Bankruptcy
As the current economic crisis continues to unfold, many honest but unfortunate borrowers are finding themselves in deep financial distress. Worries about past-due mortgages, late payments, impending reposessions, and an uncertain economic future can weigh heavily on individuals and families. In these tough times, it is important to remember that none of us are immune from personal misfortune, including job loss, medical emergency, death of a spouse, divorce, and other unforseen life-changing events. It is also important to know that once you have done all you can do, bankruptcy is often a necessary option to consider.
Here at Idaho Law Group, our goal is to provide you with professional bankruptcy services and personal client attention, all at a fair, competative price. Our bankruptcy services include:
Chapter 7 Bankruptcy: A chapter 7 bankruptcy is a liquidation bankruptcy. It is designed to allow you to protect your real and personal property interests during the course of the bankruptcy. These protections (exemptions) include, but are not limited to, your home equity, motor vehicles, retirement accounts, household goods & furnishings, musical instruments, firearms, social security and other government benefits, as well as wildcard exemption that can be used on anything from boats to bullets to cash-in-hand. Since there are no repayments in a chapter 7 bankruptcy, the trustee assigned to your case will try and collect any non-exempt property for liquidation, from which he can make a one-time distribution to creditors. In order to determine the extent of your protections, we meet with you in a live interview to evaluate your particular situation and to maximize your exemptions.
Chapter 13 Bankruptcy: Unlike a chapter 7 bankruptcy, a chapter 13 bankrupcty focuses on setting up a personal repayment plan to your creditors, through which you will pay a set monthly amount based on what you can afford, without the threats and pressure that come with non-bankruptcy workout plans. This is ideal for clients who need to cure a deficiency on a long-term loan, such as a mortgage loan, or for those who qualify for other statutory "perks", including cram-down of secured debts, lien avoidances, etc. This bankruptcy plan takes anywhere from three to five years to complete, during which time you simply make your monthly payment to the trustee and enjoy the continuous protection from creditors. Upon successful completion of your chapter 13 payment plan, any remaining balances owed on your debts is fully discharged, which means you end up with the same result as with the chapter 7 — A clean slate.
Of course, these short summaries cannot possibly capture all the intricacies of the bankruptcy process, nor the particular advantages and disadvantages as applicable to your situation. For this reason, when you call our lawgroup, you get a one-on-one evaluation with the attorney in order to correctly assess your needs and to make the correct bankruptcy decision.
If you have futher questions, or would like to get started, please contact Brian DeFriez at (208) 475-1676 to set up your initial consultation; or, you can email Brian at: bankruptcy@idaholawgroup.com. Payment Plans Available.