Laura E. Burri has more than 30 years of experience in both Chapter 7 and chapter 13 bankruptcy matters. She has represented both debtors and creditors in bankruptcy matters. She will provide to you professional, compassionate and caring help to navigate the bankruptcy process. She understands that financial difficulties can be stressful. She can simplify the process for a positive outcome for you and your family or business.
Chapter 7 - Chapter 7 is for individuals with financial difficulty preventing them from paying their debts. The primary purpose of a Chapter 7 is to discharge debts. The bankruptcy discharge relieves you from having to pay many of your pre-bankruptcy debts. Assets are claimed exempt under Idaho law. All non-exempt assets must be turned over to a bankruptcy trustee who will use those assets to pay creditors. Some debts may not be discharged; those include most taxes, most student loans, domestic support, and criminal fines. Your total gross income has to below the median for the State of Idaho to qualify for a chapter 7.
Chapter 13 - Chapter 13 is a reorganization for individuals with regular income who would like to pay some or all of their debts in installments over a period of time. Under Chapter 13, a plan is filed with the court setting forth how you plan to repay your creditors all or part of the money that you owe them. After all payments are made under the plan, most of your debts are discharged. You may still be responsible to pay domestic support obligations, most student loans, certain taxes, criminal fines, and long-term secured debts.
Chapter 11 – Chapter 11 is reorganization for individuals that do not qualify for a Chapter 7 or Chapter 13 or for businesses seeking to reorganize debt. Chapter 11 allows individuals to keep their assets and pay creditors over time.
Chapter 12 – Chapter 12 is reorganization for family farmers or fisherman. Chapter 12 allows family farmers the ability to reduce and restructure their debt.
Creditors - If someone owes you money and files a bankruptcy, you are required by the bankruptcy automatic stay to stop all collection activity. You may be notified to file a Proof of Claim to document your debt. If you are a secured creditor, you may want to file a Motion for Relief from Stay in order to obtain possession of your collateral. If a Chapter 13 is filed, you need to review the plan for treatment of your debt and object to the plan if your debt is not correctly listed or treated for payment.
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Morrow & Fischer, PLLC is a Treasure Valley law firm with extensive experience in business, real estate, wills, trusts & probate, bankruptcy
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