At Stone Rose Law, our bankruptcy lawyers represent Alaska state residents in all forms of bankruptcy, including Chapter 7 bankruptcy and Chapter 13 bankruptcy.
If you’re considering filing for bankruptcy in Alaska, call us at (480) 739-2448 or use our contact form to schedule a free initial consultation with an experienced Alaska-licensed bankruptcy lawyer.
At Stone Rose Law, our bankruptcy law specialists provide legal advice and representation for all your debt relief needs.
This is perhaps the most well-known form of bankruptcy, also known as “liquidation bankruptcy.” If your income is not enough to keep up with your monthly payments, or you have lost your source of income, Chapter 7 may be a good choice for you.
In a Chapter 7 bankruptcy, upon discharge, most of your unsecured debts will be eliminated. You will still be subject to liens attached to your secured debts and possible repossession of or foreclosure on secured property, although the debt payment obligation will be eliminated.
Another signature characteristic of Chapter 7 is that the trustee in bankruptcy is authorized to sell or liquidate non-exempt assets of your bankruptcy estate. Alaska allows debtors to choose between federal and Alaska state exemptions.
Alaska exemptions provide significant protections, including a $72,900 homestead exemption and a $27,000 vehicle equity exemption. These exemptions help protect primary residences and vehicles from liquidation in Chapter 7 cases. Your bankruptcy attorney can help you decide which set of exemptions is best for you.
A Chapter 7 generally only takes four to six months to complete through discharge.
A Chapter 13 bankruptcy is also known as a reorganization bankruptcy. Unlike a Chapter 7 bankruptcy, the trustee will not seek to sell non-exempt assets. You can keep your property. Instead, you will work with your creditors to create a debt repayment plan. This plan typically takes between three and five years to complete. When the payment plan is complete, your outstanding debts will be discharged.
A Chapter 13 is often a good choice if you have stable income. Under the debt payment plan, you may pay off some debts completely and others partially, but the monthly plan payments will allow you to handle them without breaking your budget.
Although you technically can represent yourself in federal bankruptcy court in Alaska, it is a good idea to have an experienced bankruptcy lawyer represent you through the procedure.
The prospect of bankruptcy can be intimidating and confusing, and the bankruptcy process can be complex and hard to understand.
For example, federal homestead exemption amounts are doubled when a married couple files a joint case, but the Alaska state homestead exemption is not doubled for a married couple filing a joint petition. If a debtor is married and the spouse does not join in the bankruptcy petition, the Alaska state homestead exemption amount only applies to that debtor’s ownership interest.
A Stone Rose Law Alaska-licensed bankruptcy attorney can make sure you are well-informed about your bankruptcy choices, how each applies to your situation, and the advantages and disadvantages of each.
We will answer your questions about debt relief and bankruptcy promptly and clearly, so you can make an informed decision. We will also represent you throughout the entire bankruptcy process, from gathering the necessary information to file for bankruptcy to staying with you until your bankruptcy case is discharged.
The Alaska-licensed bankruptcy lawyers at Stone Rose Law are thoroughly experienced with helping clients in all areas of personal and business bankruptcy law.
Filing for bankruptcy does not mean that you are a bad person. It does not make you a “failure.”
Filing for bankruptcy is a tool that the federal government provides that helps ordinary people like you get back on their feet in times of financial hardship that can occur due to matters beyond your control, such as medical bills, job loss, or other unexpected life events.
Having a knowledgeable Stone Rose Law bankruptcy lawyer on your side in the federal court bankruptcy process can help you to protect your legal rights, get a fresh start, and start rebuilding your credit. No matter what caused your financial situation to become one of crushing debt, our dedicated team of bankruptcy specialists is here to help.
Get started by calling our law firm at (480) 739-2448 to reach an Alaska state-licensed bankruptcy lawyer and schedule a free case evaluation today.
