Author Archives: michael

An Increase in Minimum Wage Has an Impact on U.S. Workers

Federal minimum wage was created in 1938. Since 1938, the minimum-wage has increased from $.25 to $7.25. Congress holds the power to set the federal minimum wage. For the longest time in history, (in over 10 years) Congress has not raised the wage. The federal minimum wage is currently $7.25 an hour. The Congressional budget office is evaluating the impact of increasing the federal minimum wage further. A new report considers what the impact in our country would be if the federal minimum wage was raised to $15 an hour (by the year 2025).

Raising the minimum wage is an issue that spars heated debate. A reported it 27 million people would benefit from the increase in pay. Getting paid more as inflation increases sounds like a good idea. However, there are arguments for and against raising minimum-wage to $15.00. Some critics opposed to raging raising the minimum wage say employees would actually lose their jobs because employers would not be able to afford paying that wage increase. Currently it is uncertain that the increase in the wage would have an effect on employment.

The current minimum wage in the United States is $7.25 per hour. A survey reveals that 55% of registered voters would be in favor of raising minimum-wage to $15. While Inflation in our nation is holding steady, the purchasing power of the $7.25 minimum wage has declined over the past 10 years. With a purchasing power decrease at the current minimum wage of $7.25, full-time minimum wage workers experience a $3000 loss and annual earnings.

Here is another way to look at this: in 1968, buying power reached its peak, and minimum-wage lost 31% in purchasing power. When all this is taken into consideration, in effect, minimum-wage workers “earn” approximately $6800 less than they would have earned in 1968 (in 1968 the minimum wage was $1.60). The impact on the federal budget and raising the wage even to 10 or $12 is not clear. Yes, raising the minimum wage to $15 an hour would boost pay for almost 17,000,000 workers. On the other hand, there are legitimate concerns that possibly 1.3 million workers will lose their jobs as a result of increase in minimum wage.

An increase in minimum wage may lead to loss of jobs, and therefore, loss of income. Losing a job is one of the leading factors in U.S. citizens filing for bankruptcy.

Southern Arizona Gets Unexpected Snowfall

Are You Prepared for the Unexpected?

Unexpected snowfall in Arizona. February 21, 2019

An unexpected cold front has led to a rare snowfall in Southern Arizona this week. Areas such as Scottsdale, Goodyear, and Tucson saw the unexpected snowfall while in northern Arizona Flagstaff broke a record set in 1915 with an astounding 31 inches of snow in a single day. Would you be prepared if an unexpected financial burden happened to you?

Did you know that filing for bankruptcy is often unexpected as well? Often there is a common misconception that people declare bankruptcy because they are simply irresponsible with their budgeting and spending. The assumption that a debtor recklessly racked up their credit cards with vacations, shopping, and outlandish purchases are often furthest from the truth. Sometimes unexpected situations arise that lead to the necessity of filing for bankruptcy. Much like the weather, these “situations” come out of the blue.

Loss of employment is another common cause of bankruptcy filings in Tucson, Arizona. In the housing crisis of 2008-2009, many people in the real estate industry found themselves in this situation. When their income decreased, their expenses stayed the same. Eventually, many people ended up bankrupt.

When an unexpected change in income occurs, people often have to rely on their credit cards

to make up the difference. This does not mean that they are irresponsibly charging. Credit cards are often used in emergency situations as well such as home or car repairs. Credit cards can be a great backup plan as long as they are used responsibly and payments are made on time.

Furthermore, another main cause of bankruptcy filings are deaths or divorces, which are also often unexpected. There are times when a spouse dies and their retirement income may stop being received by the surviving spouse. In the event of a divorce it is usually difficult to continue to pay necessary expenses on a single income. Additional reasons for declaring bankruptcy in Tucson include: Student Loan Debt, Loss of a Home or Car, and a higher cost of living.

An unexpected snowfall blankets Arizona. February 21, 2019

A Harvard University study recently found that over-spending barely breaks into the top 10 reasons that lead to a person filing for bankruptcy. Medical Debt was the number one reason that a person files for bankruptcy. According to the study, medical debts lead to over 60% of bankruptcy filings. This number also includes those who have some sort of medical insurance. Unexpected medical procedures and things like a heart attack can lead to thousands upon thousands of dollars of debt.

Make sure that you are prepared for the unexpected. If you are facing unexpected debt or a financial crisis, get in touch with a Tucson debt relief expert to let you know the many options available to you. Call (520) 307-0020 for a free consultation.

Arizona snowfall event.

Do I Need to Hire an Attorney to File Bankruptcy?

Having a bankruptcy attorney can help streamline the bankruptcy process and make your bankruptcy filing financially safer.

The idea of filing for bankruptcy in Mesa can be a hard process for many to comprehend. While you do not technically need an attorney in order to file for bankruptcy, there are numerous advantages to having a qualified bankruptcy lawyer. Don’t face declaring bankruptcy without an experienced bankruptcy lawyer by your side.

