Chapter 7 Bankruptcy – those who wish to free themselves of debt simply and inexpensively. Chapter 7 involves the bankruptcy trustee’s gathering and selling of the debtor’s nonexempt assets, from which creditors will receive distributions in accordance with the provisions of the Bankruptcy Code.
In a Chapter 7 bankruptcy the debtor is permitted to retain certain exempt property. The remaining assets are liquidated by a trustee. Potential Chapter 7 debtors should realize that the filing of this type of petition may result in the loss of property. We will help you retain the most property permitted by law, while discharging your overwhelming debt.
The filing of a petition under Chapter 7 “automatically stays” most actions against the debtor and the debtor’s property. If you are considering Bankruptcy and have received a notice of foreclosure, your time is limited to utilize protection under the Bankruptcy Code to stop the foreclosure proceedings. The automatic stay will stop the creditor’s harassing phone calls, and be the start to your financial recovery.
Chapter 13 Bankruptcy is available to individuals and married couples with regular income from any source, not just wages. If you have nonexempt property you want to keep which would be subject to sale under Chapter 7, have a regular income that will allow for both living expenses and making monthly payments, want to strip a second mortgage, or just want to catch up on missed bills, Chapter 13 may be the option for you.
In Chapter 13, debtors propose a repayment plan to the Court, whereby creditors are paid over an extended period of time. The repayment plan is carried out under court supervision and protection. Debtors are permitted to repay creditors in monthly installments over a three (3) to five (5) year period. During the repayment period creditors are prohibited from starting or continuing collection efforts.
Filing Chapter 13 bankruptcy in Las Vegas will help protect your assets from foreclosure and repossession. It will also discharge your unsecured debts just like Chapter 7 bankruptcy.
Preparing for your appointment
So that we can immediately begin analyzing your case, it is necessary that you provide certain information for your appointment with Clark Newberry Law Firm, including:
- A list of your creditors’ names, amount of each claim and nature of the debt
- Your employer’s name and your gross and net income
- Other sources of income and amounts
- A list of what you own and estimates of the value of each item
- A list of your monthly bills and details of each expense
This information can help Clark Newberry Law Firm provide an accurate assessment of whether Chapter 7 of Chapter 13 bankruptcy is appropriate for you.
PURSUANT TO 11 USC SEC. 528WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.
THE ABOVE IS BY NO MEANS A COMPREHENSIVE ANALYSIS OF THE BANKRUPTCY CODE, NOR IS IT DESIGNED TO REPLACE THE SERVICES OF ADEQUATE LEGAL COUNSEL.
PLEASE CONTACT US WITH ANY QUESTIONS YOU MIGHT HAVE REGARDING FILING A BANKRUPTCY IN NEVADA.