Montana Bankruptcy Lawyers
Bankruptcy is referred to as the legal proceedings of a person who is unable to clear their bills. Bankruptcy enables one to get a fresh financial start; they are given a right by federal court. Filing for bankruptcy Montana gives you financial freedom and your creditors are supposed to stop asking you to pay their debts until you can be able to pay the debts without straining.
When one is granted bankruptcy, their properties cannot be repossessed by the creditors. One is also able to stop the termination of utility service and one can challenge the claims of creditors who want to commit fraud by trying to collect their debts forcefully.
Filling for bankruptcy Montana is very easy. All you need is documents through Public Access to Court Electronic Records that provides access to federal appellate which is proven by 7 the federal judiciary. One cannot receive any discharge in chapter 7 bankruptcy Montana if the case was filed the last eight years or chapter 13 Bankruptcy Montana in the last six years. If there was no discharge given in the previous cases, there no time limits for bankruptcy filling in Montana.
There are different types of bankruptcy in Montana. They include Chapter 7 which is known as straight bankruptcy or liquidation. This bankruptcy requires a debtor to give up property that exceeds a certain limit. The property can therefore be sold to pay the remaining amount. Chapter 11 is known as reorganization bankruptcy. It is used by businesses and debtors who have large debts. Chapter 12 is bankruptcy is used for family farmers. Chapter 13 is bankruptcy for debt adjustment. It requires the debtors to have a clear plan of how they will pay the debts.
Chapter 7 Bankruptcy Montana gives an individual the financial freedom and wipes out all the debts. Your properties are exchanged depending on the debt that you owe debtors, except for the properties that are exempted by the law. According to the past petition cases, most of the cases have their properties exempted. The property that is not exempted by this law is sold and the money is given back to the creditors. Some properties like cars on loan and homes on mortgage are not exempted in chapter 7 Bankruptcy Montana.
In chapter 13 Bankruptcy Montana is meant to show you how to pay your past dues within a period of three to five years. You are able to keep your property and the payment will depend on the monthly payments that are deducted from the car loans and home mortgages. Therefore, the remaining amount of money is used to pay the creditors their debts. For those who have enough income, chapter 13 would be a great idea.
The bankruptcy fee in Montana costs $306 under chapter 7 and $281 under chapter 13. This fee can be made in installments, which is allowed by the court. For those who hire bankruptcy lawyer Montana, they should pay the attorneys fee as agreed. Many people think that they cannot own anything after filing for bankruptcy. This is a false belief because you can keep all the exempted property and any other property that you acquire after filing for bankruptcy. In case you receive your loan insurance benefits or property settlement within 180 days after filing for bankruptcy, the property will be used to pay the creditors their debts.
There are some exceptions that bankruptcy wipes away. These include money owed for child support, loans gotten by giving false information to the creditors, debts not listed on the bankruptcy petition, debts from malicious harm, mortgages and other loans that are not paid and loans owed to school by students. Going to the court for proceedings is very important because you are able to meet with the creditors. This meeting is simple and short because all that the court does is to read the proceedings and allow a few questions from the both parties.
Bankruptcy does not make your credits any worse. But the fact remains that the bankruptcy filled can appear on the credit record for a period of up to 10 years. This is an added advantage to you because you can be able to clear all the bad debts and it gets you in a better position to pay the current bills without straining much. After the clearance of the debts, you can continue using the credit card if the creditor grants you the approval. Alternatively, you can use bank or debit card to pay your bills. Getting another credit card is another option too. You can get a secured credit card that is approved by your bank.
When dealing with bankruptcy cases, ensure that you get a Bankruptcy Montana lawyer that will enable you to solve all the bankruptcy cases. These lawyers are paid Montana bankruptcy attorney fees as their wages. You should ensure that the lawyer you are hiring is able to deal with the bankruptcy cases. They should have enough experience in the same field so that they can be able to offer quality services. You should ensure that you have clear communication with the lawyer so that you can be updated about the proceedings of the court.
Bankruptcy is important because it prevents the repossession of your property by the creditors. It also eliminates all your debts and enables you to have a fresh start. In chapter 7, there are different things that cannot be taken by the creditor as compensation. These include your home, car, household goods and any other goods that you possessed through loans. There are certain things that the bankruptcy lawyers in Montana should consider. They should get paid for what they have worked for. Hiring a Montana bankruptcy attorney is very important. They assist you to understand the court orders and how bankruptcy is handled. Therefore they should be paid for the services rendered. You should also consider hiring a lawyer who is an expert when it comes to bankruptcy cases. The lawyers should also use updated laws. This is meant to prevent consumer abuse through illegal undertakings. Ensure that you also have a good relationship with the lawyer. Do not be shy to tell the lawyer about your financial situation.