How to File for Bankruptcy in Alaska
The process of filing for bankruptcy in Alaska closely follows the process that residents of all other states must follow. Alaska's bankruptcy laws defer to the federal bankruptcy laws that are in place. However, becoming familiar with the local rules and requirements that are in place in Alaska is extremely helpful when determining the necessary steps for filing in the state.
Anyone who is considering bankruptcy as an option must determine which form of bankruptcy is appropriate. Chapter 7 bankruptcy is the most popular option that is available. The court allows for debts to be discharged through this form of bankruptcy. Chapter 13 bankruptcy is another option that is popular. This form of bankruptcy allows for a debtor to pay back debts over time using a structured payment plan that is set up through the court.
There are also some other bankruptcy options on the table for people with specific financial circumstances. One of those options is Chapter 12 bankruptcy. Chapter 12 bankruptcy is available to farmers and fishermen. In addition, people with high amounts of debt or debts that are tied to a business may be able to file for Chapter 11 bankruptcy. There are also several other forms of bankruptcy that may be appropriate for various situations.
Beginning the Bankruptcy Process in Alaska
How does a person begin the bankruptcy process in Alaska? The process officially begins when a person files a formal bankruptcy petition with the appropriate court in Alaska. However, several steps must be taken before getting to that point. Most people will require the assistance of a qualified bankruptcy attorney when determining how and when to file. It is also necessary to complete a credit counseling course during the six months leading up to filing for bankruptcy in Alaska. This course must be taken through an agency that is approved in the state of Alaska. A complete list of approved course providers can be viewed here. In addition, it will be necessary to also complete a debtor education course once the bankruptcy process is in motion. A complete list of the approved course providers for this requirement can be found here. It is important to know that the act of filing a bankruptcy petition with the court will activate an automatic stay. This means that all creditors will be prevented from contacting a debtor or making attempts to collect debts.
A means test is something that all debtors must complete for the court during the bankruptcy process. This test requires anyone filing for bankruptcy to submit detailed information regarding income, liabilities, assets and more to the court. All of the information submitted must be current, accurate and complete. Another requirement that must be fulfilled during the bankruptcy process is attendance at something called a meeting of creditors. This is a meeting that is arranged by the court. It provides creditors with the option to try to prove that a debtor has nonexempt assets that can be turned over. In addition, it provides creditors with the ability to object to the terms of a payment plan that has been arranged.
A Glance at Alaska's Bankruptcy Court
The United States Bankruptcy Court for the District of Alaska has locations in Anchorage, Fairbanks and Juneau. The filing fee when filing for Chapter 7 bankruptcy in Alaska is $335. The filing fee when filing for Chapter 13 bankruptcy in Alaska is $310. The complete list of fees that a person can anticipate when pursuing bankruptcy of any kind in the state of Alaska can be found here. A full list of the documents that can be used when filing for bankruptcy in Alaska can be accessed here.