Bankruptcy Including Chapter 7, 11, 13
The Law Offices of Christine Roberts focuses on bankruptcy litigation. Bankruptcy is, of course, the legal proceedings, allowing an individual who can no longer pay his or her bills get a clean slate financially. Although bankruptcy is considered a last resort as it has long lasting effects on a person’s credit, it is sometimes the only option a person has to rectify the financial situation they are currently experiencing. Read on to learn more about the most common types of bankruptcy filed in Clark County, Las Vegas:
Bankruptcy Chapter 7
Chapter 7 bankruptcy is also referred to as liquidation or straight bankruptcy and is the most commonly filed type of bankruptcy. To file, a debtor has to give up property that exceeds the exemption limits. This property will then be sold to pay creditors. Chapter 7 is applicable for married couples and individuals. Although possessions are taken and sold to repay debt as mentioned, federal laws do protect some property, ensuring a person isn’t completely wiped out by filing bankruptcy.
Bankruptcy Chapter 11
Chapter 11 bankruptcy is sometimes called reorganization. It is most often utilized by businesses but some individuals with excessive debts that exceeds the limits for filing chapter 13 do file chapter 11 on occasion.
Bankruptcy Chapter 13
This type of bankruptcy requires individuals to file a debt payment plan as part of the bankruptcy. It is sometimes called debt adjustment or wage earner’s plan instead of chapter 13. The debtor pays what they can each month as per their repayment plan agreement. All debts are grouped together and are paid based on priority. To file chapter 13, unsecured debt has to be less than $336,900 and secured debt less than $1,010,650.
Exemptions in Nevada
Property that is considered exempt in Nevada means an individual doesn’t have to sell that particular possession when filing bankruptcy. In most situations, a person will not lose their home or car. However, to find out for sure what is considered exempt, it’s a good idea to talk to a bankruptcy lawyer.
Steps to Take Before Filing Bankruptcy
Bankruptcy is often the only way for a person to restore their financial standing when they are in over their heads. However, not all debts are eliminated during bankruptcy. Child support or alimony payments and student loans are just a few examples of debts that will still remain. Call the Law Offices of Christine Roberts today to learn more about how filing bankruptcy can help you.