Honolulu’s Top-Rated Chapter 13 Bankruptcy Lawyers

Chapter 13 bankruptcy typically remains on your credit report for seven years from the filing date. This period is shorter than Chapter 7 bankruptcy, which stays on the credit report for ten years. While a Chapter 13 bankruptcy can impact your credit score, its effect diminishes over time, especially as you adhere to the court-approved repayment plan. During the bankruptcy and after its completion, it’s essential to focus on rebuilding your credit by establishing positive financial habits and responsible borrowing. Over time, as the bankruptcy ages on your credit report, its impact on your creditworthiness gradually lessens.

Filing for Chapter 13 bankruptcy typically comes with protections that can help prevent the loss of your home. The primary purpose of Chapter 13 is to provide a structured repayment plan to help debtors catch up on missed mortgage payments and other debts while keeping their assets, including their home. As long as you maintain timely payments according to the court-approved repayment plan, you should be able to retain your home throughout the bankruptcy process. However, failing to adhere to the repayment plan or meet other obligations could put your home at risk of foreclosure. Consulting with our Honolulu bankruptcy attorney can provide personalized guidance on how to protect your home and assets throughout Chapter 13 proceedings.

During Chapter 13 proceedings, you are typically not required to attend court frequently. The mandatory appearance for Honolulu Chapter 13 filers is usually limited to the Meeting of Creditors, where you meet with the bankruptcy trustee and, if applicable, your creditors. Subsequent court appearances are generally necessary only if issues arise that require a judge’s decision. The majority of the Chapter 13 process involves working with the bankruptcy trustee to create and fulfill your repayment plan. Regular payments are made to the trustee, who then distributes them to creditors as outlined in the plan, minimizing the need for frequent court appearances.

The Meeting of Creditors is a mandatory proceeding in the bankruptcy process where the debtor meets with their creditors and bankruptcy trustees. It provides an opportunity for creditors to ask questions about the debtor’s financial affairs and the bankruptcy petition. Despite its name, creditors don’t always attend these meetings, but the trustee will be present to verify the accuracy of the information provided in the bankruptcy documents. The debtor must answer questions under oath about their assets, liabilities, income, and expenses. It’s a critical step in the bankruptcy process and typically occurs about a month after filing for bankruptcy.

Reaffirming debts during Chapter 13 bankruptcy is a decision that should be carefully considered with the guidance of our Honolulu bankruptcy attorneys. Reaffirmation means you agree to remain legally obligated to pay a particular debt, even though it is part of the bankruptcy proceedings. It may be advisable for certain secured debts, such as a mortgage, to keep the property and maintain the relationship with the creditor. However, it’s crucial to assess your financial situation, the terms of the reaffirmation, and the potential consequences, as reaffirming certain debts may impact your ability to discharge other debts or could lead to financial strain post-bankruptcy.

Having our bankruptcy attorneys negotiate on your behalf is advisable for several reasons. Firstly, an experienced attorney understands the complexities of bankruptcy law and can navigate the legal process efficiently, ensuring your rights are protected. Secondly, attorneys have the expertise to negotiate with creditors, potentially reducing the amount you owe or arranging more favorable repayment terms. Additionally, attorneys can provide personalized advice based on your unique financial situation, helping you make informed decisions throughout the process. Finally, having legal representation from Hawaii Chapter Bankruptcy can alleviate stress and provide peace of mind, knowing that your case is in capable hands.

Yes, individuals filing for bankruptcy in Hawaii are required to undergo credit counseling as part of the bankruptcy process. This counseling must be completed through an approved agency and is designed to provide information on budgeting, credit management, and potential alternatives to bankruptcy. A certificate of completion from the counseling session is typically required when filing for bankruptcy. However, certain exemptions or modifications to this requirement may apply based on individual circumstances, and consulting with our Honolulu bankruptcy attorneys can offer specific guidance.