Filing Chapter 7 is frequently the speediest and least expensive method of eliminating or reducing your debt. A Chapter 7 bankruptcy attorney Las Vegas, NV has the knowledge and experience necessary to file Chapter 7 bankruptcy cases. In many cases, your debt can be discharged within just a few months of filing. Once that happens, you can begin to rebuild your credit.
Kinds of debt a Chapter 7 filing can address
Chapter 7 eliminates the following types of debt in the majority of cases:
- Car loans and home loans
- Credit cards
- Department store cards
- Personal loans
- Gas cards
- Medical bills
- Payday loans
- Old income tax debt
- Delinquent utility bills
- Association dues
- Deficiencies after foreclosure or repossession
Bankruptcy can eliminate debt in the form of car loans and home loans. The lender has a secured interest in your home or car, so you can continue to pay your lender to keep those assets, or you can surrender them to be freed from the loan debt. Chapter 7 bankruptcy might discharge it if the return was filed at least two years before the bankruptcy filing. Chapter 7 bankruptcy can discharge past due homeowners association dues, but ongoing dues are exempt.
Consult with an experienced bankruptcy attorney Chapter 7 bankruptcy attorney Las Vegas, NV for more information or to determine if your specific tax debt is dischargeable.
Additional benefits of filing chapter 7 bankruptcy
Chapter t bankruptcy debt relief benefits include:
- Stops repossessions and foreclosures
- Stops harassment from creditors
- Stops wage garnishments
- Stop utilities from being cut off
- Stops bank levies
- Stops payment plans
- Prevents judgments
- Gives you some welcome time to catch up
- Provides the first step in rebuilding your credit score
Assets you may retain In Chapter 7 bankruptcy
You may have a concern about whether you’ll lose your car, home, retirement account, home, or other assets in a bankruptcy. Chapter 7 bankruptcy gives you the option to hold onto many assets. For instance, you will likely retain IRAs, pensions, 401(k) retirement accounts, and other retirement assets. You can also keep some Social Security benefits, life insurance cash value, and considerable equity in your:
- And similar types of property
Stopping harassment from creditors
An “automatic stay” is put in place immediately after filing your bankruptcy. It violates the bankruptcy code for a creditor to continue to attempt to collect a debt after a bankruptcy filing. This gives you relief from irritating and annoying phone calls. Creditor lawsuits are also dismissed.
It’s best not to delay. Although most people would rather pay their bills and not file bankruptcy, sometimes it’s unavoidable. You could drain your assets to pay off debt, only to find you still cannot dig yourself out. Consult with a Chapter 7 bankruptcy attorney Las Vegas, NV before withdrawing money from retirement accounts, refinancing your home, or have overwhelming stress because your debt is unmanageable.
A bankruptcy lawyer can help save the assets you need and want for your future. We will advise you of your options, help you develop a financial plan, and bring you relief from the stress of your debt. Contact an attorney to schedule a consultation to discover your viable and legal financial solutions.