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About Us
Bankruptcy
Idaho Falls, USAAdvantage Legal Services PA
Stephen A. Meikle
Attorney at Law
Attorney at Law
Phone:
208-524-3333
Fax:
524-6199
Bankruptcy Video
PROTECTION OF PROPERTY
You will want to know what you may lose and what you may keep. The law exempts or protects equity in certain reasonable and necessary property up to certain amount.
Here are a few examples:
1. Home equity of $100,000
2. Car equity of $3000
3. Household goods up to $5000
4. Tools of trade up to $1500
5. Retirement funds in an unlimited account
You will want to know what you may lose and what you may keep. The law exempts or protects equity in certain reasonable and necessary property up to certain amount.
Here are a few examples:
1. Home equity of $100,000
2. Car equity of $3000
3. Household goods up to $5000
4. Tools of trade up to $1500
5. Retirement funds in an unlimited account
Bankruptcy Law
We proudly serve the public as a debt relief agency.
Generally, your debts, bills and other obligations can be forgiven or cancelled after filing under the US Bankruptcy Code. A major revision of the Code occurred in 2005 under the Bankruptcy Abuse Prevention and Consumer Protection Act. Now you must get a special briefing regarding your alternatives and consequences of filing before you file and budget counseling after you file to qualify you to discharge your debts. Those changes are procedural. The substantive, important change is that your income has to be low enough to be eligible for a Chapter 7 or you have to file a Chapter 13.
CHAPTER 7
That is the preferred chapter because it is a full liquidation or cancellation of all debts type chapter which does not require any repayment to creditors (except for secured or mortgage creditors which have to be paid or receive their collateral back). The statistics on filings from 2005 to date reveal that 87% of people filing qualify for Chapter 7. A financial or income analysis (named the means test) is required. The means test takes into account your family size and income for the last six months and compares it to government generated numbers or standards for ““reasonable”” housing and living expenses.
Meeting this test depends on your circumstances, timing and skill or experience of your bankruptcy attorney. We have helped hundreds of families get a new start since 1982. We attend special bankruptcy education seminars. We follow every significant bankruptcy decision from all federal districts as well as Idaho. We have made a large investment in equipment and software to streamline our client’’s cases. Our office is often called on by other experienced and not so experienced bankruptcy attorneys to consult on complicated issues.
CHAPTER 13
This chapter is a payment plan based on what you can and should afford and what property you want to keep. Chapter 13 is used for the following situations if you:
1. Cannot qualify for a Chapter 7;
2. Want to cure your mortgage arrearage/default and reinstate your mortgage as current;
3. Want to cure or rewrite a vehicle loan (which is over 2 ˝ years old);
4. Have more taxes which are under 3 years old ( Taxes 3 years or older are cancelled.);
5. Have already filed a Chapter 7 or 13 before.
Generally, your debts, bills and other obligations can be forgiven or cancelled after filing under the US Bankruptcy Code. A major revision of the Code occurred in 2005 under the Bankruptcy Abuse Prevention and Consumer Protection Act. Now you must get a special briefing regarding your alternatives and consequences of filing before you file and budget counseling after you file to qualify you to discharge your debts. Those changes are procedural. The substantive, important change is that your income has to be low enough to be eligible for a Chapter 7 or you have to file a Chapter 13.
CHAPTER 7
That is the preferred chapter because it is a full liquidation or cancellation of all debts type chapter which does not require any repayment to creditors (except for secured or mortgage creditors which have to be paid or receive their collateral back). The statistics on filings from 2005 to date reveal that 87% of people filing qualify for Chapter 7. A financial or income analysis (named the means test) is required. The means test takes into account your family size and income for the last six months and compares it to government generated numbers or standards for ““reasonable”” housing and living expenses.
Meeting this test depends on your circumstances, timing and skill or experience of your bankruptcy attorney. We have helped hundreds of families get a new start since 1982. We attend special bankruptcy education seminars. We follow every significant bankruptcy decision from all federal districts as well as Idaho. We have made a large investment in equipment and software to streamline our client’’s cases. Our office is often called on by other experienced and not so experienced bankruptcy attorneys to consult on complicated issues.
CHAPTER 13
This chapter is a payment plan based on what you can and should afford and what property you want to keep. Chapter 13 is used for the following situations if you:
1. Cannot qualify for a Chapter 7;
2. Want to cure your mortgage arrearage/default and reinstate your mortgage as current;
3. Want to cure or rewrite a vehicle loan (which is over 2 ˝ years old);
4. Have more taxes which are under 3 years old ( Taxes 3 years or older are cancelled.);
5. Have already filed a Chapter 7 or 13 before.
