If you are tired of being harassed by creditors, then you may want to declare bankruptcy in Idaho. While declaring bankruptcy won't get rid of all types of debts, you will find that it does get rid of most of them and can give you a clean slate so you can have a fresh start. As a matter of fact, the only types of debt that it won't remove are debts to the government, student loans, alimony, and child support. There may be a few other types of debt that it won't clear off, but you are mostly safe. Also, because of the many exemptions allowed by the state, you don't have to worry about losing many of your possessions.
If you plan on declaring bankruptcy in Idaho, many people believe the best method is Chapter 7. This is the method that will remove most old debts and allow you certain exemptions on most of your property. In order to qualify for Chapter 7 bankruptcy, you will have to pass the means test. This test looks at your annual income to determine if you're eligible. If you make over the median annual income for your state you are not eligible and must stick with Chapter 13. If you make less than the median for the state of Idaho, then you may file for bankruptcy under Chapter 7.
The other type of bankruptcy in Idaho, Chapter 13, requires you to pay most of your debts but will set up a helpful payment plan with your debtors. The reason why you would find this beneficial to you in most cases is to prevent the foreclosure of your home. If you fear your home is going to be foreclosed upon, then filing for Chapter 13 will allow you to keep that from happening; it will also allow you to work with your mortgage company in order to come up with a payment plan that works for both of you.
An exemption is the amount of property that you can retain when you declare bankruptcy. When you file for bankruptcy in Idaho, you will benefit from the following exemptions: a homestead up to $175,000; household furnishings, goods, appliances, clothing, books, jewelry up to $1,000 per item; tools of your trade up to $10,000; one vehicle up to $10,000; $2,500 per year of disposable earnings; burial plots, health aids, and much more.