| Lawyers
Concentrating on Las Vegas Bankruptcy
This area contains information particularly
about Las Vegas Bankruptcy. It also discusses Chapter
7 (complete bankruptcy) and Chapter
13 (reorganization).
CHAPTER
7: (Liquidation)
Chapter 7 bankruptcy is for individuals that
are in serious financial troubles and do not have the ability to pay their
existing debts.
 The
purpose of filing a Chapter 7 bankruptcy case is to obtain a discharge
of your existing unsecured debts and to give you a "fresh start"
without the burden of overwhelming debt and debt collector harassment.
Note, however, that, even if you receive a discharge in Chapter 7, there
are some debts that are not discharged under the law. Therefore, you may
still be responsible for such debts as certain taxes and student loans,
alimony and support payments, debts fraudulently incurred, debts for willful
and malicious injury to a person or property, and debts arising from a
drunk driving judgment.
CHAPTER
13: (Repayment
of All or Part of the Debts)
Chapter 13 bankruptcy is designed
for individuals with regular income who are temporarily unable to pay
their debts, but would like to pay them in installments over a period
of time and have income which will enable them to do so.
You are only eligible for Chapter 13 bankruptcy
if your debts do not exceed
certain dollar amounts set forth in the Bankruptcy Code. Under Chapter
13, you must file a Plan with the court setting forth your plan to repay
your creditors all or part of the money that you owe them, using your
future earnings. Usually the period allowed by the court to repay your
debts is three years, but not more than five years. Your plan must be
approved by the court before it can take effect.
Under Chapter 13, unlike Chapter 7, you may keep
your property, both exempt and non-exempt, as long as you continue to
make payments under the plan.
After completion of payments under your plan, your
remaining unsecured debts are discharged (this discharge excludes alimony
and support payments, certain kinds of taxes, and long term secured obligations).
FREE CONSULTATION:
The Law Firm of R. D. Johnson & Associates
understands that those facing bankruptcy are under a tremendous amount
of pressure and anxiety. Therefore, in considering whether or not to file
bankruptcy, we will provide you with a free half-hour consultation with
an attorney who will assess your specific situation to help you determine
whether bankruptcy is the right choice for you. We will also explain the
process, inform you of your legal rights, and give you our honest opinion
on what choices you should make, so that you may make an informed decision
that is right for you.
For your information, the above contains some basic
information concerning the different basic types of Las Vegas Bankruptcy
filings that are available to most individuals.
(Please Note that this information is
only intended as general information and should not be construed in any
way as legal advice to you, as the questions of whether Bankruptcy is
right for your particular situation and, if so, what type of Bankruptcy
should be filed should only be ascertained after consultation with a licensed
attorney and careful consideration of the specific facts of your particular
situation): |
