up with money to file bankruptcy?

What if you could get advice without costing a dime? Again, this one of many legitimate concerns and questions you may have that a My AZ Lawyer would be glad to answer. A staff member at My AZ Lawyers would be glad to hold a FREE CONSULTATION in order to get you on the right track. So if you can get all you questions answered at no cost to you, it seems like the first step in the right direction to financial freedom.

My AZ Lawyers has unbeatable pricing. Ask the staff about their payment plans and options. My AZ Lawyers wants to help you. The entire staff is there to support your filing and to give you a new start at an affordable price.

Becoming debt-free through filing bankruptcy does require paperwork, a court appearance, and meetings with the attorney/staff at the law office. This is where the re-assurance, dependability, and professionalism of a competent attorney really helps.

Why not connect with My AZ Lawyers for a FREE CONSULTATION? Visiting with staff that has experience in bankruptcy may be exactly what you need in order to escape financial obligations that have become just too much.

Declaring bankruptcy doesn’t mean you literally have to shout it out to everyone that you are filing. It is a confidential FREE CONSULTATION that can help you declare financial freedom!

Our Arizona bankruptcy Attorneys offer a full service bankruptcy law firm that will help you eliminate your debt in a professional, convenient, and courteous manner every step of the way. We are experienced bankruptcy lawyers whose sole job it is to help you get back on your feet so you can get on with your life. At My AZ Lawyers, PLLC, we offer a free case evaluation to help you determine the best form of debt relief for your situation.

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The particular impact that bankruptcy will have on you now and into the future will vary depending on your unique financial situation. That is why we strongly recommend discussing your specific case with our experienced Arizona bankruptcy Attorneys.  Our experienced bankruptcy lawyers can address whatever concerns you may have and can offer you much needed help with your excessive debt through bankruptcy or other forms of debt relief that are available to you.

Filing for bankruptcy in Arizona does not mean that you will lose everything or even anything.  On the contrary, by filing for bankruptcy protection, you stand to gain freedom from the overwhelming debt and worry you have been experiencing every day.  Bankruptcy wipes your slate clear and gives you the opportunity for a fresh start.  With the assistance of our low cost Arizona bankruptcy lawyers and helpful legal staff, we will work with you to determine what assets you will keep and how we can assist you in moving forward to rebuild your credit.  Call and set up your free bankruptcy consultation today and get yourself on the road to financial freedom.

The Mesa, Arizona based Bornmann Law Group, PLLC is available to provide individuals throughout Mesa and Gilbert, Arizona with a multitude of debt relief services, including Chapter 7 bankruptcy, Chapter 13 bankruptcy, debt settlement, creditor negotiations, and loan modification.  Our Mesa bankruptcy law office has helped hundreds of individuals and families throughout Maricopa County, Arizona.  Our experienced debt relief experts treat each client’s situation as an opportunity to help.  We realize that every client is unique and we customize our assistance to each client’s specific financial situation.

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It’s Not for Everyone, Is It For You?

Many people in Arizona are in need of an experienced Arizona bankruptcy attorney to help them through their financial troubles.  There are 2 main types of bankruptcy that most filers in Arizona file when declaring bankruptcy.  There is a chapter 7 bankruptcy, which completely discharges your debt, There is also Chapter 13 bankruptcy, which unlike Ch 7, allows you to set up an affordable plan for repaying a portion of your debt.

In a chapter 13 bankruptcy, following successful completion of your customized, three- to five-year bankruptcy plan, your remaining unsecured debt will be discharged. In Arizona, filing chapter 13 bankruptcy is not for everyone, you have to have a minimum income in order to qualify for the Chapter 13 repayment plan.  Contact a low cost bankruptcy lawyer in Arizona to help you determine which chapter of bankruptcy may be the best for you and your family.

When meeting with your bankruptcy lawyer, it is important to establish a feasible repayment plan within your Arizona chapter 13 bankruptcy filing. An experienced Chapter 13 bankruptcy lawyer will carefully examine your income, expenses (such as your mortgage and car payments), and your debt, in order to craft a repayment plan that works for you. Believe it or not, quite often people who file for chapter 13 bankruptcy protection see their credit scores increase within one year of filing Chapter 13 bankruptcy.

