We Handle All Types of Bankruptcy Cases in Boise

Are you or your business dealing with serious financial challenges? You are not alone. Bankruptcy may be the best path forward. Foley Freeman has been a leader in Idaho bankruptcy law for over 25 years, offering services for consumers and businesses in Chapter 7, 11, 12, and 13 bankruptcies. Bankruptcy attorney Patrick Geile is Chair of the Commercial Law & Bankruptcy Section of the Idaho State Bar, as well as a consistent presenter at annual bankruptcy seminars.

At Foley Freeman, PLLC, our Boise bankruptcy attorney has the knowledge, skills, and experience that you can rely on. We assist both debtors and creditors in bankruptcy, giving us a unique and valuable perspective on the bankruptcy process, which greatly benefits our clients. If you have any questions about bankruptcy law, we are here as a resource. Contact us today for a fully confidential consultation with a top-tier Boise bankruptcy lawyer. 

Types of Bankruptcy Available to Consumers & Businesses

The United States Bankruptcy Code provides for different types of bankruptcy depending on the needs of consumers and businesses facing financial difficulties and creditor harassment. Chapter 7 and Chapter 13 cases are most frequently filed by individual debtors, while Chapter 11 cases are most often filed by businesses as a means to restructure debt. Chapter 12 is designed specifically for the reorganization of family farms.

  • Chapter 7 Bankruptcy – Chapter 7 bankruptcy provides debtors with relief from dischargeable, unsecured debts, such as credit card debt and medical bills, in exchange for liquidation of “non-exempt” assets. Both individuals and businesses may file for Chapter 7 bankruptcy.
  • Chapter 11 Bankruptcy – Chapter 11 provides for the reorganization of debt, usually involving a corporation or partnership; however, individuals in business can also seek relief under Chapter 11. In contrast to Chapter 7, which would require a business to liquidate, Chapter 11 business bankruptcy allows a business to keep many of its assets and pay creditors over time. Also, Subchapter V was enacted under the Small Business Reorganization Act of 2019 (SBRA), and in certain circumstances, provides a more streamlined reorganization for small businesses.
  • Chapter 12 Bankruptcy – Chapter 12 is another form of reorganization bankruptcy with additional benefits to farmers and fishermen beyond those available to ordinary wage earners. Chapter 12 allows family farms to reduce debt load and restructure debt so that the farm may become viable in the future.
  • Chapter 13 Bankruptcy – Chapter 13 bankruptcy, commonly known as “individual debt adjustment” or “individual debt consolidation,” is a form of consumer bankruptcy based on debt reorganization. Using a repayment plan, the debtor pays back his or her creditors while avoiding foreclosure, levies, wage garnishments, liens, and other methods used to collect on debts.

WHY TRUST FOLEY FREEMAN FOR BANKRUPTCY IN BOISE

Navigating a bankruptcy case is not easy. Professional guidance and support can make a big difference. At Foley Freeman, PLLC, we handle the full range of bankruptcy law cases, including Chapter 7, Chapter 11, and Chapter 13. You can learn more about the firm and contact us directly with any specific questions or concerns. We take a proactive, detail-driven approach to legal representation. Along with other things, our Boise bankruptcy lawyers are ready to: 

  • Hear your story and answer questions about your case; 
  • Help you gather and organize supporting financial documentation;
  • Handle all of the bankruptcy paperwork; and
  • Take all necessary legal steps to protect your rights and your interests.  

BANKRUPTCY IN BOISE: FREQUENTLY ASKED QUESTIONS (FAQs)

Can I keep my home if I file for bankruptcy in Boise?

Yes, or at least in many cases it is possible. Idaho’s homestead exemption protects up to $175,000 of equity in your primary residence. That means that there are plenty of people who file for bankruptcy without losing their home. Our Boise bankruptcy attorney can help you determine how the exemption applies to your specific situation. 

Will bankruptcy in Boise stop creditors from calling me in Boise?

Yes. Once you file, an automatic stay immediately stops most collection efforts. Creditors in Boise, in Idaho, and beyond must halt phone calls, lawsuits, wage garnishments, and any attempts at repossession. In other words, all collection efforts are paused in order to allow the bankruptcy process to move forward in an orderly manner. 

How long does bankruptcy stay on my credit report in Boise?

A Chapter 7 bankruptcy typically remains for 10 years, while Chapter 13 lasts seven years. Having a personal bankruptcy on your credit report is adverse information. It will harm your credit score. With that being said, your credit can begin to improve within a year or two after a bankruptcy filing.

How do Idaho’s income limits affect Chapter 7 eligibility in Boise?

Idaho uses the federal means test to determine Chapter 7 qualification. Boise filers must show household income below the state median or prove limited disposable income. If they exceed the limit, adjustments must be applied to determine if Chapter 7 is actually a possibility. If not, Chapter 13 may be required to reorganize rather than discharge debt.

Seek Experienced, Supportive Legal Counsel

With decades of combined experience, our bankruptcy attorneys have represented clients in virtually every type of bankruptcy case. Whether your debt stems from a lost job, failed business, divorce, unexpected medical expenses, or back taxes, we can help you obtain a fresh start and begin rebuilding your credit. Please contact Foley Freeman to schedule a consultation with an experienced bankruptcy lawyer and learn more about our debt relief services. We provide bankruptcy law services in Boise, Ada County, and throughout the wider region in Southern Idaho.