Filing Personal and Business Bankruptcy in Hawaii

The personal and business bankruptcy attorneys at the Affinity Law Group, LLLC are familiar with the steps for filing Chapter 7, 11, and 13 bankruptcy for individuals or businesses in need debt of relief and offer valuable legal advice to those in need.

Steps for Filing Bankruptcy

    1. First find an experienced bankruptcy attorney who can explain the various procedures and outlines your rights and options.

    2. Decide which type of bankruptcy you want to file – Chapter 7, 11, or 13. It is important to talk to your attorney to figure out which type is best for your personal situation. Bankruptcy is covered by federal law, but individual states have different regulations and it is important you are familiar with the restrictions in Hawaii.

    3. Based on your decision, you – along with your attorney – decide what assets you can protect using the “exemptions” allowed within your control.

    4. You then must collect, prepare, and file all necessary documents with the bankruptcy court.

    5. Twenty to 40 days after your filing date, it is required that you attend a meeting of your creditors. The debtor must appear at the meeting and answer questions about all assets and legal responsibilities involved.

    6. After all of your non-exempt assets are determined, the bankruptcy trustee sells your non-exempt assets (those you cannot protect under state regulation). This process generally happens 30 to 60 days after you file, and the profits of this sale are given to your creditors to pay toward your outstanding balances.

    7. Ninety days after meeting with your creditors, your case should be discharged from the court. This means that you have met all of the requirements of the bankruptcy regulations and all former debts are erased.

It is important for those about to file bankruptcy to be familiar with the overall process. Contact an experienced bankruptcy attorney such as the Affinity Law Group in Hawaii for a more in-depth look into your personal bankruptcy situation. We can be reached by email or by calling 808.545.4600 for a free initial consultation.