Stop the Creditor Harassment. Get Out of Debt.
If you are dealing with the stress of overwhelming debt, bankruptcy can be an excellent solution. When used wisely, it can provide debt relief, protect you from creditor harassment and enable you to move on with your life.
Many people ask us whether Chapter 7 or Chapter 13 is the right route to go. The answer will depend on your situation and your goals.
Chapter 7: A Clean Slate
Most of our Nevada clients file Chapter 7 bankruptcy, and for good reason. Chapter 7 can provide massive relief, completely eradicating many kinds of debt from your life and providing a clean slate. Chapter 7 filings can be used to discharge, or do away with:
- Credit card debt
- Personal loans and lines of credit
- Payday loans
- Medical bills, including bills for hospitals and doctor visits
- Vehicle loan debt on a car or truck that you do not plan to keep
- Some mortgage debt
- Some IRS debt and other tax debt
Chapter 13: Relief Through Reorganization
Chapter 13 is a way of reorganizing your debt in order to make it more affordable to you. The benefits of Chapter 13 are attractive to some consumers with greater assets, consumers who do not qualify for Chapter 7 and consumers who want to keep a particular asset. These benefits include:
- The ability to keep a home, car, boat or other asset that you would lose in a Chapter 7
- The ability to restructure back mortgage and vehicle payments in a way you can afford
- Some of the advantages of Chapter 7, including the opportunity to get rid of or reduce certain unsecured debts
Chapter 13 typically requires you to commit to a five-year payment plan to satisfy some of your debts. An experienced bankruptcy lawyer can help you figure out whether Chapter 13 makes sense for you.
Should I File Chapter 7 or Chapter 13 Bankruptcy?
At Randolph Law Firm, we can help you understand whether bankruptcy is right for you, and, if so, which type will be best. If a filing is in your best interest, we will file the necessary paperwork, represent you in legal proceedings and talk to your creditors and trustees when necessary. Contact us for a free consultation with a skilled Las Vegas Chapter 7 bankruptcy attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.