If you are facing foreclosure or repossession, you may not know where to turn. Even if you’re unsure about bankruptcy, if you want to keep your home and possessions, it would be a good idea to speak to a knowledgeable bankruptcy attorney. Not all bankruptcy lawyers are experienced in Chapter 13 bankruptcy. There is a lot more to a chapter 13 bankruptcy than there is to a Chapter 7 bankruptcy. Thus, many less experienced attorneys throw their hat in to the ring of bankruptcy attorney and attempt to file bankruptcies without as much experience as they should.

Filing a chapter 13 bankruptcy usually stops collection actions against debtors — garnishments, creditor phone calls, and lawsuits. After filing for chapter 13 bankruptcy protection, the debtor works with a trustee and the creditors in order to develop a payment plan. A person with a steady income, who is self-employed, or for someone operating an unincorporated business, chapter 13 bankruptcy is an option that allows the debtor to create and submit a plan to repay their debt over a period of time.

Chapter 13 bankruptcy in Arizona can do many things for you and your family.  One of the benefits of filing chapter 13 is your choice to rehabilitate your finances. With in the ch 13, you are allowed time to pay of debts without losing your personal property or home/real estate. If you are ineligible for chapter 7 bankruptcy, you may want to pursue chapter 13. If you are facing the risk of foreclosure on your home, declaring chapter 13 may allow you to establish a payment schedule to repay the mortgage and stop foreclosure proceedings. Also, there are some debts that may not be discharged under the bankruptcy code (child support, student loans, spousal support). A plan under Chapter 13 can help ease the financial burdens of these types of debt. A relief not given on these debts in a chapter 7 bankruptcy.

A Chapter 13 in Arizona can be complex; you will need to file an official petition, calculate your debts, and make payments per your repayment plan. Bankruptcy Chapter 13 is not for everyone; it may not be the best bankruptcy format for your particular financial situation. If you wish to file chapter 13, or if you have questions about filing, seek the advice of an experienced bankruptcy attorney. A knowledgeable Arizona bankruptcy attorney will be able to help you make the best decisions for your particular bankruptcy case and assist you with the legal documentations and help you better understand bankruptcy law.  Call our Arizona bankruptcy attorneys today.

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Call or e-mail us for a FREE, no-hassle, no obligation, bankruptcy consultation and debt evaluation with an experienced bankruptcy lawyer. Find out your best option be it bankruptcy, debt settlement, short sale, or consolidation.
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Please consult a bankruptcy attorney in Phoenix for advice about your individual situation. This site and its information is not legal advice, nor is it intended to be. Please contact us via email, phone calls, or letters and we will gladly speak with you. In doing so, this does not create an attorney-client relationship. Until we have established an attorney-client relationship, please do not send any confidential information to us.  We look forward to assisting you.

Evan Bornmann, Tucson Bankruptcy Lawyer: “The means test is one of the qualifiers for a Glendale chapter 7 bankruptcy, similar to a disposable monthly income calculation on chapter 15. And what we do is we take their last six months of income and we use that to get a monthly average, and then multiply that times 12 to get you an annualized income. When you look at your annualized income you compare it to what’s called the chapter 7 means, the median income for your household size. If your total annualized income that we calculate is below the median income, then you quality for a Tucson Arizona chapter 7 bankruptcy based on the means test. If it’s over the median income, we have to do a full means test where we deduct the allowed expenses from your total income to see if you still qualify.”

If you have any questions about Chapter 7 Bankruptcy,

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for a free consultation to best help you with your particular financial situation.

How Bankruptcy May Help

Another common filing for private individuals or for smaller businesses is the Chapter 13 bankruptcy. In this filing, debtors ask the federal court for a rearrangement of their debts and a chance to pay off owed amounts with a single payment that is divided up among creditors each month. This type of bankruptcy is popular with people who do not want to lose certain assets, such as their homes, rental properties, cars, and consumer goods. It also helps people who have relied on co-signers to help them obtain assets.

Because the laws surrounding laws surrounding Chapter 13 filings change often, people are advised to rely upon experienced bankruptcy counsel prior to filing. Their counsel can help them file the necessary paperwork and compile a list of their debts to present to the court. People also must provide proof of how much money they make, as well as to what liquid assets they have access. This information helps the court decide if these clients can successfully complete a repayment plan or if it would be better if they file for total liquidation of their debts.