Living in Hawaii it is easy for credit card debt to pile up. Bankruptcy may be a ticket to getting debt free....
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Introduction: Filing for bankruptcy is a weighty decision that can significantly and positively affect your financial future. It requires careful planning. It is crucial to understand the specific considerations and implications that apply in each individual situation. In this article, we will explore some important factors to consider before filing for bankruptcy in the Aloha State. Understand Exemptions; Choosing Hawaii or Federal Before proceeding with bankruptcy, it is essential to decide which exemptions to elect. Depending on your facts it is critical to choose which exemptions best fit for you Consulting with a knowledgeable bankruptcy attorney who understands Hawaii's unique legal landscape provides...
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The dischargeability of tax debts in bankruptcy depends on various factors, including the type of tax debt, the age of the debt, and the specific bankruptcy chapter filed. Generally, income tax debts may be dischargeable in bankruptcy, but certain criteria must be met. Income tax debts can be discharged in both Chapter 7 and Chapter 13 bankruptcies if they meet the following requirements: The tax debt must be related to income taxes. Other types of taxes, such as payroll taxes are typically not dischargeable. The tax return must have been due at least three years before the bankruptcy filing date. The tax return must...
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The bankruptcy automatic stay goes into effect immediately upon the filing of a bankruptcy petition. It is one of the most powerful features of bankruptcy law and provides debtors with immediate relief from creditor collection efforts. When a bankruptcy case is filed, the automatic stay imposes a legal injunction that halts most types of collection activities by creditors. This means that creditors are prohibited from taking any further action to collect debts, including filing or continuing lawsuits, garnishing wages, repossessing property, or making harassing phone calls. The automatic stay is designed to provide debtors with a breathing space, allowing them to...
Continue readingAfter filing a bankruptcy the Court sets the date for the metting of creditors. This Bankruptcy meeting is scheduled between 30-45 days after. A notice of the meetig is sent you and to all of the creditors. They or their counsel can ask you questions about the nature and validity of the debts at the meeting. The Trustee swears you in and asks a series of questions to confirm all of the information provided in the bankruptcy petition. These questions include that you listed all of your assets, debts, income, and expenses. In some cases the trustee will hold the...
Continue readingWe discuss this question every day. Next to our homes, our cars are our most precious material asset. We need them. I need my car The fear of car loss is enough to keep some people from even inquiring about the possibility of filing bankruptcy. In most cases, you keep your car - even multiple cars - in bankruptcy while getting rid of the other debts you don't want. The Bankruptcy Court knows you need your car The whole idea of the Bankruptcy Code is to provide a fresh start to the "honest but unfortunate debtor." And the law and Court know that a...
Continue readingMoney regrets. Who doesn't have them? Among the poor and even among the rich, not to mention everyone in between, you'll find that each person has more than a few. Some can be remedied. What does it mean When 2 or more people owe on the same debt they both owe 100% of the debt. Example Kimo and Kelli borrow $10,000 from Bank of Hawaii. They both sign the contract. The fiendly banker gives Kimo $1,000 and Kelli $9,000. For some reason the debt isn't paid. Bankoh sues Kimo and Kelli. They both go to Court. Kimo brings $1,000 and hands it to the...
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