Montana Bankruptcy Lawyer

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In the state of Montana, more than 3,800 bankruptcies are filed each year, as businesses and individuals find themselves in impossible financial situations. Bankruptcy protection may be the answer these individuals or businesses are looking for to get debt relief – but is it the best answer?

Bankruptcy can be defined as the legal inability to pay debts or the state of having been legally declared bankrupt. Obtaining bankruptcy protection can be a difficult, confusing process, because bankruptcy laws can be complicated, due to the many various forms of bankruptcy. It is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case – especially if you own a business and have valuable assets. Your attorney can advise you on the best form of bankruptcy to pursue and help you protect your assets along the way.

A bankruptcy lawyer or attorney will be well-versed in Montana bankruptcy laws, statutes, codes, and exemption laws. They will discuss the different types of bankruptcy with you and advise you on which one is best for your situation. Once a Montana bankruptcy lawyer or attorney has explained your options, they will oversee your case, ensuring that you never have to make a difficult financial decision alone. Depending on your situation, you may go before a Montana judge and negotiate a payment plan. You may have a partial or full discharge the debt.

In Montana there are certain bankruptcy exemptions, which is a list of the kinds and values of property that creditors or bankruptcy trustees are legally unable to reach. The debtor is allowed to keep the property that is considered exempt, and what is exempt and the amount that is exempt varies from state to state. In Montana, the homestead, real property or a mobile home are exempt up to $250,000 and must be occupied at the time of filing for bankruptcy. A motor vehicle is exempt up to $2,500, while household goods, furnishings, clothing, jewelry, appliances, books, musical instruments, animals and feed, sporting goods, firearms, and crops are all exempt up to $600 per item, and $4,500 total. Wages 30 times the federal minimum hourly wage or a minimum of 75% earned but unpaid wages are exempt. Tax exempt retirement accounts and pensions are exempt, as well as social security, veteran\'s and local public assistance benefits, workers\' compensation, silicosis benefits, unemployment compensation, and crime victims\' compensation are all exempt. Instruments of trade, books, and tools are exempt up to $3,000, as well as alimony and child support. Different forms of insurance are also exempt, such as life insurance and health insurance.

If you file for bankruptcy in the state of Montana, however, your credit will be negatively affected for up to 10 years. A bankruptcy lawyer or attorney will explain the risks to you, as well as offer other possible alternatives to bankruptcy. Keep in mind that a bankruptcy lawyer or attorney should have extensive knowledge of debt management solutions.
In Montana in 2008 there were a total of 1,826 bankruptcies, and that number may only grow as economic times worsen. If you are ready to contact a Montana bankruptcy lawyer or attorney to explore your options for debt relief, visit the American Bar Association (ABA) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Montana. Access to the site and profiles is free. They may help you out in more than one way. They may assist you in getting rid of your debt. In addition, they will help you recover and restart your new financial life!

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