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11 September
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Rebuilding After Bankruptcy: Discussing Your Credit History to Lenders

Posted by Ed Magauran
in Recent Articles

Bankruptcy can offer a fresh financial start but explaining it to future lenders requires careful consideration. Hawaii residents face unique challenges and opportunities due to the state’s specific legal landscape. Understanding how to present your situation effectively can make a significant difference in your ability to secure credit in the future. Understanding the Hawaii Bankruptcy Landscape In Hawaii, the two most common types of bankruptcy are Chapter 7 and Chapter 13. Chapter 7 bankruptcy allows for the discharge of most unsecured debts, such as credit card balances and medical bills, and remains on your credit report for ten years. Chapter 13 bankruptcy involves creating...

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03 June
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Understanding Bankruptcy Order for Relief in Hawaii: A Crucial Guide for Financial Recovery

Posted by Ed Magauran
in Recent Articles

In the picturesque paradise of Hawaii, financial difficulties can still strike individuals and businesses alike. When debts become overwhelming and financial recovery seems impossible, filing for bankruptcy can be a viable solution. One critical aspect of the bankruptcy process is the "order for relief." Understanding what this entails can empower those facing financial hardship to make informed decisions and seek the necessary help. What is an Order for Relief? An "order for relief" is created the second your case is filed. It officially recognizes that a debtor is entitled to relief under the U.S. Bankruptcy Code. This order essentially grants the debtor...

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30 April
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Why You Need a Bankruptcy Attorney

Posted by Ed Magauran
in Legal Advice, Recent Articles

Aloha. If you are considering filing bankruptcy, you should strongly consider having a bankruptcy attorney by your side in this serious legal matter that can either get you completely debt-free or, if not done correctly, deeper into financial difficulty. Here's why professional representation matters: Expert Guidance: Bankruptcy laws are complex and can vary from state to state. A bankruptcy attorney who has filed thousands of cases knows the ins and outs of these laws and can guide you through the process smoothly. They will help you understand your best options, whether it is filing for Chapter 7, Chapter 13, or exploring alternatives. Personalized...

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16 April
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Thinking About Filing Bankruptcy?

Posted by Ed Magauran
in Recent Articles

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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28 August
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Types of Unsecured Debt

Posted by Ed Magauran
in Recent Articles

In bankruptcy proceedings, debts are categorized based on their priority and secured status. Priority unsecured debt and general unsecured debt are two different classifications that determine the order in which creditors are paid back during the bankruptcy process. Here is a breakdown of the differences: Priority Unsecured Debt: Priority unsecured debt refers to debts that are considered more important or "prioritized" than other unsecured debts when it comes to repayment in a bankruptcy case. These debts have a higher legal ranking and must be paid before general unsecured debts. Priority unsecured debts are usually related to specific types of obligations established...

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17 July
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What Is An Order For Relief In Bankruptcy

Posted by Ed Magauran
in Legal Advice, Recent Articles

An order for relief in bankruptcy refers to a court-issued order that initiates the bankruptcy process for an individual or entity. It is typically granted by a bankruptcy court in response to a bankruptcy petition filed by the debtor or their creditors. When a debtor files for bankruptcy under either Chapter 7 or Chapter 11 of the United States Bankruptcy Code, they submit a petition to the bankruptcy court. Once filed the Court it issues an order for relief. The order for relief has several significant effects: Automatic stay: Upon the issuance of an order for relief, an automatic stay goes into effect....

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12 July
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A Fresh Start is Accomplished Through Bankruptcy Exemptions

Posted by Ed Magauran
in Recent Articles

Exemptions in bankruptcy are provisions that allow debtors to protect certain assets from being liquidated to pay off their debts. These exemptions provide a fresh start by folks can and do retain essential property and belongings necessary for a reasonable standard of living and enabling them to rebuild their financial lives after bankruptcy. Here's how exemptions provide a fresh start in bankruptcy: Asset protection: Exemptions typically cover essential assets such as a primary residence, personal vehicles, necessary clothing, household goods, tools of the trade, retirement accounts, certain bank deposits, and public benefits. By exempting these assets, debtors can keep them even after...

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