Las Vegas Chapter 13 Bankruptcy Lawyer
Experienced Chapter 13 Bankruptcy Attorneys Serving Las Vegas, Nevada
Loss of employment, injuries, divorce, and sudden illness—numerous events in life fuel the growth of large amounts of debt. Many individuals want to pay back their creditors; however, due to unexpected struggles such as divorce, high hospital expenses, job losses, etc., they simply cannot pay back them on time. Our Las Vegas chapter 13 bankruptcy lawyer at Black Mountain Legal understands that decent people like you often need help. What you would not know is that, even if you’re down on your luck, you’ve got options. Let our team help you understand how Chapter 13 Bankruptcy functions. Feel free to contact us to start working on your case immediately.
What Is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy is considered to be a debt repayment plan that is most helpful for people with regular income and who are presently unable to pay their debts but who desire to do so. Under Chapter 13, individuals propose and implement a repayment plan by which creditors are paid through an extended length of time, usually between three and five years. In Chapter 13 Bankruptcy, you will cooperate with your creditors and the Bankruptcy Trustee to set up a 3 to 5-year payment plan. Your outstanding unsecured debts will be discharged after the plan.
Most filers end up having to pay pennies to the dollar for their unsecured debts. You may choose whether to continue making payments on your secured debts, such as mortgages and car loans or to surrender the property. The unpaid portion of your unsecured debt, such as credit card and medical bills, will be discharged at the end of your schedule. Many debtors file for Chapter 13 because it enables them to preserve property while reorganizing the debt and enables the debtor to avoid foreclosure to the house.
Does This Impact My Credit Score?
As in Chapter 7 Bankruptcy, the impact that Chapter 13 would have on your credit score will depend on your credit before filing. Since your debts will be repaid in Chapter 13, the possibility for negative effects is much smaller in Chapter 13 than in Chapter 7.
Should I Opt For Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy could be your best choice if you have a steady income. You use your monthly revenue and expenditures to determine your monthly payment amount. The payment is distributed between your debts. If you have secured debts, such as mortgages or car payments, you can use these monthly payments to keep up with your debts and keep those things. For unsecured debts such as credit card debt, you can use monthly installments to pay off some of what you owe. Then, when your payment period in Chapter 13 is through, your unsecured debts will be wiped out.
Advantages Of Las Vegas Chapter 13 Bankruptcy
Las Vegas Chapter 13 Bankruptcy offers significant benefits for individuals, including:
- Avoiding default mortgages and halting foreclosure by enabling you to pay any mortgage arrears under Chapter 13.
- Preventing threatening creditor phone calls, letters, and emails through an automatic stay that prohibits most creditors from bullying you in your situation. An automatic stay is one of the main advantages or tools of Chapter 13 bankruptcy. Although automatic stay extends in all consumer bankruptcy cases, it is especially useful in Chapter 13 cases because it can allow the debtor to prevent foreclosure at home.
- Minimizing the amount of the car loan to the actual value of the vehicle.
- No interest paid on credit card and business debt after filing
- No interest or penalties accrued on tax debt after filing
- You will be able to avoid a second mortgage
Chapter 13 Insolvency is a potential option for many of those facing seemingly unmanageable debt. However, this is a complicated procedure that is best done by an experienced Las Vegas chapter 13 bankruptcy lawyer.
Consult With Our Las Vegas Chapter 13 Bankruptcy Lawyer
If you are seeking bankruptcy in Las Vegas and have concerns as to whether Chapter 7 or Chapter 13 Insolvency is right for you, it is critical to discuss your case with an experienced Las Vegas chapter 13 bankruptcy lawyer at Black Mountain Legal.
Commence your Chapter 13 Bankruptcy with Black Mountain Legal today and let us help you get the financial relief you need.