Chapter 7 Bankruptcy Archives - Square One Legal

How can bankruptcy help?

S1L — Thu, 27 Jan 2022 04:09:04 +0000

The word might seem scary, but bankruptcy can be a good thing. Protecting you from creditors can help reduce stress and allow you to make calmer financial decisions, but it can also eliminate debts that feel impossible to pay off. It can be a good place to start rebuilding credit and can protect your living situation by allowing you to keep things you need to survive, like a place to live and income you need to live on! While it may not discharge all your debts, it can negotiate easier terms and make your financial future more manageable.

Talk to a bankruptcy lawyer today to consider if it’s the right action for you.

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Do you offer free consultations?

S1L — Thu, 27 Jan 2022 04:05:18 +0000

Yes, we do! Wherever you are in Hawaii, our firm provides free initial consultations regardless of your situation. We know that weighing your options is very important, but big decisions shouldn’t cost you when you need to be tender with your finances. You can’t afford to not take advantage of a free consultation.

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How do I get rid of debt without losing my house?

S1L — Thu, 27 Jan 2022 04:02:10 +0000

Bankruptcy is usually the most effective way to discharge your debt and protect your home, so long as you do it the right way. Do it the wrong way, and you risk losing your home.

First, you need to determine how much equity you have in the property, which is the property’s value minus all the obligations/liens against the property (common obligations are mortgage, HELOC, tax or judgment liens, etc.).

Second, if there’s no equity or minimal equity, Chapter 7 bankruptcy (if you qualify), may be safe to file without the risk of losing your house. If you have a lot of equity, you should consult with your attorney to determine whether you can exempt (protect) the equity in bankruptcy. If the answer is yes, you should discuss the option of filing chapter 7 or 13 with your bankruptcy attorney.

If you can’t protect the equity in your property in bankruptcy, you may be able to file chapter 13 bankruptcy to repay part of your debt at 0% interest or prefer to settle with your creditors outside bankruptcy.

For the best advice on your options in Hawaii, schedule a free consultation with our Honolulu firm in person or over the phone.

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Do I qualify for Chapter 7 Bankruptcy?

S1L — Thu, 27 Jan 2022 03:56:19 +0000

To qualify for Chapter 7 in Hawaii, your household income from all sources should be below the threshold (determined by Hawaii’s median household income) for the number of people living in your household.

If your household income is above the threshold, you may still qualify for Chapter 7 if you pass the “Means-Test” (a complicated calculation of your household expenses). Getting the qualification right before filing Chapter 7 is essential, therefore, you should contact our office to schedule a free attorney consultation to find out whether you qualify.

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Is going to court part of the bankruptcy process?

S1L — Thu, 27 Jan 2022 03:45:18 +0000

Most likely not. Court appearances in front of a judge are rare and usually only happen in very complex cases your attorney should be able to anticipate. While official processes can seem frightening, our bankruptcy lawyers and attorneys are there to help and guide you. You must attend a meeting with the person assigned to administer your case (Trustee), but not in court and not in front of a judge. At the meeting, you will be required to answer questions under oath but won’t need to dress formally, and our attorney will prepare you for the meeting and attend it with you. The meeting usually takes about 5-10 minutes to complete.

For more information, book a free consultation with our Honolulu bankruptcy experts to better understand what’s required for your circumstances.

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Do I need an Attorney?

S1L — Thu, 27 Jan 2022 03:42:15 +0000

Cheap can be very expensive! The legal system is complicated, and while there is no requirement for a professional to represent you, there can be a lot of potential legal traps that may have long-term consequences for you and your finances. Having an expert on your side to navigate these difficulties can be a massive difference between a successful case and potential further debt or legal trouble. But don’t let doubt rule your decisions.

By scheduling a completely free consultation with one of our bankruptcy attorneys, you have the freedom to weigh your options and decide what’s best for you.

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Do I have to include my spouse when filing for bankruptcy?

S1L — Thu, 27 Jan 2022 03:40:03 +0000

No. And your filing will not affect your spouse’s credit or in any other way. However, if you are married and not separated, you are required to disclose your spouse’s contributions to the household income (without disclosing your spouse’s personal information). Married people may file a joint bankruptcy, usually for the exact cost of individual filing. And, it often makes sense to do that if your spouse has a lot of debt.

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Can I file for bankruptcy more than once?

S1L — Thu, 27 Jan 2022 03:39:08 +0000

You can absolutely file for bankruptcy more than once, though your previous case may determine how long you must wait before doing so again. You need to wait eight years between filing chapter 7 cases and six years to file chapter 7 if you previously filed chapter 13. However, you may file multiple chapter 13s, even back-to-back, although you may not be eligible for a discharge in subsequent filings, and so long as you re-file for justifiable reasons.

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Can I sell my stuff or pay off any loans before filing for bankruptcy?

S1L — Thu, 27 Jan 2022 03:38:26 +0000

While it may seem like a good idea to sell or transfer your assets to protect them or pay off your debt to family or friends before filing for bankruptcy, it’s best not to do it. There are two reasons for that. First, the Trustee handling your case may be able to recover gifts and transfers within two years before the bankruptcy filing date and repayment of loans within one year before the bankruptcy filing date, to family and friends. Second, such actions may raise a red flag that will cause parties of interest to take a closer look into your case resulting in a lengthy and sometimes more expensive proceeding, or even worse, by uncovering something you are not aware of that may lead to denial of discharge. The bottom line is this will not help your case, but don’t despair! There can be options to make the proceedings easier, and it may be possible to take similar actions with safe legal backing.

If you’re considering filing for bankruptcy, make sure to consult with a bankruptcy attorney to guide you through how to make actions that will protect you and your case. If you’re uncertain, our Honolulu team is here to help.

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What does bankruptcy mean for child/spousal support?

S1L — Thu, 27 Jan 2022 03:37:52 +0000

While child/spousal support won’t be discharged, filing for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy can help. These payments can become more manageable by writing off other debts. Chapter 13 may allow you to extend the repayment period by up to five years, resulting in a lower monthly payment.

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