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Bankruptcy in Montana

Who Can File Bankruptcy in Montana?

In order to file for bankruptcy in the State of Montana, you must meet the following requirements.

-Have resided in or owned property in the state for a minimum of 40 months prior to filing bankruptcy

-Have debts which you legitimately cannot pay

-Have not filed bankruptcy within the last 6 years

What Do I Need To Know Before Filing For Bankruptcy in Montana?

Prior to filing for bankruptcy in the State of Montana, it is important that you understand both your rights and your responsibility as a petitioner to the court.  These rights and responsibility will include which type of bankruptcy you are eligible to receive, what documents you will need to provide to the court, and what will be expected of you as a result of your bankruptcy settlement.  Hiring an experienced Montana bankruptcy attorney can help you to get a full understanding of both these rights and responsibilities.

What Type of Debts Can Be Discharged As Part of a Bankruptcy Proceeding in Montana?

As part of your Chapter 7 bankruptcy proceedings, a portion of your debts will be eligible for discharge.  The portion of your debts which can be discharged are known as unsecured debts.  While the majority of debts are classified as unsecured debts, not all debts will fall into this category.  Debts such as a car loan or mortgage which have been secured using collateral will not fall into this category, and therefore can not be discharged as part of a bankruptcy settlement.

Will I lose my house and car if I file for bankruptcy in Montana?

According to the property exemption laws in the State of Montana, you are able to safeguard a certain amount of your assets from being seized or sold as part of your bankruptcy proceedings.  These property exemption rules are as follows:

-Homestead exemption of up to $100,000

-One motor vehicle up to $2,500

-Up to $4,500 in personal property including household furnishings, apparel, jewelry, etc.  No one item in this category can exceed $600 in value

-$3,000 in professional books, tools, or other materials necessary for your trade or profession

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