Henderson Chapter 13 Bankruptcy Lawyer
It is a widespread myth that people with substantial income are unable to obtain debt relief through the bankruptcy process. Many people who receive regular income often find themselves overextended and unable to keep up with their monthly bills. In certain cases, individuals and families are unable to apply for Henderson Chapter 7 Bankruptcy. In other cases, an individual may be reluctant to file for Chapter 7 Bankruptcy because they may have to part with significant assets. Luckily for debtors, Chapter 13 bankruptcy can often enable people who receive regular paychecks to retain their assets when paying down their debts.
Bankruptcy seems horrible, but the truth is that it may be your lifeline. You’re not going to need to recover from bankruptcy. Instead, you’re going to rebound from bankruptcy. If you are struggling with finances and have yet to find an effective and sustainable result, you will continue to fight for years to come, maybe decades to come. As you struggle to remain alive, the stress will rise as your financial condition deteriorates.
If you’re struggling with your finances and need a fresh start, get the assistance of an accomplished Henderson Chapter 13 Bankruptcy Attorney at Black Mountain Legal to help you decide the best course of action. Black Mountain Legal is here to make the best possible decisions to get a fresh start and prevent the most obvious mistakes people make when finance becomes a matter of concern.
Henderson Chapter 13 Bankruptcy
If you are still working but dealing with bills and other debts, Chapter 13 Bankruptcy provides a powerful remedy.
Chapter 13 Bankruptcy will assist with any form of debt and help prevent huge consequences, such as home foreclosure and car repossession. Chapter 13 helps you to reimburse your creditors with a flexible repayment plan that excludes excessive interest rates, fines, lawsuits, and garnishments.
Difference Between Secured And Unsecured Debts
Not all debts are handled equally in Chapter 13 Bankruptcy. Secured debts have importance. Secured debts include mortgages, auto loans, and tax debts secured by a lien on your house. Once these debts have been settled in full or brought into effect, the unsecured creditors will be repaid a portion of what you owe. The percentage is based on your “disposable income” and any assets available to the bankrupt estate.
In fact, many of your assets are entirely excluded from bankruptcy. Under Henderson law, you can exclude up to 75% of your weekly “disposable” income or 50 times the federal minimum wage ($7.25 per hour). You can also exclude up to $12,000 from “necessary” household furnishings and one personal vehicle (up to $15,000). Social security, retirement plans, income from life insurance, and payments from public assistance are also not subject to Chapter 13 Bankruptcy.
It is essential to consult an accomplished Henderson Chapter 13 Bankruptcy attorney before you file for bankruptcy. A repayment plan is a complicated undertaking that will take several years to complete effectively. You need to be fully informed of the risks and commitments involved. Our Nevada Bankruptcy attorney will make sure you’re not caught unprepared.
Achieving Debt Relief in Henderson
Bankruptcy laws have been implemented to provide financially-stressed individuals with an opportunity to get debt relief and a chance to start again. When you consult us to address your situation, we will evaluate your financial situation and discuss your options.
Chapter 13 Bankruptcy is well-suited for individuals with regular income or who have substantial assets that they want to maintain, such as a home.
Consult with our Henderson Chapter 13 Bankruptcy Lawyer
As soon as we file for you a Chapter 13 Bankruptcy, the threat of foreclosure ceases, as do repossession, garnishment actions, and creditor bullying.
Black Mountain Legal will create a reorganization strategy to provide you with full debt relief. We will also aim to optimize your exemption from property to allow you to maintain as much of your property as possible. In most cases, you can retain all of your property, including your house, cars, retirement accounts, and personal property. Get in contact today with Black Mountain Legal to discuss your case.