Alaska Bankruptcy Laws & Exemptions
Tap to Call - (877) 250-8242

Alaska Bankruptcy Laws

Considering Filing Bankruptcy in Alaska?

You will find an overview of Alaska’s bankruptcy laws right here, but can learn much more about Chapter 7 and Chapter 13 bankruptcy laws by speaking with an Alaska bankruptcy lawyer.

Your bankruptcy lawyer can explain Alaska bankruptcy laws in detail.

When you have more information about the bankruptcy process, you may be able to decide which debt-relief option suits your circumstances.

You may schedule a consultation with a local Alaska bankruptcy attorney by completing the form below or calling, toll free, 877-349-1309.


Free Case Evaluation

Alaska Bankruptcy Laws

The first time you meet with your Alaska bankruptcy lawyer, it is likely that he or she will take the time to explain the differences in Chapter 7 and Chapter 13 bankruptcy.

Also at this meeting, your lawyer may ask you to fill out an intake sheet or answer some personal questions about your assets and debts.

This information can help your bankruptcy lawyer guide you and determine if filing Chapter 7 or Chapter 13 bankruptcy may be best for you.

Chapter 7 bankruptcy is often called “liquidation.” During your Chapter 7 bankruptcy case, the bankruptcy trustee has the option to sell, or liquidate, any non-exempt property that you own.

In many Chapter 7 bankruptcy cases, the debtor does not own any non-exempt property, so there is no property to liquidate.

For debtors that do not own much property, Chapter 7 bankruptcy may be an attractive option because many unsecured debts, such as credit cards and medical bills, could be discharged.

If you are considering filing Chapter 7 bankruptcy, consider meeting with an attorney to discuss which and how much of your property may be exempt from liquidation.

Homestead

  • Principal residence worth up to $54,000.

Wages

  • Up to $350 in weekly net earnings.

Automobiles

  • Up to $3,000 worth of one vehicle, as long as the total value of the vehicle does not exceed $20,000.

Other Property

  • Up to $3,000 worth of total personal property, including: clothing and household goods, books and musical instruments, family portraits and heirlooms.
  • Up to $1,000 worth of jewelry.
  • Up to $2,800 worth of professional books, tools and implements.
  • Up to $1,000 of pets.
  • 100 percent of health aids, burial plots and certain benefits.

Chapter 13 bankruptcy is also called “reorganization.” If you own a lot of property, Chapter 13 bankruptcy may be the best option as it may allow you to keep most of your assets.

After filing Chapter 13 bankruptcy, the debtor works out a 3-5 year repayment plan to submit for approval of the bankruptcy court. This debt repayment plan gives the debtor breathing room to catch up on past due bills.

Chapter 13 bankruptcy can be an option for most people with a steady income and ability to make regular payments. Chapter 13 bankruptcy has helped people to stop harassing collection calls and overwhelming late charges and get their finances under control. Speaking with an Alaska bankruptcy lawyer may be able to provide you with the guidance you need and further bankruptcy information.

Talk to an Alaska Bankruptcy Lawyer Today

If you have considered filing bankruptcy in Alaska, you may feel overwhelmed by the complexity of the state’s bankruptcy laws.

To help clear up any confusion about the new bankruptcy law, your Alaska bankruptcy lawyer may be able to break down the bankruptcy process into simple terms.

When you speak with your bankruptcy lawyer, you may also have the opportunity to ask any other questions you may have about your bankruptcy case.

Total Bankruptcy.com makes it easy to find an Alaska bankruptcy lawyer near you. Simply give us a call at 877-349-1309 or fill out our free bankruptcy evaluation form on this page, and we’ll put you in touch with a local sponsoring Alaska bankruptcy lawyer near you.

Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.

Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.

Complete Alaska bankruptcy code.


Tap to Call - (877) 250-8242

Disclaimer: The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or should be formed by use of the site. The attorney listings on the site are paid attorney advertisements. Your access of/to and use of this site is subject to additional Supplemental Terms.