Nevada Chapter 7 Bankruptcy Attorneys
Chapter 7 Bankruptcy Overview
Chapter 7 Bankruptcy allows people struggling with debt to discharge many unsecured, non-priority debts without any repayment. Therefore, you will be assigned a bankruptcy trustee who will oversee your case. They will make sure that your petition is accurate and that you didn’t fraudulently incur debts with the intention of discharging them in bankruptcy.
A Chapter 7 Bankruptcy typically lasts 4-6 months. During that time, you will be protected from foreclosure, repossession, and garnishment due to the Automatic Stay of Protection. The Stay goes into effect once your petition is filed. It lasts until your case is discharged or dismissed.
Advantages and Disadvantages of Filing Chapter 7 in Henderson, NV
The most obvious advantage of Chapter 7 Bankruptcy is that you don’t have to pay your creditors for your debts to be discharged. You will also be protected from collection from your creditors by the Automatic Stay of Protection for the duration of your case. Chapter 7 Bankruptcy is a relatively short and simple process, as far as legal procedures go. The 4-6 months pales in comparison to the 3-5 years that a Chapter 13 Bankruptcy lasts.
Chapter 7 Bankruptcy in Nevada doesn’t come without its disadvantages. Your credit may take a hit after you file, and you may have difficulty opening new lines of credit after you’ve filed. You will need to wait 2 years before you qualify for a home loan. The bankruptcy will remain on your credit for 10 years from your date of filing.
Medical Debt and Chapter 7 Bankruptcy
Medical debt is the top reason that people in Las Vegas and throughout Nevada end up filing bankruptcy. It is common that American medical bills can be outrageously expensive, even with insurance coverage. Illness and injury can also cause a person to have to take time off work, creating an even larger problem. Additionally, they may need to take out credit cards and other loans to provide for basic needs during this time.
If you file bankruptcy on medical debt, you should be aware that your doctor may decline seeing you after you have filed. Also, they will need to be listed as one of your creditors, as you don’t get to pick and choose which creditors will be included in your bankruptcy. Plus, your doctor will likely resume visits if you pay the debt balance after your case is discharged.
Choosing the Right Attorney for your Nevada Bankruptcy Filing.
If you aren’t in an emergency situation, you should take the opportunity to speak to multiple bankruptcy attorneys before hiring one. Some bankruptcy firms may charge for consultations, but ours offers them at no cost to you. In a consultation, you will need to give the attorney a representation of your situation as fully and accurately as possible. Additionally, they can identify things like potential obstacles in your case and barriers to filing.
For most Chapter 7 filers, cost is obviously a concern when choosing an attorney. As tempting as it can be to go with the lowest cost attorney, it may end up costing you in the long run. Be sure to read reviews, and look out for attorneys who only practice bankruptcy when the economy is bad.
Our firm has an innovative program called Zero Down Bankruptcy. This is a payment option that allows you to pay for your Chapter 7 Bankruptcy in affordable installments after your case is filed. Payments are credit reported to boost your credit score. Your payment plan will be at a 0% interest rate.