Find a Bankruptcy Lawyer in Boise, Idaho

Find the right Bankruptcy attorney in Boise, ID

In Boise, Idaho, bankruptcy is a court procedure in which a person or business has some or all of their debts absolved (or "discharged"), theoretically allowing them to commence with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Bankruptcy should be treated as an option of last resort, and should not be viewed as a fitting way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to get loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

Therefore, it is a good idea to talk with an veteran bankruptcy lawyer in Boise, Idaho. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each distinct case, the counsel of a Boise bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Boise, Idaho

In Boise, Idaho, there are 3 types of bankruptcy in common use: Chapter 7, Chapter 13, and Chapter 11. Because bankruptcy is a result of federal law, the procedures governing bankruptcy in Boise, Idaho will be similar everywhere else in the U.S. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are entirely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other popular bankruptcy system in Boise is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a decent amount of time. When a repayment plan is authorized by a court, creditors are legally barred from trying to collect under the original terms of their arrangement with the debtor. Chapter 11 bankruptcy is generally used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - typically telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

One major advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Moreover, their stock can still be bought and sold.

How Can a Boise Bankruptcy Lawyer Help?

Filing for bankruptcy in Boise is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Boise bankruptcy attorney for assistance.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Boise

Boise City is the largest city between Salt Lake City, Utah and Portland, Oregon. When you add on that Boise City acts as the Ada County seat, you begin to understand what an attractive city it is. The Boise River Greenbelt attracts nature lovers and is home to outstanding bird watching during migratory seasons. The World Center for Birds of Prey is nearby and is playing an integral role in repopulating endangered Peregrine Falcon and California Condor populations. For a closer look at the wild, Julia Davis Park and Zoo Boise offer a wide range of animals, over 200 to be exact, including African animals such as lions.

Boise City enjoys a strong economy as a growing high-tech, transportation, and hub of company headquarters. WinCo Foods, BodyBuilding.com, Clearwater Analytics, and Albertsons all have headquarters and manufacturing facilities in Boise City. Relative to the national statistics, Boise City enjoys a very low unemployment rate. Since so many Boise residents are hard at work, the city also boasts shockingly low crime statistics.

Boise is a safe prosperous community in which Ada County operates its major inner workings like the legal system. Ada County Courts in Boise City are responsible for handling a wide variety of cases like child custody, wrongful termination, probate, and criminal cases. A qualified cast of lawyers live in Boise City as well. Boise City lawyers are knowledgeable of local courts and procedures. Lawyers in Boise City can work with you to determine your best course of action whether you're thinking about bankruptcy or filing a personal injury lawsuit.

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