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Planning Bankruptcy with a Lawyer
The bankruptcy process begins with a debt consultation. The purpose of this meeting is to explore bankruptcy, as well as, other possible debt relief options. If bankruptcy is the appropriate strategy, clients are given some general advice, such as to stay current on any secured assets they wish to keep, not to repay any family members prior to filing bankruptcy, not to transfer or sell assets without attorney oversight, and not to incur any new debts.
Careful legal consideration goes into the pre-bankruptcy planning, also known as “negative estate” planning. Through legal counsel, debtors are advised of their options, which includes spending down reserves on necessities, preemptively liquidating non-exempt assets, modest contributions towards retirement accounts, etc. Negative estate planning does not mean transferring assets for less than fair market value, hiding property, or otherwise committing conduct that has the sole effect of hindering creditors. Any type of negative estate planning should be done with a competent attorney that is familiar with guiding case law, Arizona’s fraudulent transfer laws, and the Federal Bankruptcy Code.
Another key aspect to pre-filing preparation is determining the appropriate file date. Early in the year, it is seldom advisable to file a case until after a tax refund has been received and wisely spent. Typically cases are filed prior to a debtor getting paid, since bank accounts must be spent down to the permissible exemption amounts. In addition, if a debtor has accounts receivable, commissions due, a personal injury claim, trust distributions, or is expecting an inheritance, it may be advisable to wait to file bankruptcy. Other considerations that may warrant waiting to file include “look back” periods on any pre-bankruptcy transfers (fraudulent transfers) and any payments made to family members are business partners (preferential payments).
A Debtor’s Duty & Bankruptcy Fraud
A discharge can be revoked by the request of a trustee, a creditor, or the U.S. trustee if the debtor commits fraud in obtaining a discharge. Fraud includes misrepresentations and material omissions, such as if the debtor knowingly and fraudulently fails to report the acquisition of property that belongs to the bankruptcy estate. A discharge can also be revoked if the debtor fails to 1) surrender property to the trustee, 2) cooperate with the trustee, and 3) makes a material misstatement or fails to provide documents or other information in connection with an audit of the debtor’s case.
Fortunately, a revocation of discharge is exceptionally rare with honest and cooperative debtors. Bankruptcy provides Tucson families with the tremendous benefit of a fresh start, free of most debts and with no tax consequences. It would be disastrous to jeopardize this fresh start.
"An EXEMPLARY Attorney! Dedicated, Caring, Knowledgeable, Experienced. ABSOLUTELY THE BEST!"
Mr. Foley and his staff far exceeded my expectations! No words can adequately express my heartfelt appreciation for the exceptional support I received throughout what was surprisingly a very positive, stress-free, and smooth process. I highly, highly recommend Matthew T. Foley!
September 14, 2016
"Your Excellent Choice!"
Matt and his team rock !!!!!!!!
They took the stress and worries out of the whole process and made it smooth and stress free. He and his staff are caring, knowledgeable, very organized, honest and affordable. They responded quickly to any questions or concerns I had.
I would highly recommend Matt and his team to anyone who needs a bankruptcy...... Thank you so much
July 13, 2017
"Caught in a Bind”
I was in a real bind and not knowing the law, I contacted the best reviewed bankruptcy lawyer in town. After the consultation I left feeling better about my situation with a much better understanding of the law. The man knows his stuff and is very knowledgeable. I hired him and he did an amazing job. I literally did nothing but answer questions in an honest manor. The staff is a collection of incredible people, who are kind and very nice and understanding towards your situation. Thank you so so much for everything and would recommend the heck out of this gentlemen. Awesome experience.
March 6, 2017
Matt and his team rock!!! They took the stress and worries out of the whole process and made it smooth and stress free. He and his staff are caring, knowledgeable, very organized, honest and affordable. They responded quickly to any questions or concerns I had. I would highly recommend Matt and his team to anyone who needs a bankruptcy or debt settlement attorney.
October 21, 2016
"Brinda ayuda honesta"
Le agradezco a usted y a su equipo de professionales por el apoyo, la guia, comprension y toda la asistencia brindada al lo largo del proceso. Siempre estuvieron ahi para ayudarme, para responder mis preguntas. Gracias al buen trabajo que hicieron pude no unicamente liberarme de mis deudas pero tambien mejoro mi salud, mi bienestar y el de mi familia. No tengo con que pagarle todo lo que hizo por mi. Muchas gracias por todo. Dios lo bendiga a usted y a su equipo y continuen ayudando a nuestra comunidad hispana como hasta ahora... con honestidad y respecto.
August 11, 2017
Mr. Foley handled my chapter 7. After my first meeting with him I instantly felt better about the whole thing. I was stressed about my finances and felt guilty for even considering a bankruptcy. I felt like a total failure. Mr. Foley was able to help me see that it was the right business decision and was also able to help me by pointing me to resources for a redemption loan on my vehicle. If you are considering a bankruptcy attorney, I would recommend you consult with Mr. Foley.
July 18, 2017
"Very helpful even though not client (yet)”
Matthew represented us at a Trustee meeting when our Phoenix attorney could not be present. He was knowledgeable and helpful. In addition, when my existing attorney became "disengaged", we contacted Matt and he spent a lot of time helping us understand some issues we were having. He was supportive, helpful, and gave excellent advice even though we were not his clients. I highly recommend him and he will be my first call for any future legal issues.
May 23, 2017
"A saving grace!"
I was literally days away from having my paychecks garnished. Not knowing what to do anymore, I decided to look for an attorney and researched all around Tucson. I came across reviews of Matt's firm on multiple sites and saw he was the highest rated and most reviewed. I decided to go in for my consultation and I couldn't hire him quick enough. Halee was awesome in helping me as well. I submitted all of my paperwork in less than 24 hours and 3 days later, I filed. I was so sick to my stomach in the stress of the debts I had. I was quickly relieved. Matt made me feel comfortable and told me just to relax. I think we are all scared of the unknown and what lies behind Bankruptcy. But I cannot speak highly enough of the positive experience I had with Matt and his team. Thank you so much, from the bottom of my heart. Finally, there is light at the end of the tunnel.
April 27, 2017
"Matt is fearless and unflappable...”
Finding Matthew Foley and his team was like finding cool, clear water in the desert. After wading through several overworked, confused huckster attorneys in the bankruptcy area; finding Matt was like finding an angel. He was not put off by complexities in our case and he was always a calming, soothing commander in the midst of a difficult situation. He was a great strategist and his professionalism was amazing. He was incredibly patient to explain and reassure us of the best course of action. I have been exposed to many attorneys in my life but none have ever impressed me the way Matt Foley has. Even his staff, Halee, Alysha and Austin maintain extraordinary standards of professionalism while always supporting Matt in his mission: to serve and reassure the fiscally challenged throngs that enter through Matt's door hoping for knowledge and assistance. I would give Matthew Foley the highest possible recommendation as the best Bankruptcy Attorney in Arizona. Five Stars are not enough to capture what he does for the people of Tucson, Arizona. I would also recommend him for any position that requires competence, calm professionalism and uncanny skills, knowledge and competency. Matt is fearless and unflappable. Thanks again, Matt!
December 12, 2016
"Excellent choice for bankruptcy"
Matt helped get us a chapter 7 bankruptcy in a quick and professional manner. He explained the process step by step and allowed us from feeling overwhelmed to relieved. He stopped the garnishments from continuing and I even got my garnishment checks back. if I ever needed more help in the future, I would go back to him and recommend him to anyone that needs help with debt.
May 25, 2017