A lot of people in Nevada are in the same boat. Nevada has one of the highest foreclosure rates in the nation.
Bankruptcy is a difficult decision for anyone to make. Many people lose sleep worrying about how to solve their financial problems. Others spend money they should have saved or money that was exempt, only to be in the same position where they started at, “square one,” or worse. Come see us before you dig yourself into a deeper hole so we can develop a right plan for you!
Filing bankruptcy can relieve stress and make it easier to sleep at night. You can have a fresh start, and rebuild your finances and nest egg for your family. Moreover, you can start saving money for retirement or for your children’s college funds.
Bankruptcy is a Good Solution to Those in the Following Circumstances:
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 debt 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 debt mentioned above is 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.
In a Chapter 7 bankruptcy, Van Law Firm would collect all your documentation and review for accuracy and then file a petition for bankruptcy and order an automatic stay and stop all collection activity. That means we will stop creditors from pursuing you for your unsecured debt.
To learn more about the Chapter 7 Bankruptcy process, click here!
A Chapter 13 Bankruptcy is often considered a reorganization bankruptcy due to the fact that the debtor is attempting to reorganize their debts by offering the creditor partial or full repayment through a repayment plan. The repayment period will depend on your income, expenses, and the amount of debt that you will need to repay. The typical repayment plan is 3-5 years. This type of bankruptcy is often called a “payment plan” bankruptcy. Again, this is usually a partial or full repayment plan, meaning you may not have to repay all of your debts.
In short, what happens is the debtor must pay a bankruptcy trustee all of their monthly disposable income for the next three years to five years, and the trustee uses the funds to pay the debtor’s creditors. Then after the three to five years are up, all of the debtor’s dischargeable debt is discharged.
There are some benefits to filing a Chapter 13 Bankruptcy, and the benefits are as follows.
Although there are memories and sentimental attachments to your home, it may be a better financial decision to walk away from the home and purchase one when you can better afford it.
To learn more about the Chapter 13 Bankruptcy process, click here!
This is usually for businesses or individuals with a large amount of debt to reorganize. This type of bankruptcy is called a “reorganization” bankruptcy.
When considering between a Chapter 7 bankruptcy, a Chapter 13 bankruptcy, and a Chapter 11 bankruptcy, it is best to consult an experienced bankruptcy attorney to discuss the best option for your financial situation. We work with individuals to determine which options are best for them and the advantages and disadvantages of each option.
To learn more about the Chapter 11 Bankruptcy process, click here!
Please feel free to contact us today so that we may discuss the options that are available to you.
Van Law Firm at 702-529-1011