Bankruptcy Information

Helping people file for Chapter 7 and Chapter 13 Bankruptcy

Chapter 7 Information
People who are struggling with debt, do not have stable income and wish to have their debts discharged may consider filing for Chapter 7 Bankruptcy.  Chapter 7 is a legal process that allows consumers to have their debts discharged.  In order to file for this type of bankruptcy, people must meet certain state and federal eligibility requirements.  To learn more, read the U.S. Courts’ Chapter 7 Bankruptcy Basics page.

Liquidation
Liquidation is a process that occurs when a person filed for Chapter 7 Bankruptcy.  During liquidation, a person’s assets are sold for profit.  The profit is then turned over to the person’s various creditors to resolve or partially resolve debts.  Some property that may be subjected to liquidation includes houses, cars and land.  To learn more, read this article on Chapter 7 and the liquidation process. 

Discharging Debt
After people have successfully filed for Chapter 7 Bankruptcy, their unsecured debts will be discharged.  Unsecured debt includes things like credit card debt, medical bills and alternative loans.   It does not include child support or student loan payments.  To learn more, read the U.S. Courts’ Discharge in Bankruptcy page.

Chapter 13 Information
Chapter 13 Bankruptcy is a legal process that occurs when a person files a bankruptcy petition and a plan to repay creditors over the course of 3 to 5 years.  In order to file for this type of bankruptcy, people must meet income requirements as they will be held responsible for repaying their debts in full within a set time span.  Chapter 13 is ideal for people who have steady employment and are capable or paying back their creditors if they are given extra time to do so.  To learn more, read the U.S. Courts’ Chapter 13 Bankruptcy Basics page.

Las Vegas Bankruptcy Lawyers
At The Las Vegas Bankruptcy Law Firm we will do everything we can to provide you with personal attention throughout the bankruptcy process.  Contact us today to learn how our Las Vegas bankruptcy lawyers can make a positive difference in your case!

The Las Vegas Bankruptcy Law Firm represents individuals who wish to file for bankruptcy in Las Vegas, Nevada.