Chapter 7 and 13
Chapter 13 Bankruptcy
A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
Chapter 13 Eligibility
Any individual, even if self-employed or operating an unincorporated business, is eligible for Chapter 13 relief as long as the individual’s unsecured debts are less than $336,900 and secured debts are less than $1,010,650. 11 U.S.C. § 109(e). These amounts are adjusted periodically to reflect changes in the consumer price index.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.
Chapter 7 Eligibility
To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. 11 U.S.C. §§ 101(41), 109(b). Subject to the means test described for individual debtors, relief is available under chapter 7, irrespective of the amount of the debtor’s debts or whether the debtor is solvent or insolvent.
I’ve been practicing Bankruptcy Law for years, with dozens of successful cases to my name. My Las Vegas clients can count on my expertise to manage the legal framework supporting their endeavors. When I am involved in a case, I help my client successfully resolve it as quickly and efficiently as possible.
Bankruptcy News & Resources
Can the filing of bankruptcy stop imminent foreclosure?
Can your bankruptcy stop the foreclosure process?
Yes, it can but for short-term and assuming it is not your third bankruptcy case within a year. We do not suggest to use it only for stopping foreclosure unless there are other accompanied issues associated with foreclosure.
Answers to some of the common bankruptcy questions.
Do your homework
A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems, because this has a long-term impact, so all decisions should be done after great deliberation and calculation.
How Bankruptcy Stops Collection
Bankruptcy is a powerful tool, and one of the most powerful feature of bankruptcy is that it stops most debt collection process. Our law office can also help in this regard. The screaming debt collectors, invading and intruding in your privacy all the times, early and late evenings, can stop this non sense altogether. Once you file your bankruptcy, all collection must cease immediately.