Is the IRS taking your tax refund year after year from a tax debt that is more than three years old? Do you have large old debts that you cannot pay? Did you get a first time home buyer tax credit in 2008 but then found out that you did not qualify, or have sold…
Many people have heard about the nation’s “Fiscal Cliff” with tax and spending changes that would have a large impact on the economy. One change people often overlook in this debate is the Mortgage Debt Relief Act of 2007, that will be extended and will expire on December 31, 2013. There are still many “underwater”…
With a new school year just beginning, students are starting back at schools and universities all over Arizona. Many people are looking into student loan options and figuring out how to finance their education. After graduation, many students can have substantial student loan debts in the thousands or hundreds of thousands of dollars, and cannot…
Estimates are that more than half of the homes in Arizona are underwater, meaning the amount owed on the mortgage balance exceeds the current value of the property. A homeowner that wants to sell an underwater home is faced with the unpleasant task of bringing money to the table in order to pay off their…
The short answer: To avoid fraud charges and to prevent the bankruptcy trustee from taking assets which may be exempt. Most people file bankruptcy because they can no longer pay their creditors. When you file a Chapter 7 bankruptcy you are asking for the federal government to stop all your creditors from collecting, and appoint…
2012 IS THE YEAR TO DECIDE WHETHER TO SHORT SELL, WALK AWAY OR STAY Since real estate values began dropping in 2006, many homeowners have been trying to hold on to their homes hoping that the market would turn around or that they may be able to modify their existing mortgages pursuant to one of…
The Carroll Law Firm is not “a Bankruptcy Law Firm”, and it never was our intention or expectation that we would be filing as many Bankruptcy Petitions on behalf of so many individuals, families and businesses. In fact, in 2007 when the Arizona office was first opened, if you needed representation in a Bankruptcy Proceeding,…
We have heard of attorneys encouraging people to max out their credit cards before filing bankruptcy. Our attorneys strongly disagree with this advice for several reasons. First it is dishonest. Some people would say that filing bankruptcy is dishonest in itself, so why not get as much out of it as you can. Filing bankruptcy…
What are the exemptions in Arizona, and what can I keep if I file bankruptcy? Each state chooses exemptions that apply in filing bankruptcy, and can either choose to allow use of the federal exemptions, or not. In Arizona the federal exemptions are NOT available, a debtor must use the state exemptions. In Arizona, the…
Some people have a “zero balance” on their credit cards. Many people, on the other hand, carry at least some debt on their credit cards and pay the monthly charges which may exist at the end of each monthly cycle. Whether you are a person in the former category or a person in the latter…
During this time of heightened concerns over COVID-19, The Carroll Law Firm, PLC is open and can provide telephonic appointments for many types of consultations.