A report by the Administrative Office of U.S. Courts (AOUSC) states that there were 1,306,315 bankruptcy cases filed in 2009, and a total of 1,572,597 in 2010, and increase of about 20%. For many people planning to file for bankruptcy, having to deal with the legal procedures can be frustrating. If you are considering filing for bankruptcy in Twin Falls, Youngblood Law Office can guide you through the process and ensure that your assets are protected. Here’s a little insight on the different options available for people filing bankruptcy.
There are several different chapters in the federal bankruptcy law that offers protection to people. These are designed to help people under specific situations and looking to protect specific assets. Generally individuals and families looking to protect their assets when filing for bankruptcy can do so under Chapter 7 and Chapter 13. Chapter 11 is sometimes invoked, although it is generally used by businesses.
Speaking of Chapter 7, it is commonly used to give people an opportunity to start their lives afresh. Under Chapter 7, common debts incurred for credit cards, medical bills, most personal loans and other unsecured loans. The whole process takes about 100 days from start to finish and needs a meeting a trustee appointed for the case. To be eligible to establish bankruptcy, it is important that the applicant must have stayed at the place of application for the better part of the past 180 days and should not have applied for bankruptcy in the last 8 years. We specialize in handling Ch 7 bankruptcy cases in Twin Falls, contact us to help you ascertain if you are eligible to file under Chapter 7.
Chapter 13 is ideal for people, whose income is too high to file under Chapter 7. When people have large assets that they’d like to keep, or have debts that have been incurred on assets that cannot be discharged, or have to pay a mortgage loan on your home, this is the ideal solution. Applicants filing under this Chapter will have to pay monthly payments to clear of their debts. This chapter also allows you to lower the payment on secured debts.
As earlier said, the right lawyer can help you to protect your assets under various state and federal rules. Filing for bankruptcy in Twin Falls can be frustrating, scary, and confusing. Kameron Youngblood handles ONLY bankruptcy cases in Idaho, so you can have the peace of mind that one of the best bankruptcy attorneys in Idaho is handling your case.
Contact Our Twin Falls Office Today – 208-736-1891