Chapter 7 Bankruptcy in Las Vegas
Chapter 7 Bankruptcy is a way to wipe out your debt by grouping everything together and in one shot creating a fresh start for yourself. Before filing a Bankruptcy you should always meet with a qualified attorney to consider all your options. With Chapter 7, you can wipe out your credit card debt, lawsuits, mortgages, medical bills and more. For a complete list of what you can and or cannot do you may want to spend some time on the Federal Bankruptcy website located here: http://www.uscourts.gov/rules/bkrules.php
When you file Chapter 7 you are not required to make repayments, instead your debts are completely wiped out. You can keep much of your property with Chapter 7. This is called an exemption. Exemptions are made for various types of items that you need for your survival, like food, housing, clothing, transportation etc. However, it does vary case to case and you should have that conversation with your attorney to understand what can stay and what has to go. On average the process can take anywhere from 5 – 7 months, but based upon your case could be faster or take longer.
There are debts that you cannot shed in a Chapter 7 Bankruptcy and those debts are called non-dischargeable. You should be aware of them and again speak with your attorney and double check the surrounding circumstances for each non-dischargeable debt, which can include most taxes, child support, court ordered fines and penalties, student loans and more.
After you successfully file, you will be free of all those annoying creditor calls because they must comply with bankruptcy law and stop the calls. Any lawsuits that are pending or people are pursuing will halt that were associated with debt that you filed against successfully. Now that you have a fresh start it’s important to protect your new credit record from here out and build good credit.