Filing Bankruptcy Or Debt Settlement In Las Vegas
If you are in so much debt, that you can honestly say that you cannot get out of it without some professional help, we are lawyers that can help if you are Filing Bankruptcy Or Debt Settlement Las Vegas
Chapter 7 is a liquidation or a fresh start. This is for people that cannot pay all of their debts, so they would like to try to get it discharged. The debts are forgiven legally. This can help many people that are in this position.
There are several reasons why you might need this:
- Out of work
- Substantial medical bills
- Personal circumstances that may come about
Filing Chapter 7 will give the individual the opportunity to turn their lives around.
In 2005 congress passed legislation regarding the bankruptcy laws and it was broad and sweeping. It created a financial analysis required of all debtors to compare with the median income based on household size and residency. This would determine if the person was eligible for a Chapter 7 discharge.
In passing this legislation, it was thought that more people would be unable to qualify for a Chapter 7. The fact of the matter is that only 3% of all debtors were affected by this legislation.
Because of this legislation, though, it does take more work to file a Chapter 7, and you definitely need a professional who knows all of the laws and changes of the laws to help with the process.
Credit Counseling Course
All debtors who are looking to file Chapter 7 must take a financial credit counseling course. You can take the course online for a small fee. Thee are numerous companies that offer the course, so they are readily available. You must take the course before you are able to file.
What do you get to keep?
In a Chapter 7, you can still keep your home and your car. If you want to keep your home, you just keep paying the mortgage payments as usual. If you cannot pay the mortgage, you can simply walk away from the house. If there is substantial equity in the home, you may need to file a Chapter 13 instead in order for you to keep the home.
You can keep most of your assets when filing Chapter 7. This is for the fresh start that when you need. If they have tens of thousands of dollars that are not in retirement accounts, there would be a limit on what you can keep. The exception is actually very generous, so most people get to keep everything they own.
What about credit?
Believe it or not, people who have their debts discharged in a Chapter 7 will most likely end up with a better credit rating that someone who tries to pay their bills through a credit counseling company. This is because the debt to income ratio. The person who has high debt will be more of a credit risk than the person that has their debts discharged.
If you are Filing Bankruptcy Or Debt Settlement Las Vegas, these are some points that you need to be aware of. We specialize in bankruptcy law and are aware of all recent changes in the laws. If you need a free consultation, please contact us for more information.
We are the best Lawyers to contact if you are Filing Bankruptcy Or Debt Settlement Las Vegas.