Chapter 13 Bankruptcy in Las Vegas
Need to save your house, save your car, stop the IRS from garnishing your wages, bank accounts or other items. Chapter 13 is where you can be protected from the creditors while you make scheduled repayments to get back to your fresh start. In this filing you have terms that are very favorable to you so that you can make your re-payments and thus complete your obligations under Chapter 13. In some cases a Chapter 13 can even eliminate 2nd and or 3rd mortgages.
While it is difficult to understand where you may fall, either Chapter 7 or 13, we can help you to understand which direction to take by explaining the best and worst case scenarios based upon our experience filing thousands of bankruptcies. If you can count on a future monthly income, it may make more sense to go ahead with the Chapter 13 and arrange payments to keep some of your assets. This also may depend on the market value of your assets. Homes are usually the main asset in a bankruptcy, if you have 2nd and even 3rd mortgages on your home, and have a solid income, Chapter 13 may be something better suited for your needs. With a free consultation we can determine which direction is best for you.
While Chapter 7 is a quicker fresh start, Chapter 13 is a longer process and because of this typical Chapter 13 Bankruptcies last on average for 3-5 years, but this is entirely dependent on your specific situation, your case can be longer or shorter. When the court sets your payments, you are required to make those payments. Over the term of the Chapter 13, there will be hearings that are very quick and informational.
When you create a Chapter 13 filing, you will divide your items into two areas; secured and unsecured. This is a way for the court to determine your case. Examples of unsecured debts are credit cards and medical bills, payday loans, re-possessed vehicles, collections agencies, etc. Secured debts are homes, cars, time shares, boats, etc. These are physical items that can be liquidated for a market value.