Skip to main content

Bankruptcy consultation Las Vegas to help you manage and eliminate your overwhelming debts

Bankruptcy is a legal status that an individual or non-individual (a firm) can claim when they are unable to repay their outstanding debts. It is generally initiated by the debtor, and imposed by the court. Bankruptcy consultation Las Vegas, Nevada brings several advantages to the debtor. It brings an immediate halt to creditors’ collection activities, helps maintain a certain baseline, such as house and car, and the burden of debt is taken care of, which is gone in most cases, instead of being just put on hold. However, it’s not a simple one-step process, it requires a lot of commitment and effort, and may require ongoing payments over a few years, and also some post-bankruptcy procedures. However, any debts remaining after the bankruptcy procedure is over are eliminated and not required to be repaid. However, remember that bankruptcy will not erase certain debts, like student loans, government taxes and penalties, child support or alimony, and reaffirmed debt.   

People in the USA file for bankruptcy for various reasons, like fallout from a job loss, a medical emergency, divorce, or a death in the family. If you are considering exploring bankruptcy, and whether you should file for it, you should get bankruptcy consultation Las Vegas from a law firm that has specialist bankruptcy lawyers with it. One such specialist bankruptcy law firm is Recovery Law Group, which has specialist lawyers to provide the best bankruptcy consultation Las Vegas, tailored to meet the challenges of your specific circumstances.   

When you can apply for Chapter 7 bankruptcy   

Usually, most individual bankruptcies in the USA are filed either under Chapter 7 or Chapter 13 of the US Bankruptcy Code. Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, is the most common type of bankruptcies filed by individuals for whom debts have become unmanageable and overwhelming. If you do not make enough money to pay back your debt, you may be advised to file for Chapter 7 bankruptcy during bankruptcy consultation Las Vegas. However, the decision whether you qualify for Chapter 7 bankruptcy is based on a Means Test, which will compare your average income to the state’s median income of the size of your family. If your income is lower than the median income of the size of your family in your state, you primarily qualify for Chapter 7 bankruptcy.   

  

Conditions to apply for Chapter 13 bankruptcy   

If you fail to qualify for Chapter 7 bankruptcy, you will be advised to file for Chapter 13 bankruptcy during bankruptcy consultation Las Vegas. The federal court will approve a monthly repayment plan wherein you will be given a time period of three to five years to pay back a portion of your unsecured debt, and all of your secured debts. The monthly payment amount will depend upon your income, and the amount of debt you have. Chapter 13 bankruptcy will allow you to keep your assets, and catch up on any debts that aren’t bankrupt able. It will also stop foreclosures by giving you time to bring your mortgage up to date. As you will be told during bankruptcy consultation Los Angeles, you can apply for Chapter 13 bankruptcy if your unsecured debt is less than $419,275, and secured debt is less than $1,257,850. Plus, you should be current on tax filings.

Comments

Post a Comment

Popular posts from this blog

Chapter 7 bankruptcy Las Vegas to eliminate your debts and give you a fresh restart for financial stability

Chapter 7 bankruptcy focuses on liquidating your non-exempt assets, and your many types of unsecured debts are eliminated. You may be suggested to file for Chapter 7 bankruptcy by your lawyer based on certain signs, like your unsecured debts are more than half of your annual income, or it would take you five years or more to pay your debts even if you took extreme measures. Bankruptcy will set you financially free as debts get discharged, and you also get peace of mind. When the stress and anguish go away, you will be in a condition to make better decisions, and handle your financial life in a better way.         When the process is complete, a vast majority of debts will be eliminated, and you will have a cleaner slate to start afresh. To qualify for Chapter 7 bankruptcy Las Vegas in Nevada, you will have to pass a Means Test, that aims to prevent low earners from getting the benefits of Chapter 7 bankruptcy protection. To qualify for the test, your averag...
Post a Comment
Read more

All that you need to about bankruptcy and expectations in bankruptcy consultation

You may feel the need to file for bankruptcy for many reasons, like your debts have become overwhelming and unmanageable, or you experienced job loss or reduction in income, that may make it hard to keep up with your payments and other regular financial commitments. Though filing of bankruptcy could be a difficult decision, especially when it has a stigma attached to it, nevertheless, it’s a legal option that gives you a chance to put your business together and have a financial restart. However, not everyone is aware of which type of bankruptcy they qualify for, and how to proceed with it. It’s here that the expertise of specialist bankruptcy lawyers, such as Recovery Law Group, can make all the difference to your financial future. When you consult for bankruptcy, you will come to know that all individual bankruptcy cases are handled by federal courts in the USA. Most individual bankruptcies are filed either under Chapter 7, or Chapter 13 of the US Bankruptcy Code.   You may ...
Post a Comment
Read more

Understanding the role of Chapter 13 bankruptcy trustee and their critical functions

  Chapter 13 bankruptcy, also known as “Wage Earner’s Plan”, is offered to individuals who need some extra time to pay off their outstanding debt. To qualify for Chapter 13, the debtor must have a steady income from various sources, and should not have more than $2,750,000 in unsecured debts, and $2,750,000 in secured debts. The debtor is given 3 to 5 years of time to repay their outstanding debt, and must demonstrate the ability to make the scheduled payment based on their income. The proposed plan must be feasible, and for this, the bankruptcy court will appoint a trustee to work out the plan, and how to repay the creditors.        The trustee has an important role to play in Chapter 13 bankruptcy. He will ensure that the proposed repayment plan complies with legal requirements, and is feasible based on the debtor’s income and expenses. The role of Chapter 13 bankruptcy trustee is quite comprehensive, he has to collect monthly payments from the debtor, an...
Post a Comment
Read more