Las Vegas Bankruptcy Lawyer: Chapter 7 & Chapter 13
Attorney John Ryan of the Law Office of John Ryan is often asked to explain Chapter 7 Bankruptcy and the relief it provides for those suffering from debt. Chapter 7 bankruptcy is often called straight bankruptcy and is the process of liquidation in which the debtor turns over all non-exempt assets to the trustee of the bankruptcy proceedings. The bankruptcy trustee will, in turn, convert it to cash and distribute the proceeds to creditors.
A chapter 7 debtor will complete a voluntary bankruptcy petition at which time they will list or schedule all of their assets and liabilities and creditors. The debtor will also be required to complete pre- and post-bankruptcy education courses and attend a meeting of creditors.
Generally, within four months or so, the chapter 7 debtor will receive a discharge of all dischargeable debts. Chapter 7 is an attractive option, if you qualify, because it gives the debtor a relatively quick fresh start.
Eliminating or Restructuring Debt with Chapter 7 / Chapter 13
Knowing the differences between Chapter 7 and Chapter 13 bankruptcies highlights the need for adequate bankruptcy information to be readily available. Distinct from Chapter 7 bankruptcy, Chapter 13 bankruptcy is provided for those that earn wages and who can thus use their income to pay off creditors within a stipulated time period.
With proper bankruptcy information in hand, one can understand that it is a law that is available for those who are unable to pay off their debts which can be utilized to provide a means of paying off their creditors. With no more debtors prisons, one no longer needs to have to worry about spending time behind bars due to inability to pay off debts.
As more banking information becomes available, one will realize that now record numbers of people are filing for bankruptcy each and every year, and armed with such bankruptcy information, one can learn to avoid bankruptcy; since filing for bankruptcy will leave a permanent record on a person’s credit report for seven years.
By taking the time to understand the different types of relief available under chapter(s) 7 and 13 bankruptcy, consumers can make make informed decisions regarding debts which may have gone out of control. By educating oneself through study of bankruptcy information, one can learn about the different categories and the consequences of each type.
Bankruptcy is indeed a dreaded word that, in today’s fast-paced as well as materialistic society, is an option that many more consumers are having to consider. Through bankruptcy information, one learns that bankruptcy law firms, credit counseling services as well as even do-it-yourself bankruptcy kits are all being widely advertised everywhere, which only shows the seriousness of such a circumstance, and how best to deal with it.
Although society continues to view bankruptcy in a negative light, it shouldn’t. The fact is bankruptcy code provides relief for those in need for a reason, to provide an individual to rebuild their lives. If you suffering with personal debt or have questions about chapter 7 or chapter 13 or debt settlement options seek the guidance of a consumer bankruptcy attorney and put your mind at ease.