What Is a Chapter 7 Bankruptcy and What Are the Benefits?
In a Chapter 7 Bankruptcy, all of your non-exempt assets are liquidated and the distributions of the proceeds are paid to your creditors. Most of your unsecured debt will be eliminated. Debtors typically file a Chapter 7 Bankruptcy to wipe out all unsecured debts they have accumulated. This includes credit card debts, lines of credit, payday loan debt, medical bills, mortgage foreclosure, deficiencies, repossessions, lawsuits and other unsecured loans. This is usually a quicker process than any other form of bankruptcy and takes about six months to complete. This is the preferred process for those with little to no assets, or only exempt assets, and low to moderate income. This type of bankruptcy is called “liquidation.”
Most of the debts mentioned above are discharged, meaning creditors no longer have the legal right to come after you ever again for the payment of the debts and the creditors are wiped out.
However, various secured debts, such as child support obligations, student loans, certain tax debts, and/or various criminal fines cannot be discharged in a Chapter 7 Bankruptcy.
In a Chapter 7 bankruptcy, Van Law Firm would collect all your documentation and review them for accuracy. Then, we would file a petition for bankruptcy and order an automatic stay to stop all collection activities. That means we will stop creditors from pursuing you for your unsecured debt.
To learn more about the Chapter 7 Bankruptcy process, click here!
For a free legal consultation with a chapter 7 bankruptcy lawyer serving Nationwide, call (725) 900-9000
Van Law Firm has helped many in the Las Vegas and Henderson community with foreclosure, short sale, bankruptcy, debt settlement, loan modification, and personal injury.
Please feel free to contact us today so that we may discuss the options that are available to you.
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These guys are amazing. Helped me throughout the process. Always there when I need help. Inititailly called a law firm (the one that has lots of ads on the radio), but they declined my case. Van Law Firm accepted my case without a second thought! Kudos to Daniel, my case manager, and Amanda who expedited my payment process. Highly recommended.Milby Mags
Got in an accident at the beginning of the year and they have been awesome, especially with it being my first accident and me being like this. They have been very communicated, stayed in contact with me the whole time, giving me updates when there were any and even when there weren’t and answered any question I had. I would recommend them to anyone. Everyone I have talked to there has been very friendly. I would give them a 10 out of 10.Ethan Gullet
They made sure that my insurance company covered what I paid for them to which included the gap for my car that was totaled. My medical costs were taken care of and reduced substantially so I was able to get more on my settlement. My case manager, Will Garcia, was always helpful in assisting me and answering any questions I had. They really did an amazing job with my case. I would definitely recommend them to anyone in need of this type of legal help. Most lawyers do not help you with the recovery of the car and rental etc. They are amazing.Teresa Cuthbertson