Recently, legislation was passed concerning the way foreclosure affects both creditors and debtors. The legislation imposed eligibility requirements for homeowners to qualify for certain protections.

One of the effects of this law would be that homeowners will have to have lived in the house for at least 6 months to qualify for protection against a deficiency judgement. The law has sparked several arguments, including one saying that bankruptcy filings will rise in response to it.

If you are considering bankruptcy, contact the Arizona bankruptcy attorneys of the Harmon Law Office, LLC at 480-829-0494.