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December 2014 Archives

Understanding the federal tax aspects of a Chapter 13 bankruptcy

Arizona residents may be interested in some information on Chapter 13 bankruptcy in general and how it deals with discharging federal taxes. The tax issues involved depend greatly on the particular circumstances of the person filing for bankruptcy and looking to discharge the debts.

The seizure of property by unsecured creditors

Many Arizona residents have experience in dealing with various collection agencies. The manner of collection employed often depends on whether the original debt is secured or unsecured in nature. Although many people are aware that a secured creditor may be able to seize property in the event of non-payment, some may not know that unsecured creditors may also attain that option through litigation.

Credit card debt statistics for 2014

Arizona residents who owe thousands of dollars in credit card debt are not alone, according to a recent analysis of Federal Reserve statistics and government data. As of December 2014, the average household in the United States has $7,281 in outstanding credit card debt. When the households without any debt are taken out of the equation, the average household owes $15,608 on credit cards. In total, Americans owe approximately $881.8 billion in credit card debt as of September 2014.

Things to keep in mind about credit card debt

Arizona residents with a lot of credit card debt may feel overwhelmed by what they owe. However, there are some important things to keep in mind that could cause consumers to breath a sigh of relief. The first thing that all debtors should know is that they will never go to jail for nonpayment of a debt. Although there could be some legal repercussions for missed payments, none of those penalties will ever be time behind bars.

Arizona medical debt consequences

Even for people who have health insurance, the consequences of unexpected and sudden medical bills due to an illness or serious injury can be financially devastating. Of all bankruptcy cases filed, 62 percent are due to medical bills that are difficult to pay.

  • MCBA | Maricopa County Bar Association
  • State Bar of Arizona
  • ABA | American bar Association | Defending Liberty Pursuing Justice
  • Oregon State bar
  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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The Dodds Law Firm, PLC, is located in Surprise and serves clients throughout the West Valley area. To schedule a consultation with a lawyer, call 623-208-6098 or toll free at 877-827-9906. You can also contact us online.

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