Youngblood Law Office Offers Bankruptcy Services
We assist people in managing their debt and achieve a financially sound life. We believe the mantra live a debt free life. We understand the 3 main reasons for our clients financial situations are (1) Medical Debt, (2) Divorce, (3) Job Loss. We believe that bad things can happen to good people. We feel creditors attempts to collect debt are often overwhelming. Overwhelming debt impacts every area of our clients lives including but not limited to marriages, job related issues, spiritual issues and mental health issues. We help to guide people through the process of determining their options and executing a plan to live debt free and eliminate their financial problems. Bankruptcy is one option. Our law firm has filed over 2500 bankruptcies over the past 12 years. It would be my honor to speak with you regarding your financial situation.
There are different forms of bankruptcy
Each with its own eligibility requirements, restrictions and specific processes. Chapter 7 bankruptcy is what most of all individuals file. Idaho bankruptcy laws typically allow people to keep their assets in a Chapter 7. A chapter 13 bankruptcy helps protect your assets by requesting adjustments in your payment terms with creditors, to negotiate more favorable terms over a period of years.
Filing for bankruptcy can be complicated.
During the bankruptcy process, our office will serve as your representative both for the courts and creditors. We will request an automatic stay on your behalf, which prevents creditors from garnishing your wages and having your place fall into foreclosure. We make every effort to be available for our clients when they need us most. Our aim is to provide cost effective and custom solutions for our clients. There are a lot of Bankruptcy & Debt Resolution - Bankruptcy & Debt Resolution - Bankruptcy & Debt Resolution misconceptions about bankruptcy and its effects on a person’s life. We can answer any question you may have and are here to alleviate your concerns.
Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is a way to reorganize finaices to help eliminate debt. It allows an individual to do away with unsecured debts by settling their debts in court. Some examplss of unsecured debt include credit cards, medical bills, signature loans, utitity bills, payday loans, repossession deficiencies, and judgements. The Idaho Bankruptcy Court may offer a discharge of your debt in which you are excused from paying those debts to creditors. Before the court offers a discharge, chapter 7 bankruptcy trustee is given the power to sell some of your assts in order pay creditors, if necessary. However, filing fro bankruptcy does not necessarily mean your assets will be liquidated. Idaho is one of the more generous states that provides many bankruptcy exemptions which protect most of your assets.
Chapter 7 can eliminate most of your unsecured debt. The process is relatively quick and may provide relief from the stress of unsecured debt within 3 to 4 months between filing and receiving a discharge. Additionally, Chapter 7 bankruptcy protects against wage garnishment, collection calls, repossessions, foreclosure and lawsuits. In most cases, our clients are able to keep their secured property such as houses, cars, life insurance policies, and retirement accounts.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a way to reorganize debt and pay creditors in a manner that is manaegeable by the debtor. Chapter 13 is different from Chapter 7, which liquidates unsecured debts and no payments are made. Chapter 13 bankruptcy provides the debtor an opportunity to make payments under more favorable conditions, such as lower to an interest rates. It is a restricting process that allows an individual to make payments on delinquent accounts while keeping their property.
A Chapter 13 bankruptcy will allow an infividual to avoid a foreclosure on a property or repossession of a vehicle. A person is allowed to request adjustments to payment terms in order to pay off a percentage of their debt. Repayment terms will usually possess a minimum of 3 years up to 5 years. Typically, this the best option when a file has a sufficient amount of inocome in order to make payments on delinquent accounts.