Montana Bankruptcy Lawyers
A Montana bankruptcy attorney can help you discover bankruptcy.
Let a Montana bankruptcy lawyer explain the bankruptcy process to you in terms you can understand.
If you are not sure whether you meet the requirements for Chapter 7 bankruptcy, a Montana bankruptcy lawyer can help determine your eligibility. You may learn which type of bankruptcy, such as a Chapter 13 bankruptcy, if any, is best for you.
Simply fill out the free evaluation form below now or call toll-free 877-833-2410 to connect with a local bankruptcy lawyer for a free, no-obligation consultation.
Montana Bankruptcy Laws
Filing bankruptcy in Montana may help you eliminate credit card bills, medical debt and personal loans, and could help prevent home foreclosure. But which of the two main personal bankruptcy chapters can help you meet those goals?
The answer depends on your unique situation, including the types of debt you have, your income, and property you own.
Filing Chapter 7
In a Chapter 7 bankruptcy case, individuals can receive a complete discharge from unsecured debts, such as credit cards, medical bills and personal/payday loans.
Not everyone can file Chapter 7 bankruptcy. Qualifying for Chapter 7 involves a means test, which compares your income to the median income for your household size, as well as your disposable income. Generally, if your income is below the median, Chapter 7 is an option for you.
The Chapter 7 bankruptcy process includes the sale of certain assets, known as liquidation. However, because Montana laws allow certain property to be exempt from sale, many cases involve no liquidation at all.
Currently, Montana bankruptcy exemptions protect:
- Homestead: A home worth up to $250,000
- Wages: 75% of gross earnings
- Automobiles: One automobile worth up to $2,500
- Personal items, worth up to $600 individually and $4,500 in total: household goods, appliances, jewelry, books, firearms, sporting equipment, clothing, feed, animals, crops and musical instruments
- Up to $3,000 worth of professional tools of trade, implements and book
- 100 percent of all professionally prescribed health aids
If you own property that falls outside of these exemptions, or if you may not qualify for Chapter 7 under the means test, Chapter 13 bankruptcy remains an option to help you meet your debt-relief goals.
Filing Chapter 13
Chapter 13 bankruptcy is often used to help stop home foreclosure or car repossession.
In a Chapter 13 case, you have the opportunity to create an affordable monthly payment plan to repay your debts. Secured debts, like mortgages and car loans, are given priority. Credits cards and other unsecured debts are often reduced or eliminated.
The payment plan typically lasts three to five years with past-due payments spread out over that time. By making payments, you can prevent the threat of foreclosure or repossession while eliminating your debts.
Decide Which Chapter Could Work For You with a Montana Attorney
Get help navigating your personal bankruptcy options with help from a local attorney. Simply fill out our free bankruptcy evaluation form or call 877-833-2410 to connect with a bankruptcy lawyer for a free, no-obligation case evaluation.
Montana bankruptcy laws may have changed since our last update. For
the latest information on your state's bankruptcy laws, speak to a local
Montana bankruptcy lawyer.