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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Chapter 13 bankruptcy can be an effective way to save your home from foreclosure by providing an opportunity to catch up on missed mortgage payments....
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The means test is an important component of the bankruptcy process. Its primary function is to determine whether an individual or household has sufficient financial means to repay their debts, specifically in the context of Chapter 7 bankruptcy. Chapter 7 bankruptcy is a type of bankruptcy that allows individuals or businesses to discharge their eligible debts and obtain a fresh financial start. However, not everyone qualifies for Chapter 7 bankruptcy, as there are income limitations in place to prevent abuse of the system. The means test helps determine eligibility for Chapter 7 bankruptcy by assessing the debtor's income and comparing it to...
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 readingIt depends whether you are filing chapter 7 or chapter 13. If you receive your tax refund after filing chapter 13 bankruptcy, it has to be payed to the bankruptcy trustee unless it can be exempted and minus any earned income or child tax credit It is also subject to setoff, recoupment or otherwise provided for by your plan. If you are filing chapter 7, your tax refund must be listed as an asset to the extent that it is earned and claimed as exempt if permitted under your state or federal exemptions. Any non exempt refunds through petition date will have...
Continue readingThe Co-Debtor Stay applies in Chapter 13 bankruptcy toconsumer debts. It does not apply in a Chapter 7 bankruptcy. The co-debtor stay stops collection against people who are not in bankruptcy. When a person files chapter 13 that filing also protects any one else who owes onthe debt as well. It protets them even though they did not file bankruptcy. A co-debtor is someone who agrees to be liable on the debt with the debtor, the person filing bankruptcy. It does not matter if they sign as "secondary" or "primary" or as "guarnator" or as a "surety." All of those persons...
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