In 2008, Arizona was 44th in the list of US districts arranged according to the number of bankruptcy cases filed. Bankruptcy is filed when an individual or organization suffers a major setback in terms of its financial condition and has no way to recover.
Arizona Bankruptcy Record show that this method is often opted for when there is no other way out of debt within a span of five years. Foreclosure of loans and mortgages are also common reasons for filing for bankruptcy in Arizona. In such cases where an individual or organization is sure that it would not be possible to repay all the debts in time, they can choose to file for bankruptcy.
All Arizona bankruptcy records are an authentic database for knowing details regarding those who have filed for bankruptcy in the state. If you need to check on the financial background of a person, it is advisable that you avail the help of these Arizona records. These records come in handy to cross check individual's financial history in case he or she has applied for a loan or a mortgage.
Filing for bankruptcy in Arizona involves a complicated procedure. An experienced lawyer is appointed to help out with the legal procedures. There are two categories of Arizona bankruptcies: Straight Bankruptcy (Chapter 7), and Wage Earner Bankruptcy (Chapter 13). Arizona court records keep track of the details of each bankruptcy declaration along with the category to which it belongs.
In case of Straight Bankruptcy, the consumer can start afresh as all his or her debts are cleared. According to the Wage Earner Bankruptcy plan, the consumer is given a longer period of time to repay his or her debts. About 10,920 cases of Arizona Bankruptcy have been filed in the year 2008 (according to the Arizona State Bankruptcy Records). This also includes the Chapter 11 bankruptcy cases filed.
According to the federal bankruptcy laws, there are certain prerequisites that need to be fulfilled before filing for bankruptcy. If you are filing for bankruptcy in Arizona, you can do so after fulfilling these criteria. Your income should be below the median income range of Arizonian families as calculated by the Census Bureau. If your income is more than the median income, then your income in the last six month is taken into consideration that is inclusive of your taxes, mortgage and payments for your car.
In case of Arizona, the median income designated by the Census Bureau for filing bankruptcy, post 15th March for an individual is $43,397, $57,620 for a family comprising two people, $62,002 for a family of three, $71,867 for a four member family,$78,767 for a family comprising of five members and $85,667 for a family of six.
Filing for bankruptcy petition, stops most actions such as collection against the debtor's properties. This is called automatic stay. It begins automatically when a bankruptcy case is filed with the Clerk's Office and once it is in place, creditors are prohibited from taking actions against a debtor until they seek relief from the stay.
According to Arizona Bankruptcy Laws, the things that you may still retain after you have filed for bankruptcy include exemption from proceeds from the sale of an apartment, house or a mobile home worth up to $100,000, for a period of eighteen months till a new home is purchased or after sale of the present home, bank deposit worth $150, books worth $250, jewelry worth $1,000, clothing worth $500, pets upto $500, musical instruments worth $250, shot gun, pistol or riffle worth $500, motor vehicles worth $1,500,bible,burial plot, sewing machines, food and fuel to last for six months, rent or security deposit upto $1,000 or one and a half times your rent(whichever is less),life insurance cash value worth $1,000 per dependent(upto $25,000), pensions, alimony and child support funds, public benefits like unemployment compensation, crime victims' compensation and workers compensation, life insurance and property of a business partnership.
Verify Arizona Bankruptcy Court Records and More
Arizona Federal Bankruptcy Records offer all details about the individual or organization that has opted for bankruptcy. Moreover these records will also help to find out information regarding what kind of bankruptcy has been opted for. This helps in understanding the creditor's history. Subsequently it becomes easier to decide whether he or she is suitable for a mortgage or a loan.
Arizona Bankruptcy Courts deal with the bankruptcy cases filed in the state. They supervise the legal procedure involved in the bankruptcy cases. Arizona courts are the legal authorities that determine the termination of the bankruptcy period as well
Online availability of Arizona Bankruptcy Records has made it convenient to track all details about Arizona bankruptcies. The arrangement of Arizona Bankruptcy files differs from one source to another. Arizona County Bankruptcy Records is arranged according to the counties located within the state. This makes it easier to locate a particular file. Arizona Bankruptcy Search helps you verify an individual's financial background with ease.