Arizona conducted a two-day sale of several of its state buildings last week in an attempt to dig itself out of debt.  The idea behind the sale is that the state is going to sell many of its buildings and then lease them back, with interest, for more than 30 years.  Arizona is expected to earn more than $300 million in the sales of these buildings, but that's before interest payments have been included in the equation.  The state's total debt load is $10 billion, which is more than five times what it was just a decade ago.  Paying off the heavy debt that Arizona has incurred will leave a tremendous burden on state budgets for many years.

This latest borrowing tactic to try to cover up the giant hole of debt has been questioned by many who think that the massive amount of interest that Arizona will have to pay back will add up to millions of dollars that could have been spent on programs dedicated to reducing taxes.  

If you or someone you know needs help with debt negotiations, contact the Arizona debt negotation lawyers of the Harmon Law Office, L.L.C. by calling 480-829-0494.

If you are considering filing for Chapter 7 consumer bankrupcy, a homstead exemption could protect your home equity from creditors and taxes.  Legally, a home is considered a homestead if it serves as the primary residence for the debtor.  However, if you claim homestead exemption and you have property located in other states, you will not be able to claim more exemptions.  The amount of protection given to you for filing this claim is determined by state law.  In Arizona, there are no limitations on homestead protection, but the maximum expemption is $100,000. 

If the debtor files for homestead protection and then dies, the protection will secure shelter for the surviving spouse and forced sale of the debtor's home is prevented.  The home will also be exempt from any and all property taxes.  

If you or someone you know is considering filing for Chapter 7 bankruptcy, contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, L.L.C. by calling 480-829-0494.

Even though soft housing prices, a discouraging employment situation, and various economic problems continue to plague many Arizona residents, Metro Phoenix's rising bankruptcy statistics dropped last month.  Experts say that it is too soon to say whether this is a trend or a one time occurrence.  Even though there were fewer bankruptcies last month than there have been all year, bankruptcies are still up nearly 3,000 filings from May of 2009.  Many Arizona residents are discouraged that even though politicians and officials are saying that the recession is ending, they aren't seeing any improvements.

Even though bankruptcy filings were down in May for Arizona, the country did not see an improvement last month in the overall number of companies and families filing.  Bankruptcy statistics nationwide were up 9 percent in May.

If you or someone you know is considering filing for bankruptcy, contact the Arizona bankruptcy attorneys of the Harmon Law Office, L.L.C. by calling 480-829-0494.

Arizona grocer Bashas' Inc. may exit from bankruptcy protection soon. According to court reports, the company may have secured the necessary financing to emerge from bankruptcy. Lawyers for the grocer will likely submit information about the filing to the bankruptcy court Friday. 

The company initially filed bankruptcy and submitted a reorganization plan in July. As part of the bankruptcy process, the grocer has closed 31 stores and cut about 1,000 employees. 

If you have questions about bankruptcy and your own business, contact the Arizona business bankruptcy lawyers of the Harmon Law Office at 480-829-0494.