Practice Areas and Legal Definitions

Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a claimant files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a claimant files a plan with the bankruptcy court proposing how to repay creditors.

In 2005, the requirements under which a debtor could file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act.  Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment, Chapter 7 often cannot be filed if the debtor's household income is greater than the median household income for the state, and state exemptions cannot be applied unless the debtor has resided at his or her current residence for more than two years.

Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, some debtors who were previously eligible to file under Chapter 7 now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over a three to five year period, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.

Not all debts can be discharged in bankruptcy. The most common types of non-dischargable debts are taxes, spousal support and student loans. The lawyers at Kevin Goff, PC, can help our clients plan for bankruptcy so as to maximize the number of debts discharged so our clients can have a meaningful chance at a fresh start after bankruptcy.

Chapter 7:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. 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 accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property. The lawyers at Kevin Goff, PC, can help our clients plan for bankruptcy so as to maximize the debtor's loss of property.

Chapter 11:
Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.

Chapter 13:
A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 permits individuals to keep their property by repaying creditors out of their future income.  It is not available to corporations or partnerships. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts (including some that cannot be discharged under Chapter 7).

Foreclosure:
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien".

A Foreclosure by Sale ends in the posting of a sign advertising the auction of your home on the sale date. The only ways to stop a foreclosure are full payment of the arrearage, or the filing of a Chapter 13 bankruptcy. Full Payment: If you are able to obtain and tender the full amount of your arrearage, including fees and costs, you can stop the foreclosure of a standard residential mortgage. Most people lack the money to make full payment. A Chapter 13 stops the foreclosure and allows you to repay your arrearage over a three-to-five year period. The arrearage is paid through a court-appointed official, while you resume your regular monthly payments to the bank in order to keep your home. A Chapter 13 can be filed at any time prior to the sale date, and it is often the only avenue to save your home. A Chapter 7 can only temporarily delay a foreclosure.

If you or someone you know needs debt consolidation legal counsel or the assistance of an experienced Phoenix Arizona Bankruptcy attorney, call Kevin Goff PC today at 866-787-2604, or use the contact form provided on this site to schedule a  free consultation.

Kevin Goff PC, is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The name and office address of an attorney responsible for this advertisement is Kevin Goff, 21 East 6th Street, Suite 508, Tempe, Arizona 85281.

If you or someone you know needs the assistance of an experienced Phoenix Arizona Bankruptcy attorney, call Kevin Goff PC, today at 866-787-2604, or complete the contact form provided on this site to schedule a free consultation.

ADDRESS OF THE FIRM:
Kevin Goff PC
21 East 6th Street, Suite 114
 Tempe, AZ 85281

2015 West Apache Trail, Suite 1
Apache Junction, AZ 85120

Phone: 866-787-2604
Hours: M-F, 8:00AM-5:00PM (weekend and evening appointments available)


MEMBERS OF THE FIRM:
Attorney Kevin Goff

• Jurisdictions Attorney is Licensed in: Arizona, Massachusetts and Nevada
• Date Admitted to the Bar: 1999
• Colleges Attended, Degree & Year Graduated: Boston University, Juris Doctorate, magna cum laude - 1999; University of Arkansas, Master of Science in Transportation Engineering, 1997; University of Arkansas, Bachelor of Science in Civil Engineering, 1996
• Professional Memberships & Achievements: Regular speaker at continuing education classes for lawyers and other professionals

Attorney Nicholas Van Vleet

• Jurisdictions Attorney is Licensed in: Arizona
• Date Admitted to the Bar: 2009
• Colleges Attended, Degree & Year Graduated: Sandra Day O'Connor College of Law (J.D., 2008), W.P. Carey School of Business (M.B.A., 2008), Arizona State University (B.S. Computer Information Systems, magna cum laude, 2007)
• Professional Memberships & Achievements: State Bar of Arizona
• Languages: Spanish

Kevin Goff PC is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The name and office address of an attorney responsible for this advertisement is Kevin Goff, 21 East 6th Street, Suite 114 , Tempe, Arizona 85281.