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Filing Bankruptcy in Hawaii: What to Expect and How to Stay Informed
Understanding Bankruptcy Basics in Hawaii
Filing for bankruptcy in Hawaii involves a legal process to help individuals or businesses eliminate or repay their debts under the protection of the bankruptcy court. The process can seem daunting, but understanding the basics can help you navigate it more effectively.
Types of Bankruptcy
- Chapter 7: Often referred to as 'liquidation bankruptcy,' it involves the sale of non-exempt assets to pay off debts.
- Chapter 13: Known as 'reorganization bankruptcy,' it allows you to keep your property and pay debts over time, usually three to five years.
For more detailed comparisons, you might consider looking at bankruptcy chapter 7 jacksonville fl for insights into Chapter 7 specifics.
The Bankruptcy Filing Process in Hawaii
Filing for bankruptcy in Hawaii requires several steps, including:
- Credit Counseling: A mandatory session with an approved agency.
- Filing the Petition: Submitting your bankruptcy forms and paying the filing fee.
- Meeting of Creditors: A meeting organized by the trustee to review your case.
Understanding the costs involved is crucial, so consider exploring the current bankruptcy filing fees 2021 to budget appropriately.
Life After Bankruptcy
Bankruptcy can offer a fresh start, but it's important to understand the implications:
- Credit Impact: Bankruptcy can remain on your credit report for up to 10 years.
- Asset Retention: Depending on the type of bankruptcy, you may keep your property.
- Financial Education: Completing a debtor education course is often required.
Frequently Asked Questions
How long does bankruptcy take in Hawaii?
Typically, Chapter 7 bankruptcy can take three to six months to complete, while Chapter 13 can last three to five years.
Can I file for bankruptcy without an attorney in Hawaii?
Yes, you can file on your own, known as filing 'pro se,' but it's recommended to seek legal advice to avoid costly mistakes.
What debts are not discharged in bankruptcy?
Certain debts like student loans, child support, and some taxes are typically not discharged in bankruptcy.
To actually file, either you or your attorney, will need to file a two-page petition and several other forms at your Hawaii district bankruptcy court.
Chapter 7 Filing Requirements. Other forms may apply to your bankruptcy case. The items above are those required in a typical case for an individual or two ...
Filing Without an Attorney - Advise you on whether to file a bankruptcy petition. - Advise you under which chapter to file. - Advise you on whether your debts ...
