BANKRUPTCY—CHAPTER 11–TWO EXAMPLES OF A SUCCESSFUL “CRAMDOWN” ON DEBTS SECURED BY DEBTOR’S RESIDENCE AND RENTAL PROPERTY

Posted on by LegalAZ

Our client filed a chapter 11 bankruptcy proceeding.  Client owned a primary residence with a First Deed of Trust securing a loan of $780,000 and a second Deed of trust of $498,981.  Client also owned a rental property with a loan of $636,793.   By filing two separate actions in the bankruptcy court, we were able to reduce the loan secured by the second Deed of Trust on the residence to $150,000.  The loan on the rental property was reduced to … Continue reading

SUCCESSFUL OUTCOME IN TWO BUSINESS CASES—PLAINTIFFS PAID THE DEFENDANTS (OUR CLIENTS)

Posted on by LegalAZ

We represented one client who was sued by a former business associate for approximately $100,000. It was a fairly complex case which involved the taking of numerous depositions, motions with the court, etc. shortly before the trial date, the Plaintiff who brought the action voluntarily agreed to pay our client a significant sum to settle the matter. Although this is not always the result, it demonstrates the result of good creative lawyering that ended with a good result for our … Continue reading

HELOC

Posted on by Legal AZ

My home in AZ had power of sale in April of this year. I have a HELOC that is attempting recourse. What assets will they take?   The laws surrounding your situation include to much detail to explain here. Arizona has “exemption” laws that protect some of your assets from creditors like the one you mention. You can find a list of the Arizona exemption on the Arizona Bankruptcy Court’s website: http://www.azb.uscourts.gov/documents/arizona_e…   Some of these exemptions are more complicated … Continue reading

Eviction and Debt Collection Process

Posted on by Legal AZ

My tenants currently have a signed lease with me from May 2010 to May 2012. Due to the fact that the house is in the foreclosure process and has an auction date of March 30th, (which they are aware of) the tenants have stopped paying their rent and want to stay in the house for free. I am working with the bank on a modification as to try and save the house. The tenants will be 2 months overdue with … Continue reading

Summary Disposition Explained

Posted on by Legal AZ

We have just been notified of a Request for Summary Disposition. What does this mean? Chandler, AZ   We lost a suit against us in Dec of 2011. We did not file an appeal to the court judgment as we felt it would not do us any good. Does this new request just mean the plaintiff can now start collection proceedings? Such as wage garnishment, bank levy, etc? Also, if the judgment w/legal fees was over $11k can we be … Continue reading