An independent estimate states that over 1.5 million bankruptcy applications were filed in 2010 alone. Although reports indicate the figures are coming down this year, it by no means that the economy is out of the woods. If you one of the millions looking for the help and protection of bankruptcy, you are probably apprehensive about the process.
Here’s how the procedure takes place and how can a Pocatello bankruptcy attorney can help you.
Bankruptcy is a legal right of every citizen looking for protection against creditors. An individual who has incurred debts that he is unable to pay, due to unemployment, prolonged illness and other situations that are beyond his capacity can apply for the debts against him to be discharged. Under the law, there are two chapters that are commonly used by individuals to pray for discharge, viz. Chapter 7 and 13. Chapter 7 is ideal for people looking to unburden themselves from unsecured loans like credit cards, personal loans, even medical bills, civil judgments etc. While some debts are eliminated, some others like mortgage loans, car loans, child alimony, and student loans aren’t discharged. The individual would still need to pay for these.
Idaho state laws often differs from other states on what kind of properties may be exempt from liquidation. A Pocatello bankruptcy attorney can help you understand the procedure and implications of filing under Chapter 7. He can also help you by suggesting the right remedy.
Chapter 13 is an ideal solution for people looking to settle off their loans through easy repayments. The court takes into account the total debt incurred by the applicant and decides on a monthly payment. It’s important that the creditors too have to agree on the minimum amount. While the entire debt isn’t discharged, interests on mortgage arrears are waived off. During the filing, the court issues an automatic stay thereby protecting the applicant from his creditors. They cannot affect a foreclosure, wage garnishment, or even file repossession. Even harassing phone calls from debtors have to be stopped.
Both these chapters have their advantages and disadvantages. Contact Youngblood Law Offices for a free consultation.
Finding the right Pocatello bankruptcy attorney can make all the difference. Kameron Youngblood specializes in Idaho bankruptcies only, have the best attorney on your side at an affordable price!
Contact Our Pocatello Office Today 208-237-3513