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Also known as “Fresh Start” or “Liquidation” bankruptcy, Chapter 7 bankruptcy allows a person to eliminate most or all of his or her debt while being allowed to keep much of the property he or she may have.
In most cases, a person may keep their home or car(s) (secured debt), provided that they continue to make current payments and are up to date on the loan. Additionally, Nevada provides generous exemptions in bankruptcy which allows you to keep most or all of your personal belongings, including but not limited to your clothing and furniture. Additionally, you will be able to keep your retirement accounts up to $500,000.00 in value.
Relief from balances that have become difficult to manage
Help with unexpected bills from medical care or emergencies
A way out of high interest short term lending cycles
Potential discharge of qualifying unsecured loan balances
Balances left after repossessed vehicles are sold
Certain remaining mortgage-related debts after foreclous
Some older income tax debts may be dischargeable and including IRS Debts
Some judgements may qualify, depending upon on the circumstances
When possible, most people prefer to file a Chapter 7 bankruptcy as it allows for a new start without a lengthy repayment plan as required in a Chapter 13 bankruptcy. With the economy going through a major downturn, many people are facing payments on debts that they cannot afford to pay. Chapter 7 bankruptcy allows for a fresh start by discharging their debts without the burden of a repayment schedule.
It is very important to note that while a Chapter 7 bankruptcy eliminates most debts, it does not eliminate student loans except extreme hardship cases, debts from certain types of taxes, alimony maintenance or child support payments, fines, penalties and criminal restitutions, or debts from personal injuries caused by driving while intoxicated, among other things.
When you retain Posin Law Group you can take comfort knowing that your bankruptcy case will be given the personal attention it deserves by an experienced attorney.
We offer free consultation on bankruptcy cases.
A Chapter 13 bankruptcy offers several advantages over a Chapter 7 bankruptcy and is used in many cases when an individual is trying to save their home from a foreclosure or a car from repossession. Perhaps one of the most important things a Chapter 13 bankruptcy allows you to do is “strip off” or wipe out a second mortgage if you meet certain criteria. As is always the case, we will be glad to sit down with you for a free bankruptcy consultation to discuss with you your case and help determine the best course of action for you.
A Chapter 13 bankruptcy, allows you to reorganize your debt and make a monthly payment to the bankruptcy trustee to satisfy some or all of your obligations. The repayment plan requires for you to make payments over a three (3) to five (5) year period with the amount and length of your payments being determined by numerous factors. These factors include but are not limited to your monthly income, monthly expenses, the amount of debt and the nature of the debt. After making all of the payments to the trustee required by your plan you would receive a discharge from the bankruptcy court closing your case. Any debts that are left unpaid will be wiped out at the end of the case.
Filing bankruptcy can be a stressful and difficult time. If you decide that bankruptcy is right for you Posin Law Group is here to help you. By retaining Posin Law Group to represent you in your bankruptcy case we can help you through the challenges you are facing and provide you with the fresh start that you and your family deserve. Don’t live another day under the stress of your uncertain financial condition, call Posin Law Group today to set up a consultation and take the first step to regaining control over your life.
Deciding whether or not filing bankruptcy is the right step for you is a difficult and complicated decision. Bankruptcy isn’t right for every situation, however, If you are facing a foreclosure, a repossession or are tired of the harassing telephone calls from creditors, bankruptcy may be the best option for you and your family. For individuals there are generally two types of bankruptcy that can be filed, Chapter 7 or Chapter 13. Whether you need to file a Chapter 7 or a Chapter 13, the important thing to understand is that you will be able to have relief from the financial stress that you are currently facing. After having a consultation with Posin Law Group we will be able to determine what type of bankruptcy is right for you.
We offer free consultation on bankruptcy cases.
