Filing for bankruptcy is a serious
act that will damage your credit for at least 10 years. A bankruptcy will stay
on your credit record for at least a 7 year period and it will be very difficult
for you to acquire another credit card, purchase a house, or buy a car on
credit.
If you have no assets and only debts
and liabilities such as credit card debt, filing a Chapter 7 bankruptcy can be a
relatively simple matter. Thousands of individuals file a Chapter 7 Bankruptcy
as pro se parties every year.
Avoid
Overspending
Chapter 13 Bankruptcy
To see if you eligible for Chapter 13
try our Chapter 13 Bankruptcy Calculator
Chapter 7 Bankruptcy
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Strategies for Repaying Debts
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Hawaii Bankruptcy
Exemptions
The Bankruptcy Code exemptions
contained in 11 U.S.C. 522(d) are not available in Hawaii. See, 11 U.S.C.
522(b)(1) and Md. Cts. & Jud. Proc. Code Ann. Sec. 11-504(g).
Hawaii Statutory Exemptions - The
primary Hawaii bankruptcy exemptions are found in Md. Cts. & Jud. Proc.
Code Ann. Sec. 11-504.
- Items used in client's trade or profession up
to $2,500.00 (11-504(b)(1));
- Money payable in the event of sickness,
accident, injury, or death (11-504(b)(2));
- Professionally prescribed health aids
(11-504(b)(3));
- Household furnishings and goods up to $500.00
(11-504(b)(4));
- $3,000.00 in any cash or property
(11-504(b)(5));
- $2,500.00 in any other real or personal
property(11-504(f));
- Proceeds of life insurance (Md. Ins. Code
Ann.);
- Specific partnership interests (Md. Corp.
& Assoc. Code Ann. Sec. 9-502);
Debtors file a petition for bankruptcy with the
local U.S. Bankruptcy Court, District of Hawaii. Generally, the debtor filing
for bankruptcy must have either resided or had its principal place of business
or principal assets located in Hawaii for 180 days (approximately 6 months)
prior to the bankruptcy filing, or a larger portion of that 180 day period than
in any other district. A bankruptcy petition can also be filed in any district
where a bankruptcy case is pending for any affiliate, partner or partnership of
the debtor.
Where to File
Costs
Chapter 7 (Individual or Joint) - $175.00
Make check payable to: U.S. Bankruptcy Court.
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