Article provided by: Atkinson Law
Filing for bankruptcy is never easy on an emotional and psychological level. But it is very important to face the reality of your situation. There are a number of practical advantages to filing for Chapter 7 bankruptcy. Let the bankruptcy experts of Atkinson Law in Las Vegas help you through it.
Chapter 7 bankruptcies only last 3 or 4 months and will do less damage to your credit. Every bankruptcy case is assigned a ‘bankruptcy trustee’ to oversee the process. The bankruptcy trustee will review your case and check for any non exempt assets. Under Chapter 7 bankruptcy you get to keep the salary and property you buy after filing. You may even be allowed to discharge some of your debt in exchange for non exempt property the trustee can sell. The money earned from any sales will be used to make a onetime payment to your creditors. One crucial advantage in filing Chapter 7 bankruptcy; creditors are forbidden from taking further action against you. These actions include a lawsuit, garnishing your wages and making harassing phone calls. This policy is known as ‘automatic stay’ and gives clients much needed relief.
According to Bankruptcy code and Nevada state law most properties are allowed to remain exempt and not turned over to the bankruptcy trustee. There is a lot of wiggle room in Nevada for what is considered non-exempt property. But items such as second homes and multiple cars may not be eligible for exemption. Atkinson Law will help you sort out exemptions during the initial, free consultation.
You may also get new lines of credit 1 to 3 years after filing for Chapter 7 bankruptcy. But be forewarned, the interest rates will be much higher. There are lenders who specialize in helping people who are dealing with Chapter 7 bankruptcy. In Chapter 7 bankruptcy you are not required to have a certain level of debt. There is also no court ordered repayment plan in Chapter 7 bankruptcy.
Many categories qualify for Chapter 7 bankruptcy; individuals, partnerships, corporations and even independent businesses. Consumer debt has to pass a ‘means test’ to qualify. If your monthly income is higher than Nevada’s median income for household size, you do not qualify. Business debts do not have to pass a ‘’means test.’ If you pass the ‘mean test,’ you qualify for Chapter 7 bankruptcy no matter how much debt you owe.
For the initial consultation, before you can file for Chapter 7 bankruptcy, please bring your driver’s license, social security card and your 2 most recent tax returns. We will look over your credit report after discussing why you need to file for Chapter 7 bankruptcy. We will also need to see financial documents such as bank statements and pay stubs. You must also take a credit counseling class before filing. Then you must take a debtor education class after filing. Atkinson Law will fill out all the papers necessary to file your bankruptcy claim.
To learn more about the Chapter 7 bankruptcy services at Atkinson Law call 702-614-0600 or send us a message on our contact page. Keep in mind, your initial bankruptcy consultation is free.Chapter 7 Bankruptcy Las Vegas
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