Best Bankruptcy Lawyers in Hilo

About Bankruptcy Law in Hilo, United States

Bankruptcy in Hilo, United States, is a legal process that allows individuals or businesses to eliminate or repay their debts under the protection of the bankruptcy court. It provides relief to those who are overwhelmed with debt and cannot repay their creditors. Bankruptcy laws are designed to give debtors a fresh start while ensuring that creditors are treated fairly.

Why You May Need a Lawyer

While you can file for bankruptcy without a lawyer, it is highly recommended to seek legal advice, especially in complex cases. A bankruptcy lawyer can help you understand the bankruptcy process, navigate the legal system, and protect your rights. They can also advise you on the best course of action based on your specific financial situation.

Local Laws Overview

In Hilo, United States, bankruptcy laws are governed by federal law, specifically the Bankruptcy Code. However, there are also local rules and procedures that may apply in bankruptcy cases in Hilo. It is important to be aware of these local laws to ensure a successful bankruptcy filing.

Frequently Asked Questions

1. What are the different types of bankruptcy?

There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 allows for the discharge of certain debts, while Chapter 13 involves a repayment plan over three to five years.

2. Will I lose all my assets if I file for bankruptcy?

Not necessarily. Certain assets may be exempt from bankruptcy proceedings, such as your primary residence, retirement accounts, and personal belongings. A bankruptcy lawyer can advise you on how to protect your assets.

3. How will bankruptcy affect my credit score?

Bankruptcy can have a negative impact on your credit score, but it is possible to rebuild your credit over time. By making timely payments and managing your finances wisely, you can improve your credit score after bankruptcy.

4. Can I file for bankruptcy more than once?

Yes, but there are limitations on how often you can file for bankruptcy. For example, you must wait a certain number of years between filing for Chapter 7 bankruptcy again. A bankruptcy lawyer can help you understand these restrictions.

5. Will bankruptcy stop creditor harassment?

Yes, once you file for bankruptcy, an automatic stay goes into effect, which prohibits creditors from contacting you or taking further legal action to collect debts. This can provide relief from creditor harassment.

6. Can I discharge all types of debts in bankruptcy?

Not all debts can be discharged in bankruptcy. For example, certain tax debts, student loans, and child support obligations are generally not dischargeable in bankruptcy. A bankruptcy lawyer can help you determine which debts can be discharged.

7. Do I have to go to court if I file for bankruptcy?

Yes, you will have to attend a meeting of creditors, also known as a 341 meeting, where you will be questioned about your bankruptcy petition. In some cases, you may need to go to court for hearings or other proceedings related to your bankruptcy case.

8. How long does the bankruptcy process take?

The length of the bankruptcy process can vary depending on the type of bankruptcy you file and the complexity of your case. Chapter 7 bankruptcy typically takes a few months to complete, while Chapter 13 bankruptcy can take three to five years to finish.

9. Can I keep my house and car if I file for bankruptcy?

It is possible to keep your house and car in bankruptcy, especially if they are exempt assets. In Chapter 13 bankruptcy, you can include your mortgage and car loan payments in your repayment plan to prevent foreclosure or repossession.

10. How much does it cost to file for bankruptcy?

The cost of filing for bankruptcy includes court filing fees, credit counseling fees, and attorney fees. The total cost can vary depending on the complexity of your case and whether you hire a lawyer. Low-income individuals may qualify for fee waivers or payment plans.

Additional Resources

If you need legal advice or assistance with bankruptcy in Hilo, United States, you can contact the Hawaii State Bar Association for a list of bankruptcy lawyers in the area. The United States Bankruptcy Court for the District of Hawaii also provides resources and information on bankruptcy proceedings.

Next Steps

If you are considering filing for bankruptcy or have questions about the bankruptcy process in Hilo, United States, it is best to consult with a bankruptcy lawyer. They can help you evaluate your options, prepare your bankruptcy petition, and guide you through the entire process. With the right legal assistance, you can make informed decisions and achieve a fresh financial start.