Assisting You Through The Chapter 7 Bankruptcy Process
Contrary to popular belief, there is more than one way to file for bankruptcy. For individuals, there are Chapter 7 bankruptcies and Chapter 13 bankruptcies, and depending on your financial situation, one might be better than the other for you.
A Chapter 7 bankruptcy can allow you to start over with your finances, get rid of your debts and give you a fresh start in life. It is an appealing option for many people who are buried in debt and don’t currently have the income to pay off their debt. If creditors are harassing you and you don’t know where to turn, our Las Vegas bankruptcy attorneys at May Brock Law Group can help.
Evaluating If Chapter 7 Bankruptcy Is Right For You
Chapter 7 bankruptcies are the most commonly known type of filings. This type of bankruptcy requires liquidation of nonessential valuables but will keep all your creditors from calling you. It also may allow you to keep your home, vehicle and other important possessions.
Chapter 7 bankruptcy is a good option for those with a low income and significant debt. However, each bankruptcy case is different and should be treated accordingly. Our attorneys will evaluate your level of debt and your income to determine whether you qualify for filing a Chapter 7 bankruptcy in Las Vegas. Then, we will walk you through the bankruptcy process and help you meet your goals.
Which Debts Get Erased During A Chapter 7 Bankruptcy?
In a typical Chapter 7 bankruptcy, almost all of the debts are erased, giving you a fresh start with your finances.
However, you might still have to pay specific types of debts, including:
- Child support
- Fraudulent debts
- Student loans
- Some credit card debt
If you are concerned about which of your debts might not get discharged through a Chapter 7 bankruptcy, we can discuss your options to determine if filing for bankruptcy is right for you. At May Brock Law Group, we work to ensure that our clients get the information they need to make educated decisions.
By Your Side Through Every Step Of The Bankruptcy Process
Though Chapter 7 bankruptcies will give you a clean slate, there are some issues that must be resolved. Typically, your assets will be liquidated (sold) during bankruptcy to pay off your creditors. That does not mean, however, that you must give up your home and possessions.
You can file a reaffirmation agreement that indicates that you will continue to make payments on particular items, such as your car. This process, however, also prevents you from being able to file bankruptcy for the reaffirmed debt for the next several years. Therefore, you should consult with the attorneys at May Brock Law Group before deciding whether a reaffirmation agreement is right for you.
Let’s Get Started On Your New Beginning
If you are considering bankruptcy, the attorneys at May Brock Law Group understand that you’re financially difficult. With that in mind, we educate each client we work with about the benefits and downsides of both types of bankruptcy. Additionally, we can help you determine whether bankruptcy is the right option for you. Contact us to schedule a consultation by calling 702-960-1270 or completing our online contact form to get in touch.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.