Bankruptcy in Alaska

If you have been considering declaring bankruptcy in Alaska for some time, then it may be time to finally go for it. If you have tried credit counseling and you still can't pay your minimum payments then this is a tell tale sign that you would benefit from bankruptcy. Bankruptcy laws are a little bit different in each state, usually when it comes to the laws for exemptions, so make sure that you are prepared before you take the first big step in filing for bankruptcy. Things you have to take into consideration before filing include: choosing the right attorney, learning about your exemptions, and gathering your paperwork.

Selecting an attorney

When you have decided that you need to file for bankruptcy in Alaska, it is important that you contact an attorney that is experienced in bankruptcy law. You want to make sure that your case of bankruptcy is granted and that you may keep as many of your possessions as possible. You will need a credible attorney that you, the court, and your creditors will trust if you want the best results. You also want to make sure that you choose an attorney that is available. Even if your attorney doesn't answer phone calls personally, he or she should at least have a secretary that does so. This is important because both you and other people involved with the case will need to be in contact with them.

Exemptions in the state of Alaska

The exemptions you receive when filing for bankruptcy in Alaska, are different from other states so it's important that you know about them. Keep in mind that this can be a complicated issue, so this is only a simple overview. Typical exemptions include: $54,000 in a personal residence, insurance, business partnership property, alimony and child support payments, pensions, public benefits, tools of your trade to $2,800, weekly net earnings to $350, and personal property such as books, musical instruments, clothing, family portraits, burial plots, jewelry, and a motor vehicle to $3,000.

Gathering paperwork

When you file for bankruptcy in Alaska, you will need to have plenty of paperwork ready. This includes information about your current financial status and includes: your current income, your current debts (both secured and unsecured), and a list of your major assets and possessions including your vehicle, home, etc. If you have trouble gathering this information, you should contact your lawyer as he or she will be able to assist you.

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