Phoenix Bankruptcy Law News

Debt Collection in Phoenix

Whether you are a business owner trying to collect a debt or a borrower who owes the debt, there are policies and procedures that govern the debt collection process. It is important that both sides understand consumer credit laws and important legislation like the Fair Debt Collection Practices Act, which requires that debt collectors treat debtors fairly and prohibits certain methods of debt collection. There are also other important issues that creditors and debtors alike should be aware of, such as the use of collection agencies, the impact of bankruptcy, and court-based remedies.

If you are trying to collect a debt from a debtor or you owe a debt to a creditor, a Phoenix Bankruptcy attorney can help you navigate the different consumer credit laws and the other issues involved in the debt collection process.

Recently in Debt Collection Category

Do I Still Owe Taxes After Bankruptcy?

Does bankruptcy relieve your tax obligations? It's a common question debtors ask this time of the year.

Whether you owe taxes after bankruptcy will depend on a variety of factors, including the type of bankruptcy case you filed and the type of tax obligation at issue.

In some circumstances, bankruptcy law permits the discharge of tax debt. Generally, it's more feasible in Chapter 7 than in Chapter 13 bankruptcy.

3 Lessons From Mt. Gox Bankruptcy

Mt. Gox was a leading Bitcoin exchange that recently filed for bankruptcy protection, TechCrunch reports.

Though the company filed for bankruptcy in Japan, its filing serves as a cautionary tale to business owners in the U.S. about bankruptcy issues that come with entering highly volatile financial arenas of business.

Here are three legal lessons from Mt. Gox's bankruptcy filing:

Save Yourself From Harassing Debt Collectors

When you're deep in debt, every phone call sounds like a debt collector calling to ask you about overdue bills and late payments. But when they start harassing you with calls, that's when you can put your foot down.

Companies have the right to collect the debts you owe, but they have to be fair about it. That means there are limits on what they can do to get the money from you.

Of course, knowing what those are is easier said than done. No debt collector is going to explain the Fair Debt Collection Practices Act to you. But here are some of the things they can't do, no matter how deep in debt you are:

Top 3 Bankruptcy Tips of 2012

With the economy still in shambles, bankruptcy is on many people’s minds. But is it the right move for you?

Over the past year, we’ve covered a number of alternatives to bankruptcy. Here are our top three tips of 2012. Hopefully, they’ll get you on the right track to financial recovery in 2013.

Today, more than 90% of private student loans require co-signers, up from about 50% six years ago, The Wall Street Journal reports.

That means more and more parents and grandparents are on the hook for student loans when young graduates can't pay. As a result, many parents and grandparents are forced to file for bankruptcy.

Shedding student loan debt in bankruptcy, however, is far from a walk in the park.

In June, Curt Schilling's video game company 38 Studios filed for bankruptcy. Over the years, the former Diamondbacks pitcher took out a number of loans to keep the floundering business afloat.

As collateral for the loans, Schilling put up the "bloody sock" he wore during Game 6 of the 2004 American League Championship Series. Now the famed sock could be history, The Associated Press reports.

Bankrupt Eastman Kodak has been counting on a patent auction to give the company a much-needed cash infusion.

Last month, the auction for Kodak's 1,100 patents was held, but the bids left much to be desired, NBC News reports. Now the company says that it may call off the sale and instead license its patents to others.

Soft rock crooner John Mayer has been targeted in a Ponzi-scheme bankruptcy case, The Wall Street Journal reports.

Mayer fans can rest easy. The singer wasn't involved in the scheme. He was just allegedly paid with Ponzi scheme money for a performance at a corporate event.

Student loans have become an albatross for many recent graduates. They can't pay off their student loans, but they can't have their student loan debts discharged in bankruptcy either.

So what can you do if you can't make your student loan payments? Fortunately, there are a few tools at your disposal.

Are you in the market for a 1984 Olympic bronze medal? How about the gloves Evander Holyfield wore the night Mike Tyson bit off part of his ear? If so, you may be in luck.

On Nov. 30, Holyfield plans to auction off nearly all of his possessions, the Boston Herald reports. The auction will include Holyfield's jewelry, car collection, household items, and boxing memorabilia.