What Does Chapter 13 Bankruptcy Mean?
You decided it is time to get control back into your life. You decided to file for bankruptcy in Las Vegas. The problem is, however, you don’t know a thing about it or where to find a Las Vegas lawyer.
Questions such as will I lose my house and car worry you. Will my credit recover? Can I live a normal life again?
When filing for bankruptcy, it helps to know what you’re getting into. Last week, we discussed Chapter 7 bankruptcy. We touched on what this type of bankruptcy can and cannot do for you, and how some situations require Chapter 13 bankruptcy. Today, we will discuss what Chapter 13 bankruptcy is and how a bankruptcy attorney can help you.
When You Need Chapter 13 Bankruptcy
Whenever you start to file for bankruptcy, consult with a bankruptcy attorney in Las Vegas. This is the most important step before performing a legal action. At Luh and Associates Attorneys at Law, our Las Vegas lawyers will guide you through the process and advise which type of bankruptcy is best for you.
Chapter 13 bankruptcy differs from Chapter 7 in that debtors propose a repayment plan for their debts. This plan lasts for a length of three to five years. This is opposed to Chapter 7 in which wipes out some or all debts without repayment, but the debtor must wait seven years if they want to file for bankruptcy again.
Advantages of declaring Chapter 13 over Chapter 7 include:
- Filer saves collateral, such as a home, from repossession
- Consolidates loans into one and the debtor pays a trustee
- Discharges other debts after three to five years
- Makes nondischargeable debts like student loans manageable
- Quicker time of recovery on your credit
Need to Declare Bankruptcy in Las Vegas?
At Luh and Associates Attorneys at Law, our attorneys can help you get your life back on track. All our lawyers are experts in the field and give you the best legal counsel and representation in court.
Contact us today for a free consultation.