Boise Bankruptcy Relief is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. We focus on helping individuals and companies file under Chapter 7 and Chapter 13 of the United States Bankruptcy Code.
Bankruptcy is federal law that allows individuals and entities to erase certain debt. It is a powerful tool that you can use to get relief from unsecured debt, get some breathing room, and take control of your financial situation.
As discuss above, Bankruptcy allows you to erase (discharge) almost all of your unsecured debt. The debt that is eligible to be erased includes credit card debt, unpaid medical bills, payday loans, and other personal loans. Although bankruptcy does allow you to erase most of your unsecured debt, there are certain debts that may not be discharged such as student loans, certain taxes, and domestic support obligations. When considering whether to file for bankruptcy, you should take that in mind. At Boise Bankruptcy Relief, we analyze each person’s situation and advise you on the benefits and the negative sides of bankruptcy before we fill.
You Must Disclose Everything
When you file for bankruptcy, you must disclose all of your assets and all of your liabilities. Yes, this means ALL of your assets and liabilities, which means everything from your silverware to random tools in your garage, and also includes that $40 that your mother loaned you last year. If you fail to disclose all of your assets, you may not receive a discharge in the bankruptcy, may receive stiff penalties and fines, and also subject yourself to criminal penalties.
What You Get to Keep
Once you have disclosed all of your assets, we apply the bankruptcy exemptions to determine what property you may keep. Idaho has several exemptions that may allow you to keep all your possessions. The most common exemptions are as follows:
- Your household goods and furnishings up to a value of $7,500
- One firearm up to a value of $750
- One vehicle up to a value of $7,000
- Any tangible personal property up to a value of $800
The exemptions listed above are not exhaustive, Idaho law also provides exemptions for other categories of property. Before filing the bankruptcy we will take an inventory of your assets and advise you what you will be able to keep, what you will not be able to keep, and what you have a chance at keeping depending on the circumstances.
Filing for bankruptcy is never an easy decision to make. To that end, we offer free consultations where we will sit down and discuss your options, your financial situation, and give you the information you need to make an informed decision on whether to file or not. Simply fill out the form below to get the process started.