Honolulu Bankruptcy Lawyers
Helping You File for Bankruptcy
The average Hawaiian pays more than $1,700 per month towards debts. If you're crushed under debts you can't afford to pay, achieving financial stability can feel impossible. However, filing for bankruptcy can help you regain control of your finances and pay off your debts (depending on the kind of bankruptcy you file for).
At the Law Office of Steve Cedillos, our experienced Honolulu bankruptcy lawyers can help you pursue an optimal outcome in your case. To schedule a consultation with our team, contact us online or via phone at (808) 201-0496.
How Does Bankruptcy Work?
Every bankruptcy case looks different. How your bankruptcy case progresses largely depends on the type (or "Chapter") of bankruptcy you choose to file for.
The most common types of bankruptcy are:
- Chapter 7 bankruptcy (link geo here). Individuals below a certain income limit can file for Chapter 7 bankruptcy and liquidate nonexempt assets to repay their debtors and wipe their debts clean. You can learn more about the Chapter 7 bankruptcy process in depth by visiting our Chapter 7 bankruptcy page.
- Chapter 13 bankruptcy (link geo here). Individuals who are over the income limit to file for Chapter 7 bankruptcy often file for Chapter 13 bankruptcy. Chapter 13 enables an individual to negotiate more realistic payment plans with their debtors. Our page on Chapter 13 bankruptcy explains the process in more detail.
- Chapter 11 bankruptcy. Businesses and corporations can file for Chapter 11 bankruptcy, enabling them to continue operating while paying off debts. This also often involves a restructuring of the business.
- Chapter 12 bankruptcy. Chapter 12 bankruptcy is primarily used by individuals who rely on their property for their livelihood, such as farmers and fisherman. Chapter 12 enables these individuals to repay or take care of their debts without having to sell off their land.
Should I File for Bankruptcy?
Before you decide to file for bankruptcy, you should consult a bankruptcy lawyer and a financial professional such as an accountant. These individuals can help you understand whether filing for bankruptcy is the best way for you to regain financial stability, and if so, which Chapter of bankruptcy you should pursue.
As a general rule of thumb, if your debtors refuse to negotiate with you concerning your debts and you have more liabilities than you can feasibly pay off, it may be time to look into bankruptcy as a method of resolving your financial woes.
It is worth noting that filing for bankruptcy can impact your credit score and result in a loss of property (if you file for Chapter 7 bankruptcy). However, for many individuals who own an excessive amount of debt, those tradeoffs are well worth the opportunity to wipe their liabilities clean and regain control of their finances.
How Long Will My Bankruptcy Take?
How long your bankruptcy case takes to finalize also largely depends on the type of bankruptcy you file for.
For example, if you file for a Chapter 7 bankruptcy, your case could resolve in a matter of months. However, if you file for a Chapter 13 bankruptcy, your case could hypothetically remain active for years as you pay off your debtors.
If you plan on filing for bankruptcy, you deserve a bankruptcy lawyer you can trust to help you protect your rights and best interests in and out of court.
To schedule a consultation with one of our veteran Honolulu bankruptcy attorneys, contact our office online or via phone at (808) 201-0496.