How does bankruptsy laws work in Arizona?

Question

Been in a relationship for 12 years - not married, but bought a home. relationship ended and payments were stopped on the home. About to be in forclosure. He was in the home, I left eight months ago. We are both on mortgage; but I can't begin to pay it. I receive 2300.00 month in retirement. He is filing a bankruptsy next week, so if I do the same, what happens and what can I keep of my own stuff?

Answer 1

Bankruptcy is federal, but it is also subject to state laws. For instance, homestead acts vary from state to state. In Texas, you can pretty much keep your home outright. The bank can still take it, but it's not popular to do. You are better off doing a short sale on the house and going after Mr. Him in bankruptcy court. You will appear with other creditors because when you short sale, you will have part of the mortgage forgiven. The I.R.S. wants tax on that amount. You will show up in bankruptcy court to claim half of that amount from the evil Mr. Him.

Your retirement is subject to collection in part or whole depending on who your creditors are. If it involves a federal organization, it will definitely be attacked.

Answer 2

Bankruptcy is a federal procedure, so it's the same in all states. You may be able to keep the home, but not if it's already foreclosed. If you don't have a lot of other debts, it might not be worth it. You can get a bankruptcy package from the federal courts and/or get a "Dummies" book at the bookstore. You can keep $10,000 worth of personal items and savings...your retirement will not be subject to forfeiture. Again, if your debts are mostly the home, reconsider bankruptcy. It should cost about $200 to consult a local attorney about this; if you do go ahead, that should apply to the attorney fees for filing.

Answer 3

get an arizona lawyer and ask him!!!