Henderson Chapter 7 Bankruptcy Lawyer
Chapter 7 Bankruptcy is considered to be a resolution for crushing debt, enabling you to make a fresh start without the burden of overwhelming financial obligations. This is true to a certain extent, but there’s much more to the legal proceedings that you need to understand before filing.
The eligibility rules are strict and complicated, possibly eliminating the option of debt liquidation. Even if you do qualify, there are serious long-term consequences that you must balance concerning your future. Plus, you need to keep in mind that these laws are designed to protect your creditors just as much as your interests. Based upon these factors, it’s critical to consult with a Henderson Chapter 7 bankruptcy lawyer at Black Mountain Legal about the process.
Our Henderson Chapter 7 Bankruptcy attorneys understand that many unfortunate circumstances lead people to consider bankruptcy. We’re here to provide the advice you need to make an informed decision about your future, and we’re with you every step of the way during bankruptcy proceedings.
Henderson Chapter 7 Bankruptcy
Chapter 7 is what most people think of when they hear the term bankruptcy. In Chapter 7 bankruptcy, you’re going to flush out your debts and get a new start. Chapter 7 Bankruptcy is a bankruptcy where the trustee gathers all of the assets and sells any non-exempt assets. The trustee shall sell the assets and pay you, the debtor, any sum exempted. The money received from the liquidation is then dispersed to your creditors with a fee taken over by the trustee in charge of the distribution. Chapter 7 Bankruptcy will release a person of many cumbersome debts and provide hope for the future prospects of the individual.
Although Chapter 7 bankruptcy is usually the most direct form of bankruptcy open to a person, there are still many complicated and nuanced procedural criteria that need to be met when filing for Chapter 7 in Henderson which is why you need a bankruptcy attorney from Black Mountain Legal on your side.
Do I Qualify For Chapter 7 Bankruptcy In Henderson?
If you earn more than the typical Henderson family based on a household of similar size, you would need to clear the Means Test before you can apply for Chapter 7 Bankruptcy.
Theoretically, a means test was taken to prevent those who could afford to pay things back to creditors from receiving immediate relief through Chapter 7. In reality, it is yet another form of government that seems utterly disconnected from logic.
However, if you apply for Chapter 7, you can “liquidate” your assets to pay off your debt. If you are not eligible, you will file for bankruptcy under Chapter 13, the “reorganization” bankruptcy that places you on a payment plan to repay creditors. For many people, Chapter 7 is the most enticing option.
Debts That Cannot Be Discharged
Most debts cannot be discharged in a Henderson Chapter 7 Bankruptcy, such as child support, deceitful debts, alimony, certain taxes, student loan debt, and certain items charged. In most Chapter 7 cases, the debtor has huge credit card debt and other unsecured bills, and very few assets. In the majority of cases, the bankruptcy of Chapter 7 is capable of completely eliminating all of these debts.
Consulting with a Henderson Chapter 7 Bankruptcy Lawyer
If you have debt obligations that you cannot pay, you may be looking for a way to get out of debt. Filing Chapter 7 Bankruptcy in Henderson may give you the debt relief you need while safeguarding your property from being foreclosed, seized, or levied to pay the debts. However, filing for Henderson’s bankruptcy is not something that needs to be taken lightly.
Consult with a Henderson Chapter 7 Bankruptcy Lawyer at Black Mountain Legal now to get your financial problem under control and start your financial life afresh. There’s a way out of the financial difficulties you’ve found yourself in, and we’re here to help you out.