Chapter 7 Bankruptcy Attorney in Henderson
Nevada’s Best Chapter 7 Bankruptcy Lawyer
Chapter 7 bankruptcy is the type of bankruptcy that virtually wipes the slate clean of unsecured debt including: (credit cards, medical debt, non-secured personal loans and lines of credit, amounts owed on leases, amounts owed after vehicle repossessions and more). Keep in mind, an individual or couple must qualify for chapter 7 to get chapter 7 relief. Our bankruptcy attorneys in Las Vegas and Henderson are experienced professionals who will determine, not only if you are a candidate for chapter 7 debt relief, but also, given your current state of affairs, how it would effect you.
You are not asked to make payments in a chapter 7 bankruptcy. Instead, your debts are completely alleviated and wiped away in the filing. Additionally in your chapter 7 bankruptcy, you are able to hang on to much of your property. These are some of the many reasons that chapter 7 bankruptcy is the most used chapter of bankruptcy in Nevada.
Chapter 7 Bankruptcy Exemptions
The ability to keep your possessions in a bankruptcy is called an exemption and in this case, an exemption is a good thing. Exemptions are made for various types of items that you need for your survival, like food, housing, clothing, transportation etc. However, it does vary case to case.
Therefore, bankruptcy exemptions in a chapter 7 is definitely something that you should explore. Your Henderson bankruptcy attorney can explain to you in detail what things you are able to keep and what things may have to go when considering declaring bankruptcy. Our experienced debt relief expert knows the how to make the most of your bankruptcy exemptions.
Typically, a chapter 7 bankruptcy filing in Nevada takes on average about 5 to 7 months. Every case is unique. Some complete faster. In some cases it may take longer. Either way, our Nevada bankruptcy attorney will be with you every step of the way as you file for bankruptcy protection in Clark County, Nevada.
What are the differences between a No Asset Chapter 7 and an Asset Chapter 7?
A No Asset Chapter 7 case means that the trustee has abandoned all assets and will not be taking any of your assets to sell to pay creditors. An Asset Chapter 7 case means that the trustee is holding open the case so that he/she may sell some of your assets. The trustee will usually set up an auction to sell your property. Remember: The trustee can only sell something over the exemption amount. Some of your assets are protected by the aforementioned exemptions.