What is the Chapter 7 bankruptcy means test in Arizona?

What Is the Means Test? The means test is a formula based on the median income in Arizona to determine whether or not you have funds available for debt repayment. If your monthly income is less than the median, you automatically qualify for Chapter 7 bankruptcy and no further calculations are required.

Can I file Chapter 7 without my spouse in Arizona?

This is especially important to understand in Arizona as a community property state. If you file Chapter 7 bankruptcy without your spouse, then only that spouse's debt will be discharged through the bankruptcy.

What questions do they ask at a creditors meeting?

The trustee can ask you about anything that could affect your bankruptcy. Because your bankruptcy is directly related to your financial situation, most questions involve your debts, assets, income, and expenses. The trustee will also look for other information that could increase recovery for your creditors.

What assets are protected from bankruptcy in Arizona?

Personal Property Arizona law protects many personal items such as (1) $300 cash, (2) clothing up to $500 in value, (3) musical instruments up to $400 in value, (4) domestic pets, (5) a wedding ring up to $2,000 in value, (6) books up to $250 in value, (7) a bicycle up to $1,000 in value, (8) a firearm up to $1,000 ...

What does Chapter 7 talk about?

Background. A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in ance with the provisions of the Bankruptcy Code.

What should be included in a Chapter 7 bankruptcy?

File your forms: On your bankruptcy forms you'll list your property, exemptions, creditors, income, recent transactions and other financial information. If you have secured debts, you'll need to decide whether you want to pay off the debt, continue making payments or surrender the property to the creditor.

What are the three most used chapters to declare bankruptcy?

With that in mind, below are details about three main bankruptcy types. Chapter 7 Bankruptcy. Chapter 7 is also referred to as a liquidation bankruptcy because it calls for most of the debtor's assets to be sold to pay creditors. ... Chapter 13 Bankruptcy. ... Chapter 11 Bankruptcy.

What questions are asked in Chapter 7 bankruptcy?

Common Questions Asked About Chapter 7 Bankruptcy What is Chapter 7 and how does it work? ... What is a Chapter 7 discharge? ... Who is not eligible for a Chapter 7 discharge? ... Who may file under Chapter 7? ... How much does it cost to file under Chapter 7? ... Where is a Chapter 7 case filed?

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Chapter 7 Bankruptcy Questionnaire - Arizona Divorce

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Q: What should be included in a Chapter 7 bankruptcy?

File your forms: On your bankruptcy forms you&#039;ll list your property, exemptions, creditors, income, recent transactions and other financial information. If you have secured debts, you&#039;ll need to decide whether you want to pay off the debt, continue making payments or surrender the property to the creditor.

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