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

Bankruptcy consultation Austin TX to provide relief to individuals from overwhelming debt burden

  Many people facing the challenge of managing their overwhelming debts resort to bankruptcy to get relief from debts that they cannot repay. This legal process is designed not only to give relief to the creditors but also ensure that creditors receive some payment based on the borrower’s financial situation and assets. One of the key benefits of bankruptcy consultation Austin TX with an experienced law firm, such as Recovery Law Group, is that your attorney will help halt all creditor actions against you, including foreclosure, repossession, wage garnishments, and harassment calls .         Majority of bankruptcy cases filed in Austin TX are under Chapter 7 of the US Bankruptcy Code. It allows for the complete elimination of covered debt, and is available to those whose monthly income is below the state’s median income for their household size. If your income is above the state’s median income, you may still qualify for Chapter 7 during your bankruptcy c...
Post a Comment
Read more

Know your rights against debt collectors discrimination while filing for bankruptcy in Denver

If you are struggling with debt, wage garnishments, tax liens, foreclosures, or mortgage payments, filing bankruptcy Denver in Colorado could be the right option for you that will help you put your finances back on track. Most of the individual bankruptcies in the USA are filed either under Chapter 7 or Chapter 13. Chapter 7 bankruptcy will discharge most of your unsecured debts, such as credit card bills and medical bills. However, you must liquidate your property to repay some or all of your unsecured debts if you have nonexempt assets, such as a second home, or investments like stocks and bonds. However, if you have no valuable assets and only exempt property, such as household goods, your specialist bankruptcy attorneys at Recovery Law Group can help you in repaying no part of your unsecured debt.    For filing bankruptcy Denver , you need to pass a Means Test. However, if you do not qualify for Chapter 7 bankruptcy, you may be advised to file for it under Chapter 13, also...
Post a Comment
Read more

Hire bankruptcy attorney in Reno, Nevada to get rid of your overwhelming debts and creditors’ harassment

Bankruptcy provides financial relief to debt-ridden individuals in the form of restructured debt repayment plan, or liquidation of certain assets to help pay a portion of debt to creditors. Bankruptcy is a court-supervised process wherein one legally declares their inability to pay outstanding debts. The US Bankruptcy Code governs all bankruptcies in the country, wherein a federal judge oversees the court and makes all the important decisions. A court-appointed trustee will either have debts settled by selling off the debtor’s assets, or work out a new repayment plan for your creditors.   When you hire bankruptcy attorney Reno in Nevada from trusted law firm, such as Recovery Law Group, you may be suggested two options for this – which are Chapter 7 or Chapter 13 bankruptcies, which are the most common forms of individual bankruptcies filed in the USA. Under Chapter 7 bankruptcy, you are required to sell your property which is not exempt. The list of exemptions varies from st...
Post a Comment
Read more