One of the benefits is that hiring the services of an attorney takes all of the uncertainty out of the process of declaring bankruptcy. It is scary not knowing what will happen with your finances. Being afraid that you may have made a mistake (if filing bankruptcy without an attorney) could make your bankruptcy claim fail, you could lose your home, your assets, and could be held liable for debts that you may have thought you paid off prior. One of the many pitfalls of filing bankruptcy on your own is when bankruptcy filers pay a one creditor and not another. A Bankruptcy Trustee may step in and say that your payment was a “Preferential Payment” and you may have to pay that money back to your bankruptcy estate.

Bankruptcy is a very time consuming process, and having to fill out everything by yourself can be stressful, unnecessary, and sometimes impossible. Hire an attorney from a top rated Mesa bankruptcy law firm to file bankruptcy, who is trained in this field, can help take all of the uncertainty out of the process. The bankruptcy process can be very complex, and trying to fill out all of the forms accurately can be very time consuming and stressful. Having an experienced bankruptcy attorney on your side can sometimes make all the difference in making sure your bankruptcy goes through the bankruptcy courts successfully.

A bankruptcy attorney, like the bankruptcy lawyers at My AZ Lawyers, PLLC can also help you by representing you in court. If you choose to use a Doc Prep or a Document Preparation Company, please be aware that they CAN NOT represent you in court! Document Prep companies advertise for cheap rates but they only provide you with paperwork and little guidance, they will not represent you in court and they are little help to you when facing your 341 Meeting of Creditors or another Bankruptcy Lawyer fighting for your creditors.

Hire an attorney to file bankruptcy so you don’t have to go up against another attorney all by yourself. Your bankruptcy lawyer in Mesa can help you prepare your case. Look for a bankruptcy attorney who will also field all calls from your creditors in the meanwhile, that way you will not be harassed by unwanted calls or badgering bill collectors. Filing bankruptcy is a stressful time, and having to go to court by yourself without a professional can sometimes be nearly impossible. Hire an attorney to file bankruptcy and let him Let us help you find a bankruptcy lawyer that is right for you.

In the long run, hiring an attorney to file bankruptcy can allow you to get on with your life and enjoy your “Fresh Start”. Instead of constantly having to fill out paperwork, go to court, research bankruptcy laws, bankruptcy forms, and dealing with bill collectors and creditors, let your bankruptcy lawyer deal with all of that. Bankruptcy lawyers are there to protect you and your rights. Hire an attorney to file bankruptcy for you today.

Mesa Bankruptcy Lawyers
4065 E University Dr #500
Mesa, AZ 85205
(480) 470-0005

When to Choose Chapter 13 Bankruptcy

Ask Our Tucson Chapter 13 Bankruptcy Lawyers

Knowing when to file chapter 13 bankruptcy is an important fact to know if you are considering filing for bankruptcy in Tucson, Arizona. When choosing to file for bankruptcy in Tucson, there are 2 main chapters of bankruptcy that most people file. They are chapter 7 bankruptcy and chapter 13 bankruptcy.

Chapter 13 bankruptcy is generally used if:
• You have a house in foreclosure that you want to keep
• Your income exceeds your expenses and does not allow you?to file for Chapter 7 Bankruptcy
• If you have some other large non-exempt assets that you would like to retain

** Chapter 13 bankruptcy: requires a repayment of part of your debts in a percentage that you propose to the Bankruptcy Court.

When drawing up your chapter 13 bankruptcy repayment plan, you and your attorney prepare a plan for repayment of your debts with monthly payments that you can afford. Chapter 13 bankruptcy allows you to set up an affordable plan for repaying a portion of your debt to your creditors. The chapter 13 bankruptcy payment plan is customized to your unique situation. It is affordable because you pay your living expenses first, then any remaining income is divided among your creditors.

Chapter 13 bankruptcy repayment plans usually last between 3 and 5 years and repay creditors anywhere between 10% – 100% of what is owed for unsecured debt, such as credit cards, medical bills, etc.

Though you can file for chapter 13 bankruptcy without using an experienced chapter 13 bankruptcy lawyer, it is definitely not recommended. Even a document preparation company will struggle mightily with a chapter 13 bankruptcy filing. Seek the assistance of a knowledgeable bankruptcy attorney in Tucson, Arizona.

The chapter 13 bankruptcy plan must be approved by the Bankruptcy Court and place your unsecured creditors in at least as good of a position as they would be in a Chapter 7 Bankruptcy.

In some circumstances, a Chapter 13 can be used to strip a second mortgage from your home if the first mortgage exceeds the current value of your home. Chapter 13 bankruptcy can also be a valuable assistance in pausing your student loan payments and in stopping the repossession of a vehicle.

