Question: we have a 2 million dollar debt against 5 acres and our house will we loose the house if we file? Also we have 80,000in unsecured debt. How can we resolve this? we are 65 years old, and are moderatley employede.
Answer: For information on laws regarding wills in Arizona please refer to the Arizona Revised Statutes. Title 14 of the Arizona Revised Statutes lists laws pertaining to Trusts, Estates and Protective Proceedings. The general duty of the personal representative or executor is to properly distribute and settle the estate as quickly and efficiently as possible. Their actions should be consistent with the best interests of the estate. An issue arising from wills and trust documents can be very complex. To find out how the law would apply to your specific situation consider speaking with an attorney directly. To find out more about bankruptcy, including whether bankruptcy is the right option for you, you may want to look at the U.S. Bankruptcy Court District of Arizona's website. They provide a lot of helpful information such as information pamphlets and requirements for different types of bankruptcy filings. You may also want to read the frequently asked questions on the site. This section provides information on topics including filing fees, exemptions, and Federal Rules of Bankruptcy proceedings.The Arizona Homestead Exemptions can be found under Title 33 Chapter 8 Article 1 of the Arizona Revised Statutes. A.R.S. § 33-1101 through A.R.S. § 33-1105 govern the Homesteads and Homestead Exemption. In general a homestead is a place where a person lives. A homestead exemption refers to the property that can be kept when a person files for bankruptcy. Since bankruptcy matters are complex, you may decide to speak with an attorney. You can find information on where to locate an attorney for legal advice on this website.
March 28, 2011