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Posted By Leonard V. Sominsky, ESQ., PC
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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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Posted By Leonard V. Sominsky, ESQ., PC,
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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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Posted By Leonard V. Sominsky, ESQ., PC
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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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Posted By Leonard V. Sominsky, ESQ., PC
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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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Posted By Leonard V. Sominsky, ESQ., PC
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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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Posted By Leonard V. Sominsky, ESQ., PC
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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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Posted By Leonard V. Sominsky, ESQ., PC
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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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Posted By Leonard V. Sominsky, ESQ., PC
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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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Posted By Leonard V. Sominsky, ESQ., PC
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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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Posted By Leonard V. Sominsky, ESQ., PC
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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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