by John Skiba, Esq. | Jul 30, 2011 | Foreclosure
One of the most frequently asked questions about short sales is will the seller have to pay income or gift taxes on the amount of debt forgiven by the banks. Some sellers who do not retain an attorney never even know that is a possibility until they get a 1099 Form...
by John Skiba, Esq. | Jul 29, 2011 | Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
It is an interesting comparison to watch what is going on Washington with their attempts to raise the debt ceiling and comparing that to your own debt issues. The government has bills to pay, no money, and so it wants its credit line increased to be able to make ends...
by John Skiba, Esq. | Jul 28, 2011 | Chapter 7 Bankruptcy, Foreclosure
As I wrote in a recent article, more than 50% of homes in Arizona are worth less than what is owed on them. This is leading many people to try and short sale their home. However, because of other debt issues, many people are also needing to file bankruptcy. When all...
by John Skiba, Esq. | Jul 27, 2011 | Uncategorized
Yesterday the Arizona Republic reported that Arizona has the second highest rate of homes where the owners owe more than the home is worth. Nearly 50% of Arizona’s homes are not worth what is owed, and in Phoenix the number is 55%. The sad thing is, when I read...
by John Skiba, Esq. | Jul 26, 2011 | Uncategorized
I have mentioned before that lately I am seeing more people come in for a bankruptcy consultation that have been sued by one of their credit card companies. Usually it is for smaller amounts, less than $5,000. Nothing sends more panic through a person to have the...
by John Skiba, Esq. | Jul 23, 2011 | Chapter 7 Bankruptcy
Yesterday Fox News reported that there was an increase in unemployment in a majority of the states. In this article I want to discuss how losing your job impacts your ability to file a Chapter 7 bankruptcy. First, one of the changes made to the bankruptcy code back...
by John Skiba, Esq. | Jul 21, 2011 | Uncategorized
It is almost a cliche, but bankruptcy, particularly Chapter 7 bankruptcy, does give you a fresh start. You will emerge from your Chapter 7 bankruptcy case with no credit card debt, no medical bills, no lawsuits. It is a time for you to start over, rebuild your...
by John Skiba, Esq. | Jul 20, 2011 | Uncategorized
Arizona’s economy is continuing to struggle, and so when I meet with people for a bankruptcy consultation it is not unusual to learn that they are in the process of leaving Arizona to find work someplace else. This leads to the question of whether it is necessary to...
by John Skiba, Esq. | Jul 16, 2011 | Uncategorized
Usually bankruptcy is a once in a lifetime event. I think it is fair to say that not only do people not want to file bankruptcy once they surely don’t want to be in a situation a second time where a bankruptcy is necessary. But…it happens. Life happens and often...
by John Skiba, Esq. | Jul 15, 2011 | Uncategorized
Over the last few months in my bankruptcy consultations I’ve noticed a pretty steady increase in the number of small claims lawsuits that people are getting served with from credit card companies. I don’t know if this is an actual trend on the part of the...
by John Skiba, Esq. | Jul 14, 2011 | Chapter 7 Bankruptcy
I routinely meet with small business owners that are going through financial difficulties and often get the question if just the business can file bankruptcy and eliminate the company debts. Before I can answer the question it is important for me to understand what...
by John Skiba, Esq. | Jul 13, 2011 | Uncategorized
There comes a point in every bankruptcy consultation when we get to “The Question”. I know what they are thinking: “This all sounds great, I need to file bankruptcy, but what is this going to cost me?” I always try and be up front with the legal fees I charge. I am...
by John Skiba, Esq. | Jul 12, 2011 | Uncategorized
Some debts will just not die. In my bankruptcy practice I pull my client’s credit reports to make sure that I am getting a thorough picture as to what debts are owed and who the creditor is. In reviewing the credit report with my clients often they are astounded at...
by John Skiba, Esq. | Jul 12, 2011 | Chapter 7 Bankruptcy
103, 108, 109, 106. Those are the temperatures over the last four days here in Phoenix. For those of us in the Phoenix area you know that if you don’t have power, you are in serious trouble. My air conditioner runs day and night this time of year, and if you are in...
by John Skiba, Esq. | Jul 11, 2011 | Foreclosure
When you suffer through financial difficulty that results in a short sale of a home, a foreclosure, or even a bankruptcy, the big question most people have is how such events will impact their ability to buy on credit again. In yesterday’s Arizona Republic newspaper,...
