Idaho Bankruptcy Lawyer

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When individuals find themselves in a difficult financial situation, they may think that they just cannot get out of it without some sort of legal help. Bankruptcy is a valid option for some people, and in the state of Idaho, nearly 20,000 bankruptcy filings occur each year. To find out whether or not it's right for you, contact an Idaho bankruptcy lawyer attorney today.

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 long and confusing process, and because there are several different types 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.

A bankruptcy lawyer or attorney will thoroughly understand Idaho bankruptcy laws, including statutes, codes, and exemption laws. During a consultation, they will discuss the different types of bankruptcy with you, particularly Chapter 7 and Chapter 13, which are the most common types. They will help you to decide which type to pursue.

When you embark upon bankruptcy, you must take a means test in order to determine your eligibility. Depending on the results of this test, you will be eligible for Chapter 7 which will probably discharge more of your debt, but will require that you sell any assets to pay your creditors or Chapter 13, also known as wage-earner's bankruptcy. In this plan, you will be able to keep your house or car, as long as you continue to pay your mortgage or car payments, as well as any additional payments which may be required as terms of your bankruptcy agreement.

In Idaho 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. Real property or mobile homes are exempt up to $100,000. Health aids, burial plots, college savings program accounts are exempt. A motor vehicle is exempt up to $5,000, jewelry is exempt up to $1,000. Pets, clothing, one firearm, furnishings, appliances, books, family portraits, and musical instruments are exempt up to $500 per item and $5,000 total. Wages are exempt for either a minimum of 75% of earned but unpaid wages or 30 times the federal hourly minimum wage. Pensions and tax exempt retirement accounts are exempt. Unemployment compensation, veterans' benefits, Social Security, and federal, state and local public assistance are exempt, as well as general assistance and aid to the aged, disabled, and blind, and worker's compensation.

Your bankruptcy lawyer will explain your options, the potential risks, and the possible benefits of bankruptcy to you. He or she will also explain the alternatives to bankruptcy, since bankruptcy lawyers must also have extensive knowledge about debt management.

In 2008 a cumulative 5,220 individuals in the state of Iowa filed for bankruptcy, 16% for Chapter 13 and 84% for Chapter 17. If you are ready to contact a Idaho 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 Idaho . Access to the site and profiles is free. The amount of people who file for bankruptcy may continue to grow as financial situations worsen, and they will need help to get through it and onto recovery.


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