A declaration of bankruptcy allows debtors to solve significant financial debts after their non-exempt assets are distributed. Bankruptcy in the United States falls under Federal jurisdiction the United States Constitution (Article 1, Section 8).
However, the bankruptcy will be implemented as law and the relevant laws are incorporated into the Bankruptcy Code Title 11, United States Code. Currently, two forms of filing bankruptcy for individuals: Chapter 7 and areChapter 13 Chapter 7 bankruptcy is a liquidation of assets while in Chapter 13 reorganization by which the debtor is a three-to five-year plan includes the payment.
Although bankruptcy cases are filed in the United States Bankruptcy Court, they are often very dependent on state laws. Hawaii is one of the thirteen states in the U.S. that offers a choice between federal and bankruptcy law.
Hawaii Bankruptcy Law in justified cases, exceptions to that part of the storeProperties from bankruptcy. Details of exempted property in the Hawaii bankruptcy schedule provided. If the bankruptcy is filed in Hawaii, an individual federal exemptions in addition to Hawaii exceptions. Hawaii Bankruptcy Law, an exemption limit applies to all shares in the property secured by loans. Characteristics set forth in the table are the Hawaiian Liberation yard (up to $ 30,000 for seniors and $ 20,000 for others), allInsurance, property, partnerships, pensions, personal items such as appliances, books, grave sites, clothing, jewelry and cars up to $ 1,000 to $ 2575, public benefits, tools, and wages by at least 80%. No wildcard exemptions are given in Hawaii.
Bankruptcy law in Hawaii, has limited Chapter 7 Filing advantages such as a complete new start, immediate protection, lack of a minimum on the debt, and rapid discharge of the case. The advantagesare from Hawaii Chapter 13 payment plan, that a person can keep his property, has more dischargeable debts, gives more time for payment and separates the plaintiff of the class. Major changes in the new law, effective 17th Support in October 2005, test at a facility, proof of income, state exemptions, counseling and child.
Bankruptcy is an important decision and quite complicated in implementation. Hiring an attorney with experience in the area in question is usuallyrecommended.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น