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Chapter 7
Helping people file for Chapter 7 and Chapter 13 Bankruptcy
What is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is a federal court process that allows consumers to discharge the debts that they owe to their creditors. In order for people to file for Chapter 7, they must complete credit counseling and must also pass a means test.
Why do people file for Chapter 7?
People usually decide to file for Chapter 7 when they feel that they are in over their heads in debt. When debt becomes unmanageable and people can no longer keep up or are experiencing long-term financial setbacks, they will usually consider filing for Chapter 7. Chapter 7 is ideal for people who do not have steady income, are behind on their payments to creditors and who have multiple sources of debt. By filing for Chapter 7, people often discover that they are able to get out of debt in a relatively short amount of time.
What is liquidation?
Liquidation is a process that occurs during Chapter 7 Bankruptcy proceedings. Simply put, liquidation occurs when a person’s property (house, car, etc.) is sold for profit. The profit is then turned over to the person’s creditor to repay the debt the person owes.
Do I need a lawyer to file for Chapter 7?
If you are thinking about filing for Chapter 7, it is important that you keep in mind that bankruptcy is a legal process. This means that you stand a better chance of obtaining a favorable outcome when you work with a legal professional who understands the bankruptcy laws of your state, like the attorneys at The Las Vegas Bankruptcy Law Firm. A bankruptcy lawyer can help you with your paperwork, represent you at your hearings and provide you with the answers you need throughout bankruptcy process.
Las Vegas Chapter 7 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 Chapter 7 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.
Bankruptcy Resources:
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