In Hawaii bankruptcy law, filing Chapter 7 has certain advantages. Some of these are immediate protection, a complete fresh start, lack of a minimum limit on the debt, and quick discharge of your case.
Chapter 7 Bankruptcy in Hawaii
The most common types of personal bankruptcy that are filed in Hawaii by individuals are Chapter 7 and Chapter 13. In chapter 7 bankruptcy, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt. In Chapter 13 bankruptcy, you retain possession and ownership of all of your assets, but you have to give some portion your future income to repaying your creditors. Usually, this is over a period of three to five years.
You have to decide whether to file Chapter 7 bankruptcy or Chapter 13. A bankruptcy lawyer in Hawaii can help you in making this decision if you are not sure which bankruptcy is best for you in your situation.
Bankruptcy cases are filed in the United States Bankruptcy Court. However, they are often highly dependent on state laws. Hawaii is one of thirteen states that gives you a choice between federal and state bankruptcy laws. When you file bankruptcy in Hawaii, you are allowed both federal exemption and Hawaii state exemptions.
More Help on Filing Chapter 7 Bankruptcy in Hawaii
- Filing Chapter 13 Bankruptcy in Hawaii - Filing Chapter 13 in Hawaii also has some advantages. With Chapter 13 bankruptcy there is a payment plan that enables you to keep your property, there are more dischargeable debts, more payment time and it separates creditors by class. - read more
- Hawaii Bankruptcy Information - You may have reached a point where it is impossible to pay your debtors. Filing bankruptcy in Hawaii might be one of your best options. - read more
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