Contrary to popular belief, there is more than one way to file bankruptcy. For individuals, there are Chapter 7 bankruptcies and Chapter 13 bankruptcies, and, depending on your financial situation, one might be better than the other for you.
If you’re considering filing bankruptcy, the attorneys at May Brock Law Group understand that you’re in a difficult place financially. With that in mind, we educate each client we work with about the benefits and downsides of both types of bankruptcy. Additionally, we can help you determine whether or not you need to file bankruptcy at all with our half hour free legal bankruptcy consultations!
Chapter 7 bankruptcies are the ones that everyone has heard of. This type of bankruptcy will require liquidation of non-essential valuables but will keep all of your creditors from calling you and may allow you to keep your home, your car, and other important possessions.
This is a good option for those with a low income and a lot of debt. However, each individual bankruptcy case is different and should be treated accordingly. Our attorneys will evaluate your level of debt and your income to determine whether or not you qualify for filing a Chapter 7 bankruptcy in Las Vegas. Then, we will walk you through the bankruptcy process until you get your desired discharge.
A Chapter 7 bankruptcy can give you the chance to start over with your finances, get rid of your debts and give you a fresh new start at life. It is an appealing option for many people who are buried in debt and don’t currently have the income to pay off their debt. If you’re currently being harassed by creditors and don’t know where to turn, come talk to our attorneys about their Chapter 7 bankruptcy experience in Las Vegas at May Brock Law Group.
In a typical Chapter 7 bankruptcy, almost all of the debts are erased, giving you a fresh start with your finances. However, you might still have to pay specific types of debts, including:
If you are concerned which of your debts might not get discharged through a Chapter 7 Bankruptcy, it is best to meet with one of the bankruptcy attorneys currently practicing at May Brock Law Group to get the information and advice you need to make an educated decision.
Though Chapter 7 bankruptcies will give you clean slate, there are some issues that must be resolved. Typically, during the bankruptcy process, your assets will be liquidated (sold) and the money obtained distributed to your creditors. That does not mean, however, that you have to give up your home and all of your possessions.
You can file a reaffirmation agreement that indicates that you will continue to make payments on particular items, such as your car. This process, however, also prevents you from being able to file bankruptcy for the reaffirmed debt for the next several years. Therefore, you should consult with the attorneys at May Brock Law Group before you decide whether or not a reaffirmation agreement is right for you.
Before you officially file a Chapter 7 bankruptcy in Las Vegas, let the attorneys at May Brock Law Group find out what’s best for your circumstances. Call our office today at (702) 388-0404!
If you make above a certain amount of income per person in your household, you will not be qualified to file a Chapter 7 bankruptcy in Las Vegas. However, there is still a way to keep the creditors from continuing to hound you.
When you file a Chapter 13 bankruptcy, you will get an extension on the payments you need to make to pay off your debt, which is usually 3-5 years.
Depending on your income and how many people you are supporting in your household, you might not be able to file for Chapter 7 bankruptcy. However, there are still options for you if you are inundated with debts and are afraid you won’t be able to pay them off.
To get more leniency with paying back your debts, you can file a Chapter 13 bankruptcy in Las Vegas, which will give you about 3-5 more years to pay off your debts. Though a Chapter 13 bankruptcy does not offer as clear of a break like for getting rid of debt as with a Chapter 7 bankruptcy, it will give you the ability to get debt-free.
Advantages and Disadvantages of Filing a Chapter 13 Bankruptcy in Las Vegas
When you work with the bankruptcy attorneys at May Brock Law Group, we want you to be educated about the process you’re getting into. When you have the information you need to make an educated decision and are aware of what your finances are going to look like during the Chapter 13 bankruptcy process in Las Vegas, you will finally have some peace of mind.
The disadvantages of filing a Chapter 13 bankruptcy are as follows:
At every step of the bankruptcy process, the attorneys at May Brock Law Group will be here to give you legal advice and guide you through the bankruptcy process.
We are positive that the attorneys at May Brock Law Group will be able to help you get the legal assistance you need to tackle your impending bankruptcy.
If you are contemplating filing bankruptcy, don’t panic. May Brock Law Group offers free bankruptcy consultations so we can give you an idea of what your options are. We don’t want you to feel helpless. If you need to file a Chapter 13 bankruptcy in Las Vegas, call May Brock Law Group at (702) 388-0404!
Choosing between Chapter 13 and Chapter 7 bankruptcies in Las Vegas can be difficult, so get the legal help you need during your bankruptcy by calling May Brock Law Group at (702) 388-0404