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Idaho Bankruptcy Information

Filing Chapter 13 Bankruptcy in Idaho

Many individuals will not be able to file Chapter 7 Bankruptcy because their income will be too high. Others will not want to liquidate their property. Filing Chapter 13 Bankruptcy is another good option. It will not immediately discharge your debts, but many times you will be able to create a payment plan which has more favorable repayment terms. A trustee will be appointed by the bankruptcy court to help manage your repayment plan. The repayment plan is approved by the bankruptcy court. After you have filed your petition and your plan is approved, creditors will no longer be able to contact you for debt repayment. The exception may be for creditors who are collecting payments for non-dischargeable debts which are not outlined under your bankruptcy repayment plan. If you complete the terms of the bankruptcy repayment plan, your debts may be discharged with in three to five years.

An Idaho Bankruptcy Attorney can help you with all the steps in the bankruptcy process from filing your petition, completing your schedules, meeting with the judge in bankruptcy court and helping create your bankruptcy repayment plan. There will be certain assets and personal property which will not be part of the bankruptcy process and will be protected from your creditors. The federal government has listed these assets as \"exemptions\" and they are protected to help you start over after you file bankruptcy.

Most bankruptcy laws are created at the federal level, but certain states have decided to create their own list of exemptions. Many states will let you choose either the federal bankruptcy exemptions or the state bankruptcy exemptions. Other states will only allow you to use the state bankruptcy exemptions. In the State of Idaho you can not use the federal bankruptcy exemptions but must choose the state of Idaho Bankruptcy Exemptions.

Filing Chapter 7 Bankruptcy in Idaho

Filing Chapter 7 Bankruptcy can be a quick, easy and cheap way to discharge most or all of your unsecure debt. Chapter 7 Bankruptcy is a liquidation bankruptcy and your non-exempt assets will be sold to repay your creditors. Creditors will be paid in the order determined by federal bankruptcy law. Chapter 7 Bankruptcy can take four to six months to complete, and at the end of this time most unsecure debt such as hospital bills, unsecure personal loans and credit card debt can be discharged. Corporations, individuals, partnerships and married couples all may be able to file Chapter 7 Bankruptcy.

Federal bankruptcy laws were updated in 2005 under the Bankruptcy Abuse Prevention and Consumer Act (BAPCPA). The BAPCPA made several major changes to bankruptcy law including: 1. Individuals must meet new income requirements to file Chapter 7 Bankruptcy. 2. Individuals must complete a certified credit counseling class prior to filing bankruptcy. 3. Individuals must complete a money management class prior to the completion of bankruptcy.

Many people want to know if they can file Chapter 7 Bankruptcy with out an Idaho Bankruptcy Attorney. The answer is yes, but bankruptcy can be complicated and a bankruptcy attorney can file all the necessary bankruptcy forms, the schedules, the petition and appear in court for you.

More Help on Idaho Bankruptcy Information

  • Credit Counseling - The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 required individuals to take a government approved credit counseling course 180 days prior to filing bankruptcy. - read more

  • Exemptions - Bankruptcy exemptions are a list of all the assets, personal items and goods that can not be liquidated in Chapter 7 Bankruptcy or sold in Chapter 13 Bankruptcy to repay creditors. - read more

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Chapter 7 and Chapter 13 Bankruptcy Help

The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.

A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.

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