Blake Goodman, PC, Attorney

Filing bankruptcy is a legal procedure that allows you to eliminate debts completely or repay a portion of your debts based on what the law considers your ability to repay them. The difference depends on the type of bankruptcy filed.

Primarily as it relates to typical individuals and small businesses in Hawaii, there are 2 chapters of the bankruptcy code: Chapter 7 (liquidation of your debts) and Chapter 13 (formulating a plan to repay your debts over 3 to 5 years).

Some people are filing bankruptcy with 6-figure debts, and some file owing less than $10,000. It all depends on the individual circumstances. Ten thousand dollars is a lot of debt to a lot of people, especially when their wages are about to be garnished (taking 25% of your net pay), bank accounts levied upon, and/or other property is on the verge of being seized by creditors.

You file various truthful and accurate schedules with the bankruptcy court informing the judge, trustees, and your creditors about your property, debts, income/living expenses, and a little about your past. Then, you must attend a mandatory hearing (simple, non-threatening, nonjudgmental), whereby an assigned trustee and creditors appear to ask you questions about the paperwork you’ve supplied. This creditors hearing, it’s called, sounds more intimidating than it is because your attorney is with you and the creditors rarely appear. In a Chapter 7, you typically are waiting for a few more months for your case to be over and your debts erased. In a Chapter 13, you have a repayment plan which you will honor for 3 to 5 years, and then your debts will be erased. As well, no assets are ever lost in a Chapter 13, and we will handle any objections that would be lodged against you or your plan.

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