If you’re struggling with deep debt, you’re probably interested in learning how filing for personal bankruptcy may help you achieve a fresh financial start.
This page is designed to help acquaint you with the basics of both Chapter 7 and Chapter 13 bankruptcy in Montana.
If you’re ready to explore your bankruptcy options, speak with a local Montana bankruptcy lawyer today:
Chapter 7 bankruptcy works in two ways to settle your debts. Most of your unsecured debts – like credit card and medical bills – may be discharged completely. Any other outstanding debts could be handled by a sale of your property unless your property is exempt.
Fortunately, Montana has vast exemptions which protect your property from sale. That’s one reason why there is rarely any actual Chapter 7 bankruptcy property sale.
Chapter 7 exemptions in Montana include the following.
Chapter 13 bankruptcy offers financial help by granting a three-five year period during which you can catch up on past-due payments while staying current with payments that come due during that period. During this period, creditors may not collect or harass you for your debt.
You would make payments according to a court-mandated plan to a court trustee who will handle your debts. Filing bankruptcy under Chapter 13 tends to work best for those who have a regular, steady income.
Chapter 13 bankruptcy may help stop foreclosure thanks to the automatic stay provision. This court order prevents all collection action while your bankruptcy case is ongoing, including during your three-five year repayment period. Because foreclosure is considered a form of collection, you may be able to keep you home for the duration of your bankruptcy.
If you’re interested in having a local Montana bankruptcy lawyer answer your questions or helping you get started on your bankruptcy filing, we can connect you.
Simply call us, toll free, at 877-349-1309 or fill out the free case review form on this page we’ll connect you with a sponsoring Montana 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.