Chapter 7 Bankruptcy In Montana
If you are considering filing bankruptcy in the State of Montana you need to understand the Montana laws and the exemptions that apply to your assets.
Chapter 7 bankruptcy is one of the quickest forms of bankruptcy and is available to individuals and married couples. The process may take as little as 3 to 6 months. Debts that may be discharged include credit cards, medical bills, utility bills and more. Basically any unsecured debt can be discharged during the chapter 7 proceedings. Many assets can still be retained by the debtor. Certain items such as homes, cars, pensions, social security or damages awarded during a personal injury case may be exempt. Chapter 7 may only be filed once every 6 years.
Businesses, corporations and LLCs may also utilize chapter 7.
When To Declare Bankruptcy In Montana
If you are constantly bombarded by collection calls, behind on your bills and unable to meet your financial obligations it may be time to consider filing bankruptcy.
Understand Your Montana Bankruptcy Options
Bankruptcy will affect your credit and make it nearly impossible to obtain financing on future purchases for a period of up to 10 years. Declaring bankruptcy now, gives you more time to rebuild your future credit.
Note that you can not file bankruptcy on student loans or other obligations such as child support or alimony.
It is important to understand your options. If you are considering bankruptcy contact any of the Montana bankruptcy attorneys that we have listed on our site.