Clearing All Points on Questions Concerning Chapter 7 and Chapter 13
Chapter 7 and Chapter 13 are the two main options a client that qualifies for bankruptcy has. Although the bankruptcy las vegas attorney are the most ideal professionals to give more specific details and reasons on why to choose the first or the second choice, it is best to know some things upfront, before you make the decision and see what your best interest is.
How the bankruptcy affects debts and ordinary life
So some of the first main questions someone could have concerning those two chapters is how the bankruptcy will affect the person’s and his family debt and home. In the case of debt and Chapter 7, with few exceptions such as student loans and government taxes, many debt obligations are ceased to exist. In the case of Chapter 13 though at the same category, which is the case where a person is proved to have the financial state to pay his or her debts, debt payment is done in small installments. The payment plan in this case could last up to 5 years, which may prove to be adequate time for most cases to fix their dues.
Bankruptcy affects home environment this time. What you should know!
In the second case of how the bankruptcy lawyers las vegas affects the person’s home, it is important to know that the indebted can keep his house in certain cases where he or she fully complies with the payments. This is true for Chapter 7 court procedures. In Chapter 13 things are similar and related to the debtor’s punctuality in handling over the installments in time.
Take the “Means Test” for covering any possibility
As always, should you qualify for the Chapter 7 or Chapter 13 case, a means test is always the best measure to see how you will be able to pay a part or your whole debt before you choose with your bankruptcy attorney the best option.
How the bankruptcy affects debts and ordinary life
So some of the first main questions someone could have concerning those two chapters is how the bankruptcy will affect the person’s and his family debt and home. In the case of debt and Chapter 7, with few exceptions such as student loans and government taxes, many debt obligations are ceased to exist. In the case of Chapter 13 though at the same category, which is the case where a person is proved to have the financial state to pay his or her debts, debt payment is done in small installments. The payment plan in this case could last up to 5 years, which may prove to be adequate time for most cases to fix their dues.
Bankruptcy affects home environment this time. What you should know!
In the second case of how the bankruptcy lawyers las vegas affects the person’s home, it is important to know that the indebted can keep his house in certain cases where he or she fully complies with the payments. This is true for Chapter 7 court procedures. In Chapter 13 things are similar and related to the debtor’s punctuality in handling over the installments in time.
Take the “Means Test” for covering any possibility
As always, should you qualify for the Chapter 7 or Chapter 13 case, a means test is always the best measure to see how you will be able to pay a part or your whole debt before you choose with your bankruptcy attorney the best option.
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