Bankruptcy Attorney Serving Boise, ID
When considering filing for bankruptcy, it is important to understand what bankruptcy is and what bankruptcy isn’t. Bankruptcy is not for everyone. However, it is sometimes the best option for individuals to get a fresh start and begin on a new future of financial security. The first step in deciding whether bankruptcy is the right option is to contact an experienced bankruptcy attorney in your area to discuss your options. Handling a bankruptcy through an attorney is always the best option because if your bankruptcy is not handled correctly, your debts could continue to haunt you and your dependents lives long after the bankruptcy case has been closed by the bankruptcy trustee and the court. However, if you pick the right attorney for your situation, there is no need to panic, and there is not need to worry that all your debts were not discharged through the bankruptcy.
CHAPTER 7 BANKRUPTCY
There are several types of bankruptcies that are contained in the Bankruptcy Code which include bankruptcies pursuant to Chapters 7, 9, 11, 12, 13, and 15. The different chapters of bankruptcies are for different situations. For example, a chapter 12 bankruptcy is reserved for “family farmers” and “family fisherman” to allow those individuals to restructure their finances so that they ca avoid liquidation or foreclosure. It is similar to a chapter 13 for individuals. A chapter 13 bankruptcy is reserved for individuals that make more money than the limit for filing a Chapter 7 bankruptcy.
A Chapter 7 Bankruptcy is the traditional bankruptcy that individuals think of. In a Chapter 7 Bankruptcy, individuals “discharge” their debts while getting to retain/keep their “exempt assets.” The term “discharge” essentially means erase. When your debts are “discharged” through bankruptcy, they are essentially erased and you will no longer be legally liable to pay those debts once they are discharged through the bankruptcy court. Your “exempt assets” are the assets that the law says you get to keep even though you are filing bankruptcy. Each state has a different set of laws and a different set of categories of assets that you get to keep even though you are filing for bankruptcy.
EXEMPT ASSETS
Idaho law has a few categories and some specific items that you are able to keep even if you are filing for bankruptcy. The following is a general list of categories/items that you would be able to keep:
- Your homestead or residential property up to a value of $100,000.00
- Tax Exempt Retirement Accounts
- Vehicles up to a value of $7,000.00
- Household goods and services up to a value of $7,500.00
- Life Insurance
- Jewelry up to a value of $1,000.00
- One firearm up to a value of $750
TAKE ACTION TODAY
Idaho Bankruptcy Firm is here to guide you through the bankruptcy process to get you the fresh start that you deserve. Every case is different, every individual has a different set of circumstances. That being said, Idaho Bankruptcy Firm goes through each case through a different lens. If you would like to set up a consultation, please click the link below.
A Chapter 7 Bankruptcy is the traditional bankruptcy that individuals think of. In a Chapter 7 Bankruptcy, individuals “discharge” their debts while getting to retain/keep their “exempt assets.” The term “discharge” essentially means erase. When your debts are “discharged” through bankruptcy, they are essentially erased and you will no longer be legally liable to pay those debts once they are discharged through the bankruptcy court. Your “exempt assets” are the assets that the law says you get to keep even though you are filing bankruptcy. Each state has a different set of laws and a different set of categories of assets that you get to keep even though you are filing for bankruptcy.
