Bankruptcy Overview
Helping people file for Chapter 7 and Chapter 13 Bankruptcy
Bankruptcy is defined as a federal court process that allows consumers and companies to eliminate the debts that they owe to their creditors. People who file for bankruptcy may eliminate their debts through discharging what they owe or by repaying their creditors over the course of time (3 to 5 years). When people successfully file for bankruptcy, they are protected by the United States bankruptcy courts.
Types of Consumer Bankruptcy
There are several different types of bankruptcy. However, the two most common types are Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Both Chapter 7 and Chapter 13 are types of bankruptcies that can be filed for individual consumers. However, this is where the similarities end as both types are distinctly different.
When a person files for Chapter 7 Bankruptcy, also known as “liquidation” bankruptcy, he/she will have his/her debts discharged after the bankruptcy process is completed. However, the person may lose assets during liquidation, which is the process of selling property for profit and turning the profit over to creditors. When a person files for Chapter 13 Bankruptcy, he/she will come up with a plan to repay his/her creditors over the time span of 3 to 5 years. In order to file for this type of bankruptcy, people must meet income requirements.
Before any person decides to file for bankruptcy, it is always a wise idea for him/her to review his/her rights and legal options with a lawyer who is an expert when it comes to the bankruptcy process and Nevada bankruptcy law, like the lawyers at The Las Vegas Bankruptcy Law Firm.
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.