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But the Homestead Protection Increased to $250,000
October 8, 2021
As the final part of our review of Arizona House Bill 2617 (AZ HB 2617), we will review the impact of the Bill on individual judgment debtors. The first two blogs can be found here.
AZ HB 2617 increases the homestead exemption amount from $150,000 to $250,000 and makes no changes to a homeowner’s eligibility to qualify for the homestead exemption.
A nonconsensual lien, including a judgment lien from a civil judgment, now entitles a creditor to a forced sale of the homestead property

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Will a Creditor be Able to Recover from a Recorded Judgment on a Homestead?
September 27, 2021
Continuing our review of Arizona House Bill 2617 (AZ HB 2617), we will focus our attention on how the Bill impacts creditors. The original blog can be found here.
Creditors have several new collection rights for judgment liens. The first new right is that judgment liens now attach to the homestead property. Before the recently passed AZ HB 2617, a civil judgment created a judgment lien on all real property “except real property exempt from execution, including

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Continue Reading Will a Creditor be Able to Recover from a Recorded Judgment on a Homestead?

gus-ruballo-h5QNclJUiA8-unsplash home homestead Photo by Gus Ruballo on Unsplash
Photo by Gus Ruballo on Unsplash

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What is the Arizona House Bill 2617 and What are the Effects on Both Creditors and Debtors?

September 10, 2021

Arizona House Bill 2617 (AZ HB 2617) amends four statutes relating to judgment liens and the homestead exemption; it was signed into law on May 19, 2021, and goes into effect on December 31, 2021. A judgment lien is a lien on real property created after a civil judgment is properly recorded. The homestead exemption is the amount of a home’s equity that is exempt from a forced sale. The homestead exemption generally “protects

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Continue Reading How Arizona’s change to the homestead exemption will affect creditors and debtors

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Is Your Bankruptcy Filing Ripe for An Adversary Complaint?
July 19, 2021
An automatic stay, which is unique to bankruptcy, generally gives breathing room to a debtor who has filed a bankruptcy.  Meaning, if there was pending litigation or attempts to collect an outstanding obligation, the majority of those actions must cease subject to a further Bankruptcy Court order that removes the automatic stay.  In a previous blog post, “Will the ‘Return to Normalcy’ Increase Tenants Seeking Bankruptcy Relief?” we broadly discussed the automatic stay and debts that are either dischargeable versus

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Will the “Return to Normalcy” Increase Tenants Seeking Bankruptcy Relief?
May 20, 2021
Presently no moratorium or mandate that prevents a commercial landlord from evicting a tenant in default exists.  Federal and local governments have encouraged landlords to work with their tenants during the evolving impact of the COVID-19 pandemic.  In contrast, residential tenants have been afforded a moratorium until at least June 30, 2021, in most instances.  That said, some courts have recently issued rulings deeming the Center for Disease Control’s orders related to the eviction moratorium as unconstitutional.  Unless further extended or

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BANKRUPTCY AND DIVORCE: CONSIDERATIONS BEFORE FILING
April 22, 2021
Introduction
The pandemic has taken a toll on married couples both financially and emotionally, which has caused many to contemplate filing for both divorce and bankruptcy. This is not to say that every bankruptcy leads to a subsequent divorce, or that every divorce will warrant the filing of a bankruptcy.  However, this article provides an overview of which process should be initiated first for those couples in the unique situation of being on the brink of filing for both divorce and bankruptcy. There is not

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Does my Business Qualify as a Small Business Debtor?
December 2, 2020
The new Subchapter V of Chapter 11 of the Bankruptcy Code (Subchapter V) was enacted through legislation known as the Small Business Reorganization Act of 2019 (SBRA); and, went into effect on February 19, 2020. Shortly after, the COVID-19 pandemic impacted the nation. In response, and on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) became effective. This brief albeit now commonly known legislation is important to consider in light of the remaining time period for the

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Bankruptcy, Restructuring, and Creditors Rights

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COVID-19 AND BANKRUPTCY CONSIDERATIONS
March 26, 2020
During these uncertain times with the national emergency of the Coronavirus (COVID-19) pandemic, the economic consequences of the virus are of the upmost concern. Bankruptcy may provide relief to both individuals and businesses.
There are four different options available, and choosing among them involves various factors including the filer’s legal status, income, and goals.
1. Chapter 7 – Liquidation of an individual or business estate, overseen by a trustee.
2. Chapter 13 – Restructuring of an individual estate through a 3 to 5-year Chapter 13 Plan, overseen

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Does the Ninth Circuit Ruling Pave the Way for Cannabis Bankruptcies?
May 14, 2019
Although cannabis has been legalized in the United States in some form by 33 states, it remains federally illegal. And since bankruptcy is a creation of federal law, most courts have quickly dismissed any bankruptcies involving cannabis operations, assets, or revenue. Flying in the face of convention, the Ninth Circuit Court of Appeals recently gave the green light to a Chapter 11 plan of reorganization that included revenue from cannabis.
Will the flood gates open? Probably not.
The case, Garvin

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Continue Reading Does the Ninth Circuit Ruling Pave the Way for Cannabis Bankruptcies?