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  • 5 Bankruptcy Myths Debunked

    Posted By Leonard V. Sominsky, ESQ., PC || 15-Oct-2015

    Bankruptcy is a big decision. There is no denying that each individual or family must consider all the facts when trying to determine if this is the right step for them. Keep in mind, we said facts. All too often, common bankruptcy myths creep into the conversation, masking themselves as truth. That is why our team here at Leonard V. Sominsky, ESQ., PC is here to debunk some of the biggest ones ...
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  • Can Bankruptcy Eliminate My Student Loans?

    Posted By Leonard V. Sominsky, ESQ., PC, || 12-Oct-2015

    Many people are saddled with overwhelming debts—with student loans being a major culprit. But what are your options for getting rid of those crippling student loans? Do you have any other options other than putting your entire paycheck towards your burgeoning debt every month just to survive? The truth is that most individuals don’t even realize that their student loan debts are ...
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  • Can I File for Bankruptcy If I Am Unemployed?

    Posted By Leonard V. Sominsky, ESQ., PC || 16-Jun-2015

    If you are overburdened with debt due to a recent job loss, you may feel like you are running out of options. Fortunately, there is no requirement that you have to be employed in order to file for bankruptcy. In fact, this is the most common reason why people file. While being unemployed may limit your options, in terms of what chapter you will be able to file under, bankruptcy is still a viable ...
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  • 10 Common Mistakes to Avoid During Bankruptcy

    Posted By Leonard V. Sominsky, ESQ., PC || 4-May-2015

    A Single Misstep Could Cost You Time & Money If you have made the decision to file for bankruptcy in Arizona, the first and most important step is to get in touch with a Phoenix bankruptcy attorney at Leonard V. Sominsky, ESQ., PC. We have been handling bankruptcy cases since 2000, equipping us with more than a decade of experience in this area. Don’t try to file on your own. A single ...
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  • Can I File for Bankruptcy More Than Once?

    Posted By Leonard V. Sominsky, ESQ., PC || 20-Apr-2015

    How Long You Have to Wait to File Again Although bankruptcy provides a fresh start for many, it can be hard for some to stave off debt for good. Fortunately, you are not limited to filing for bankruptcy just once. Federal bankruptcy laws do not set a limit on the amount of time that you are required to wait before filing again, but there is a limit on the amount of time that you must wait before ...
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  • If I File for Bankruptcy, Should My Spouse Also File?

    Posted By Leonard V. Sominsky, ESQ., PC || 16-Apr-2015

    If you have considered filing for Chapter 7 or Chapter 13 bankruptcy, you may be wondering whether or not your spouse will be affected. When you file in a community property state like Arizona, the answer is most likely going to be yes. Filing for bankruptcy requires you to disclose all of your assets and liabilities, which includes all of the assets and property that has been acquired over the ...
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  • Can You File For Bankruptcy While in the Military?

    Posted By Leonard V. Sominsky, ESQ., PC || 2-Apr-2015

    When you are in the military, you are not barred from filing for bankruptcy, though there may be some implications on your future career path if you do choose to file. Most commonly some servicemembers are concerned about how their security clearance will be effected if they choose to pursue bankruptcy. Despite some of the obstacles bankruptcy can create, there are also many exemptions that are ...
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  • Can You Sell Assets Before Filing for Bankruptcy?

    Posted By Leonard V. Sominsky, ESQ., PC || 19-Mar-2015

    When bankruptcy is on the horizon, you may start to consider the best way to maximum your exemptions and financial savings. Before you begin selling off your nonexempt assets without a second thought, you should make sure you are aware how this will impact you in the future. If you sell or even transfer property right before filing for bankruptcy, it could result in frustrating circumstances. In ...
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  • Understanding Your Legal Rights Under the FDCPA

    Posted By Leonard V. Sominsky, ESQ., PC || 27-Jan-2015

    Have you been receiving harassing phone calls from creditors? Has a debt collection agency threatened to contact your employer unless you pay? As a consumer, you have certain rights. In fact, the Fair Debt Collection Practices Act (FDCPA) was specifically enacted to protect you against abusive debt collection practices. While creditors also have certain rights, like the right to inquire about ...
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  • Is Chapter 13 Better for My Credit Than Chapter 7?

    Posted By Leonard V. Sominsky, ESQ., PC || 20-Jan-2015

    If you have considered filing for bankruptcy, you might be stuck on the question of whether to file under Chapter 7 or Chapter 13. Both forms of bankruptcy have their benefits; not only will you be able to discharge most, if not all, of your unsecured debt, but it would effectively put a halt to creditor harassment and continued collection efforts until the bankruptcy process is over. One factor ...
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  • Should I Try Debt Settlement Before Bankruptcy?

    Posted By Leonard V. Sominsky, ESQ., PC || 17-Dec-2014

    For many people, the word "bankruptcy" has a ring of finality to it that they are simply unwilling to accept. The thought of having to give up precious property and start from scratch sounds less than appealing and finding an alternative is often much more welcomed. While there are numerous other options to pursue besides bankruptcy, many are fraught with scams so it is important to be ...
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  • What Happens at the 341 Meeting of Creditors?

    Posted By Leonard V. Sominsky, ESQ., PC || 3-Dec-2014

    Although it sounds intimidating, the 341 meeting is far less threatening than you might think. It serves as a way for the trustee to responsibly and accurately administer your estate. Regardless of whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you are required to attend this meeting before proceeding successfully with your filing. But what can you expect at this meeting? Will ...
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  • Are My Children's Assets Protected If I File for Bankruptcy?

    Posted By Leonard V. Sominsky, ESQ., PC || 7-Nov-2014

    Depending on your situation, your children may or be affected by a bankruptcy filing. If you file for bankruptcy under Chapter 13 reorganization, any property you or your children have is unlikely to be seized. However, filing for Chapter 7 bankruptcy—in which you use your existing assets as collateral to pay debts—is a bit more complicated. Typically, you have to list all assets you ...
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