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The process of filing for bankruptcy is a was designed for people facing financial struggles to get a fresh start. If you've been thinking about filing for bankruptcy in Alaska, it may be the solution you've been looking for. Remember that these laws were designed to help you, so there isn't any point in viewing them in a negative light the way some people do. This page shows you How to File for Alaska Bankruptcy.
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Introduction
Bankruptcy filings always take place in federal court because bankruptcy proceedings falls under the domain of federal law in every state across America. However, Alaska state law will still come into play at certain places in the bankruptcy process. For instance, it may decide which assets are exempt from forced liquidation and what the maximum dollar value of those assets is going to be. -
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a quite simply a legal process created for the purpose of freeing an individual facing high financial pressure from their unsecured debt obligations. However, Chapter 7 does not wipe out debt obligations with security behind them like mortgages or car payments. This type of bankruptcy is also known as straight bankruptcy or liquidation bankruptcy. Some people approach the idea of filing for chapter 7 cautiously because of what they've read about forced liquidation, but sales of individual assets can often be avoided if you are able to pass a means test. Also, don't forget that a Chapter 13 restructuring is always available as a second option if you decide that Chapter 7 isn't for you. -
The Chapter 7 Income Test
To pass the Chapter 7 Bankruptcy means test, you'll need to prove that your annual income is less than Alaska's state median. This figure is determined by the Census Bureau and varies depending on the size of your family. The following maximum incomes apply in cases filed after March 15, 2009http://research.lawyers.com/Alaska/Bankruptcy-in-Alaska.html:- Single individual: $49,325
- Two person family: $71,550
- Three person family: $72,079
- Four person family: $91,754
- Five+ person family: $91,754 plus $6,900 for each extra individual over four
Chapter 7 Exemptions for Alaska
Once you've determined that you'll qualify to file for chapter 7, it's critical that you enlist the help of a bankruptcy attorney so they can cover with you all of the exemptions you have a right to claim. Though your lawyer will have the experience necessary to decide on the best strategy for you, here are a just a few of the allowable exemptions in Alaska:http://research.lawyers.com/Alaska/Bankruptcy-in-Alaska.html- Burial Plot
- Principal residence to $70,200
- Building materials
- Implements, books and tools of the trade to $3,640
- Motor vehicle to $3,900 in one motor vehicle worth not more than $26,000
- Weekly net earnings to $456 or $716 if sole wage earner in a household
- Pets to $1,300
- Jewelry to $1,300
- Alimony and child support
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