Consumer Bankruptcy Lawyers in Honolulu, Hawaii

Find the right Consumer Bankruptcy attorney in Honolulu, HI

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant long-term consequences warranting careful consideration of the costs and benefits. Since it's a creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Hawaii will be the same as everywhere else in the country. Individual courts in Honolulu, Hawaii will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Honolulu, Hawaii

There are 2 common types of consumer bankruptcy in Honolulu, Hawaii: Chapter 7 and 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This usually includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once the non-exempt property is sold, the rest of the dischargeable debt is excused. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Honolulu, Hawaii is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Honolulu, Hawaii

Chapter 13 bankruptcy in Honolulu, Hawaii is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 does not discharge debt, but restructures it instead. Usually, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is usually manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Honolulu, Hawaii

This depends entirely on the facts of your particular case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

Regardless of your situation, you should speak with an attorney in Honolulu, Hawaii who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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Life in Honolulu

Honolulu means "place of shelter" and serves as just that for thousands of tourists each year. Nearly 375,000 Hawaiians call Honolulu home. That large population makes the city the most populous in the entire State of Hawaii. As the largest city in one of the U.S.'s most popular vacation states, there are diplomatic facilities of Japan, Philippines, South Korea, Australia, and the Marshall Islands among others. Honolulu is the Capital of the State of Hawaii. Consequently, Honolulu is home to many of the government facilities including the City of Honolulu and Honolulu County as well as Federal instillations like the Federal Detention Center, Honolulu. The prison is a temporary holding place for no more than 1,000 inmates awaiting trial and is located just across from the Honolulu International Airport.

Downtown Honolulu is home to Hawaii's tallest building, the First Hawaiian Center, as well as the Hawaii Pacific University campus. The Honolulu Arts District and Waikiki are the most popular attractions among tourists. The arts district rests on the eastern edge of Honolulu's Chinatown. The Arts District is home to lots of cultural institutions like the Hawaii Theatre, galleries, and venues for performing arts and music. Waikiki is one of the most popular tourist districts and home to the Ala Moana Center which is the worlds largest open air shopping center. The district also has a number of other shops and eateries that cater to tourists and locals alike.

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