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Chapter 7 Bankruptcy
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.
Under a Chapter 7 bankruptcy you can eliminate:
- Credit Card debts
- Medical debts
- Deficiencies on repossessed autos and home foreclosure
- Payday loan debts
- Personal loan debts
- Lawsuit Judgments, including some personal injury judgments unless related to fraud or certain criminal acts
- Certain types of IRS debts – many income tax debts are dischargeable.
- Personal Injury judgments – except driving while intoxicated and criminal injury.
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 debts that they cannot afford to pay. Chapter 7 bankruptcy allows for a fresh start by discharging these 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 in extreme hardship cases, debts from certain types of taxes, alimony maintenance or support payments, fines, penalties and criminal restitutions, or debts from personal injuries caused by driving while intoxicated, among other things.
When you retain Jeffrey S. Posin and Associates you can take comfort knowing that your bankruptcy case will be given the personal attention it deserves by an experienced attorney.