Overview of Arizona Excess Sale Proceeds
What is the Arizona foreclosure process?
When a borrower doesn’t perform their financial obligations, a lender may legally seize and sell a home or other property. This method is called foreclosure. There are various types of foreclosures in Arizona.
- The trustee’s sale procedure is the most used in Arizona. When the lender decides to foreclose on the borrower’s property, there are laws governing the process. Normally the trustee’s sale, in comparison to other processes, is cheaper and quicker (at least 90 days). In this method, there is no court involvement.
- The second process is a judicial foreclosure. This is a court procedure. Therefore, it is more expensive and takes longer. The advantage for the lender is that a deficiency action could be brought against the borrower or guarantor. The homeowners’ association (“HOA”), or those who purchased back taxes may also use this court process.
- The sheriff’s sale comes after the judicial foreclosure. As was already mentioned, the process begins in court. The task of selling the property is then given to the sheriff. Lenders, HOAs, and investors in back taxes normally use this.
The following will discuss a few of the fundamental of Arizona trustee’s sale, foreclosure and tax liens
Am I Eligible to File Bankruptcy in Arizona?
Chapter 7 Qualifications
The means test is the major qualification for Chapter 7 debtors. If your annual household income is less than the national average, you may be eligible for this type of bankruptcy. This figure is updated every few months.
If you do not qualify for Chapter 7, other options, such as Chapter 13 bankruptcy are usually available.
Chapter 13 Qualifications
In Chapter 13 cases have limits on the amount and type of debts. There is also a minimum income and expense requirement. Debtors in Chapter 13 must have enough disposable income to make a monthly plan payment.
Helpful Insight
The right to file Bankruptcy bankruptcy is Protected by the United States Constitutional.
As early as 1789, Congress was authorized by the US Constitution’s Art. 1, Section 8, Clause 4 to enact bankruptcy laws to assist all citizens in obtaining a fresh start. The first bankruptcy law was enacted in 1800. Clearly, this option has been viewed as an important tool for protecting our citizens. As a result, you should never feel obligated to apologize to me or anyone else for exercising your constitutional rights.
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