Las Vegas Chapter 7 Bankruptcy Lawyer
You may be reluctant to file for bankruptcy or uncertain whether now is the right moment. If you’ve arrived here at Black Mountain Legal, you’re already on the right track because you’re searching for answers. It’s time to act when nonstop creditor calls have you running from the phone. If you’re tired of struggling to afford and are nervous about getting your bank accounts seized or your wages garnished, it’s time to learn more about Chapter 7 and how a Las Vegas Chapter 7 bankruptcy lawyer at Black Mountain Legal will assist you.
Our Las Vegas Chapter 7 Bankruptcy Lawyer will go through your debt relief options with you so you can determine if bankruptcy is right for you. We are a team of seasoned Las Vegas bankruptcy attorneys at Black Mountain Legal who support people experiencing financial difficulties.
Las Vegas Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is a legal proceeding that requires some debts to be discharged. Debts that meet the requirements are discharged. Your creditors are no longer able to pursue you for payment. In essence, you have a clean slate. In Las Vegas, Nevada, filing for Chapter 7 bankruptcy entails declaring your assets and debts to the court. It includes announcing that you are unable to fulfill your financial obligations. The court investigates your financial condition and determines whether you are unable to pay your debts.
The court analyses your assets and decides which assets you are entitled to hold. Finally, you will be given the new beginning that you so rightfully deserve. You will be able to retain some of your most valuable assets, such as your house or vehicle.
Am I eligible for Las Vegas Chapter 7 Bankruptcy?
A variety of factors are examined when deciding whether or not a person has enough disposable income to pay off their debts. Many who pass the means test will apply for Chapter 7 bankruptcy. If you fail the means test, which means you have enough disposable income to cover your debts, you will still be able to file for Chapter 13 bankruptcy. The bankruptcy trustee named to manage your case under Chapter 7 will sell any nonexempt property and allocate the proceeds to your creditors.
Filing for Las Vegas Chapter 7 Bankruptcy
When you apply for Chapter 7 bankruptcy, you put a stop to your creditors. Creditors must end collection activities as soon as you file. There will be no more garnishments, foreclosures, or even pending lawsuits as a result of this. You won’t be bothered by unwanted letters or unwanted phone calls.
Your debts become a part of the legal action as soon as you file. Your creditors will be able to negotiate the debts only in the bankruptcy case. Since your bankruptcy attorneys handle the procedures on your behalf, you can relax.
You will have full rights to an automatic stay if you file a proper Chapter 7 bankruptcy petition as discussed above. This is a very useful tool. An automatic stay prohibits creditors from taking collection action against you under federal law. In other words, when the Chapter 7 bankruptcy petition is being processed, all legal actions by debt collectors must be temporarily stopped. While your bankruptcy is pending, debt creditors are unable to pursue your wages, bank account, or personal properties.
A common misunderstanding is that to get a debt discharge, people must sell all they own. This is not the case. In most cases, Chapter 7 bankruptcy enables you to retain most of your assets. A common misconception is that if you file for Chapter 7 bankruptcy, you will sacrifice your primary residence or your car. Contrary to common belief, you can retain your principal home and car if you are current with your payments at the time you declare bankruptcy and plan to continue paying the secured creditor.
Hiring a Las Vegas Chapter 7 Bankruptcy Lawyer
The bankruptcy process is difficult, and even a small blunder will result in your case being dismissed, placing you at the hands of your creditors. Our Las Vegas Chapter 7 bankruptcy attorney at Black Mountain Legal will assist you in handling the bankruptcy process and securing your assets across Nevada.