Meridian Bankruptcy Attorneys

Bankruptcy May Be the Best Solution for Financial Stability

At Johnson May, our Meridian bankruptcy attorneys are well-versed in the law. We handle both personal bankruptcies and commercial bankruptcies in Idaho. When navigating through difficult financial times, you need reliable legal representation. If you are dealing with serious financial challenges, we are here to help you explore all of your available options. Contact us today for a fully confidential meeting with a top Meridian bankruptcy lawyer. 

An Overview of Our Bankruptcy Services in Meridian, Idaho

Personal Bankruptcy

Are you dealing with serious financial challenges in Meridian or elsewhere in Idaho? You are certainly not alone. While filing for personal bankruptcy is a big step, it may be the best path forward. Our Meridian, ID, personal bankruptcy lawyers can help you evaluate your options. Here is an overview of the two common forms of personal bankruptcy in Idaho: 

• Chapter 7 Bankruptcy: Chapter 7 is a liquidation process available to qualifying individuals in Idaho. The bankruptcy trustee gathers and sells non-exempt property to pay creditors, although Idaho law provides exemptions for homesteads, vehicles, and personal property under Idaho Code Title 11, Chapter 6. Most unsecured debts (such as credit cards and medical bills) are discharged. You must satisfy the means test to be eligible for Chapter 7. 
• Chapter 13 Bankruptcy: Chapter 13 is a reorganization plan for individuals with regular income. In Idaho, debtors propose a repayment plan lasting three to five years, which must be approved by the bankruptcy court. Secured debts, like mortgages and car loans, can be cured or restructured. Unsecured debts may be partially paid, with the balance discharged at plan completion. Chapter 13 allows debtors to keep property while catching up on what is owed. The goal is to exit the Chapter 13 bankruptcy process in a stable financial position. 

Business Bankruptcy

If your business in Meridian is dealing with some serious financial problems, it may be time to consider bankruptcy protection. For insolvent businesses, a commercial bankruptcy may be the best path forward. Here is an overview of the two main options for business bankruptcy in Idaho: 

• Chapter 7 Bankruptcy: Chapter 7 is used when an Idaho business must close. The court appoints a trustee who liquidates company’s assets and distributes proceeds to creditors according to priority. Secured creditors are paid first, followed by unsecured creditors. To be clear, business entities do not receive a discharge in Chapter 7, but the process provides an orderly wind-down. It may be the best path forward for your business. 
• Chapter 11 Bankruptcy: Chapter 11 allows an Idaho business to reorganize while continuing operations. Management usually remains in control as a “debtor in possession,” but must operate under court supervision. A reorganization plan is created to restructure debts, negotiate with creditors, and preserve business value. Plans may include reducing obligations, extending payment terms, or downsizing operations. Creditors vote on the plan, which must be confirmed by the court.

How Johnson May Can Help With the Bankruptcy Process

If you or your business is dealing with serious financial challenges, it may be time to consider bankruptcy protection as an option. While by no means the best choice for every situation, bankruptcy could be the path back to financial stability. At Johnson May, our promise to clients is to help them find the right answer for their situation. We are proactive. Along with other things, our Meridian bankruptcy attorney is prepared to: 

• Listen to your story and answer your bankruptcy law questions; 
• Help you gather and organize all of your financial records; 
• Handle all of the Chapter 7, Chapter 13, or Chapter 11 bankruptcy paperwork; and 
• Develop a strategy focused on helping you get back on your financial feet.

Bankruptcy Law in Meridian: Frequently Asked Questions (FAQs)

Will I lose everything if I file for bankruptcy in Idaho?

No, absolutely not. Idaho law provides exemptions for property like your home, vehicle, and personal items. Many people keep most or even all of what they own. 

Does bankruptcy erase all debts in Idaho?

No, certain debts cannot be discharged. Child support, alimony, student loans, and most taxes remain. Bankruptcy primarily eliminates unsecured consumer debts, such as credit card debt, personal loans, and medical bills. 

What is the means test for Chapter 7 in Idaho?

The means test compares household income to Idaho’s median income. If income is above the threshold, disposable income is analyzed for repayment ability. For those who cannot apply for Chapter 7 bankruptcy, Chapter 13 bankruptcy is still available as an option. 

Contact Our Meridian, ID Bankruptcy Lawyer Today

At Johnson May, our Meridian bankruptcy attorney is a compassionate, diligent, and experienced advocate. If you have any bankruptcy law questions, we can help. Contact us today to arrange your completely confidential, no obligation initial meeting. We provide bankruptcy law services in Meridian, Ada County, and throughout the region.