The United States has different forms of bankruptcy laws for both
federal purposes and state purposes. When filing for bankruptcy these
differences come into play. In the terms of a Chapter Seven case,
Alaska has exemptions for bankruptcy that will determine which assets
can be kept. After bankruptcy is filed in the state of Alaska these
exemptions will be the determination of which assets are to be
possessed. These can include large items, such as a car or a house. A
bankruptcy trustee will sell the necessary items to pay creditors after
the bankruptcy exemptions have been determined and category limits have
been assessed. All bankruptcy forms in Alaska are to be filed to the
correct bankruptcy court in a specific area.
Filing bankruptcy in any state can be difficult due to specific
bankruptcy law that are exact and can cause problems when filing.
Alaska is no exception. Many people choose to file for bankruptcy
through do-it-yourself forms so they do not have to deal with a
professional, but this can cause problems. Alaska has new laws for
filing bankruptcy, so those who have filed before or those who are
seeking to file in the near future can run into problems from
inexperience. Most do-it-yourself forms will not be accepted because
they have not been completed correctly according to the new Alaska
laws. Bankruptcy forms have multiplied in size for personal purposes in
the past few years so the act of discharging any debt is far more
complicated than it has been in the past.
Rather than relying on do-it-yourself methods of bankruptcy, new ways
of filing have arrived through the Internet. Now bankruptcy can be
filed through online services by using full-service companies. Chapter
Seven forms and Chapter Thirteen forms for personal bankruptcy include
the debt of a person rather than a business or corporation. Chapter
Seven forms can be filed online as a joint filing through a husband or
wife or as a sole individual. This kind of bankruptcy also handles the
debt that has been acquired through any form of consumer debt, such as
personal loans, credit cards, medical bills, and others.
The new Alaska law for bankruptcy requires that all those who want to
file for bankruptcy take a ninety-minute credit counseling class before
any files can be processed. Urgent circumstances can apply and exempt
individuals from the necessity of the class. This credit counseling
class needs to be taken prior the commencement of any bankruptcy forms
or filing. It is recommended that all the proper documents be prepared
and at hand before attending the class so that an individual may know
in advance if he or she is eligible for bankruptcy. If he or she is not
eligible, attending the ninety-minute class will be useless.
Within a month of filing for bankruptcy, every individual must attend a
short creditor meeting. The new law also states that a second
ninety-minutes class be attended after filing. A discharge notice will
then be sent from the bankruptcy court approximately five months after
all documents have been filed. This discharge is a formality of debt
freedom because debt freedom actually begins automatically after filing.