When to Choose Chapter 13 Bankruptcy

In order to determine if a Chapter 13 Bankruptcy is right for you, please contact My AZ lawyers, PLLC. Our experienced Tucson bankruptcy lawyers will assist you in choosing the best chapter of bankruptcy for you to file and advise you as to all of your debt relief options. We offer Free Consultations (Either in Office or by Phone — Your Choice!). Contact our Tucson bankruptcy law office now!

Tucson Chapter 7 Bankruptcy

Tucson Chapter 7 Bankruptcy Lawyer

Tucson Bankruptcy Attorneys Serving Marana, Oro Valley, and Pima County

Our bankruptcy attorneys serving Tucson, Marana, Oro Valley, and Pima County can assist you when filing a Tucson chapter 7 bankruptcy is necessary by an individual, couple, or business in Tucson, Arizona. Filing Chapter 7 bankruptcy results in a liquidation of assets and clearing of debts. This type of bankruptcy requires that certain financial qualifications be met and may not be for everyone. The main factor when considering to file chapter 7 bankruptcy in Tucson is an individual’s disposable income and how much money will be generated by an the individual, or spouses, over a 5-year period.

If you or someone you know in the Pima County, Tucson, or surrounding communities is overwhelmed by the burden of debt, it is highly recommended that you consult a Tucson bankruptcy attorney from the Tucson based bankruptcy law firm of My AZ Lawyers, PLLC. Our low cost and trusted bankruptcy law firm can help you figure out what your best option is based on your particular circumstances and current financial situation. As previously mentioned, you must meet certain financial criteria to qualify for Chapter 7 bankruptcy protection in Tucson. If you don’t qualify for Tucson chapter 7 bankruptcy, there are other debt relief options.

Some Other Debt Relief Options in Tucson Include:

Tucson Chapter 13 Bankruptcy
Debt Settlement in Tucson
Consolidation of Debt in Tucson and Pima County
Bankruptcy Alternatives

With the poor Arizona economy, especially in Tucson, Marana, Oro Valley, and Pima County, Arizona; coupled with the rock bottom housing market and increasing unemployment rates, bankruptcy filing numbers are near or at all-time highs. The most common type of bankruptcy filed by residents in Tucson is a Tucson Chapter 7 bankruptcy. A Tucson Chapter 7 Bankruptcy is primarily an option for people with lower incomes who find themselves struggling with insurmountable debt. If you are considering filing a Tucson Chapter 7 bankruptcy, please consult an experienced Tucson bankruptcy attorney now.

What Is Needed to File Bankruptcy

Filing Bankruptcy in Tucson, Arizona

Learning What Documents are Necessary to File Bankruptcy in Tucson

If you are wondering what is needed to file bankruptcy, you are probably trying to decide if you should file for bankruptcy protection in Tucson, Pima County, Arizona. If you do decide to file, you will be asked to fill out your bankruptcy paperwork and to disclose information regarding your financial affairs. In addition, you will need to back up that information by providing certain documents to the bankruptcy trustee. Here are a few of the documents that may be required when filing bankruptcy in Tucson, AZ.

Many of our clients have questions about bankruptcy that our experienced Tucson bankruptcy attorneys answer at the FREE Consultation that we offer to every one of our clients. Our free consults can either be in our Tucson bankruptcy law office, located at 2 East Congress Street in Tucson, Arizona 85701.

What Documents Do You Need to File for Bankruptcy?

The documents you will need are generally the same whether you are filing a Chapter 7 or Chapter 13 bankruptcy in Tucson However, for exact documentation requirements, be sure to check the guidelines provided by your specific chapter 7 bankruptcy trustee or your particular chapter 13 bankruptcy trustee. Also, your bankruptcy attorney should be able to provide you with a list or at least guide you regarding what documentation will be expected when filing for bankruptcy.

Here is a Starter List for What is Needed to File Bankruptcy:

Tax Returns (Usually for the past 2 years)

Income Documentation (Paystubs from your work for past 6 months)

Real Estate (Including price evaluation and mortgage statements)

Vehicles (Registrations, Loans, Price Evaluation)

Retirement And Bank Accounts (Including: Checking, Savings, IRA’s Accounts)

Miscellaneous (Proof of Misc. expenses or Unique Circumstances) Such as:

Child Support

Alimony Spousal Maintenance
Back Tax Payments
Unusual Expenses

Identification (Valid Photo ID AND Proof of Social Security Number)

There is no need to put your family’s future on hold any longer. The Tucson bankruptcy attorneys at My AZ Lawyers, PLLC are here to assist you, our experienced team of professionals is ready to help you get a fresh financial start through the process of declaring bankruptcy. Call us today at (520) 307-0020. Our Tucson bankruptcy lawyers will start putting our debt relief strategies to work for you. We will assist you through the entire process of filing bankruptcy in Tucson and surrounding communities.