Montana Bankruptcy Laws
Bankruptcy courts in state districts are the only courts that bankruptcy cases are handled and thus if one has a case involving bankruptcy, the closest district bankruptcy case is the best place to file the petition. Montana residents enjoy a number of chapters and bankruptcy laws when it comes to bankruptcy cases even though just as other states, the chapter 7 and 13 cases have most numbers. Chapter 11 cases in Montana also draw a respectable number of people. The bankruptcy cases in Montana are filed subject to the jurisdiction of the federal court.
Filling for bankruptcy n Montana requires knowledge of the qualifications for a given chapter as well as the state requirements. The first document that should be provided to the state courts when filing for a bankruptcy petition is the monthly income statement. The income statement is the only piece of evidence that one might show that shows the mount of income one gets.
Montana Chapter 7 Bankruptcy Laws:
chapter 7 bankruptcy laws reacquire the income is then compared to the median income of a similar family in the Montana region, if found to be under the median income then the case can be filed under chapter 7.
Montana Chapter 13 Bankruptcy Laws:
If the debtors fails to file for chapter 7 bankruptcy, the second choice shall be chapter 13 bankruptcy and in cases of business under chapter 11. Your lawyer plays a major role here to put together a repayment plan that suits your current income and allows you to keep some of your assets by taking advantage of Montana Chapter13 bankruptcy laws.
Montana Bankruptcy Exemptions:
There are a number of exemptions that one may enjoy if they file their bankruptcy petition under certain chapters, but the first one is that the court will prohibit the creditors from claiming ownership of the debtor’s assets. In the event that the property has to be liquidated and proceeds distributed to creditors, one can be assured of some exemptions provided by the state and federal government such as public benefits, insurance, homestead, education trust funds, pension, personal possessions and other miscellaneous exemptions. The exemptions are specific to the type of case presented to the bankruptcy courts.
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