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16 April
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Thinking About Filing Bankruptcy?

Posted by Ed Magauran
in RECENT ARTICLES

Introduction: Filing for bankruptcy is a weighty decision that can significantly and positively affect your financial future. It requires careful planning. It is crucial to understand the specific considerations and implications that apply in each individual situation. In this article, we will explore some important factors to consider before filing for bankruptcy in the Aloha State. Understand Exemptions; Choosing Hawaii or Federal Before proceeding with bankruptcy, it is essential to decide which exemptions to elect. Depending on your facts it is critical to choose which exemptions best fit for you Consulting with a knowledgeable bankruptcy attorney who understands Hawaii's unique legal landscape provides...

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27 June
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Are Tax Debts Dischargeable in Bankruptcy

Posted by Ed Magauran
in RECENT ARTICLES

The dischargeability of tax debts in bankruptcy depends on various factors, including the type of tax debt, the age of the debt, and the specific bankruptcy chapter filed. Generally, income tax debts may be dischargeable in bankruptcy, but certain criteria must be met. Income tax debts can be discharged in both Chapter 7 and Chapter 13 bankruptcies if they meet the following requirements: The tax debt must be related to income taxes. Other types of taxes, such as payroll taxes are typically not dischargeable. The tax return must have been due at least three years before the bankruptcy filing date. The tax return must...

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20 June
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How does filing bankruptcy immediately protect you?

Posted by Ed Magauran
in RECENT ARTICLES

The bankruptcy automatic stay goes into effect immediately upon the filing of a bankruptcy petition. It is one of the most powerful features of bankruptcy law and provides debtors with immediate relief from creditor collection efforts. When a bankruptcy case is filed, the automatic stay imposes a legal injunction that halts most types of collection activities by creditors. This means that creditors are prohibited from taking any further action to collect debts, including filing or continuing lawsuits, garnishing wages, repossessing property, or making harassing phone calls. The automatic stay is designed to provide debtors with a breathing space, allowing them to...

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01 August
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What Is A Hawaii Bankruptcy Estate?

Posted by Ed Magauran
in RECENT ARTICLES

A bankruptcy estate includes all of your assets and debts at the moment you file a bankruptcy.  It can also include things you disposed of prior to the bankruptcy. You provide the Court with a list assets and debts.   We exempt most or all of your assets.  Exempt assets are yours and are not taken. Exemptions are key If you are in a Chapter 7 the exempted asset is abandoned back to you at the conclusion of the case unless the trustee sees equity in it that is non exempt and he liquidates it to pay your creditors on a pro rata...

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01 July
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What Happens In A Chapter 7 Bankruptcy Meeting Of Creditors?

Posted by Ed Magauran
in RECENT ARTICLES

After filing a bankruptcy the Court sets the date for the metting of creditors.  This Bankruptcy meeting is scheduled between 30-45 days after. A notice of the meetig is sent you and to all of the creditors. They or their counsel can ask you questions about the nature and validity of the debts at the meeting. The Trustee swears you in and asks a series of questions to  confirm all of the information provided in the bankruptcy petition.  These questions include that you listed all of your assets, debts,  income,  and expenses.  In some cases the trustee will hold the...

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01 June
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Can I Keep My Car in Bankruptcy?

Posted by Ed Magauran
in RECENT ARTICLES

We discuss this question every day. Next to our homes, our cars are our most precious material asset. We need them. I need my car The fear of car loss is enough to keep some people from even inquiring about the possibility of filing bankruptcy. In most cases, you keep your car - even multiple cars - in bankruptcy while getting rid of the other debts you don't want. The Bankruptcy Court knows you need your car The whole idea of the Bankruptcy Code is to provide a fresh start to the "honest but unfortunate debtor."  And the law and Court know that a...

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