How to File Bankruptcy in Idaho
In Idaho, you can apply for both Chapter 7 and Chapter 13 Bankruptcy as an individual consumer.
Bankruptcy in Idaho does not discharge some debts, including nearly back taxes, child support, alimony, most student loans, penalties or fines, and purchases greater than made within 90 days of filing bankruptcy, or cash advances greater than 5 made within 70 days of filing bankruptcy.
To file for Chapter 7 bankruptcy in Idaho and have your debts erased, you must pass a means test. Under the test, if you make less than the median income for an Idaho family, you may file under Chapter 7. For singles, the median income in Idaho is ,347. ,211 is the median income for a family of two, ,709 for three persons, and ,720 for four persons. If there are more than four members of your family, add ,900 for each additional person.
Before you file Chapter 7 bankruptcy in Idaho you will need to undergo credit counseling approved by the state, as well as complete any unfiled tax returns.
Once you fitting the minimum requirements, your attorney will need to file a Statement of Financial Affairs with your local Idaho Court. Your Statement of Financial Affairs will include a list of all your debts, both secured (such as mortgages or car lent) and unsecured (such as credit cards and medical bills). You will also involve to include names and contact information for all your creditors and an itemized list of your personal property and assets. The filing fee for Chapter 7 bankruptcy in Idaho is 9.
Pursuant to Idaho law, you may exempt your homestead from your bankruptcy, up to ,000.
Your vehicle may also be exempted from your Idaho bankruptcy, up to ,000. If you still owe money on your vehicle, you will have to reaffirm your loan after filing bankruptcy.
Under Idaho bankruptcy law, you may also keep the following: Your furniture, appliances, clothing, books, family heirlooms, and musical instruments, valued up to and worth no more than ,000 total; jewelry, up to ,000; burial plots; and guns and firearms worth up to . You may also keep building materials and health aids.
Pursuant to Idaho law, you may additionally keep: Child support, alimony, disability benefits, public assistance, unemployment benefits, disability and worker’s compensation, social security and veterans’ benefits, medical and life insurance, as well as some pensions and annuities.
Under Idaho bankruptcy law, you are also entitled to keep 75% of any disposable earnings you may have.
If you have extra income that would allow you to repay your debts, you may want to file Chapter 13 bankruptcy. When you file Chapter 13 bankruptcy in Idaho, you will establish a payment plan with the approval of the court.
Written by goodlife