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our missionFiling for bankruptcy in Las Vegas? Vohwinkel & Associates offers Zero Money Down on Chapter 7 Bankruptcy in cases of wage garnishment only. Flexible payment options, and the best resources to handle all your legal needs.

Chapter 7 Bankruptcy

chapter 7 pageIn Las Vegas and Henderson, Nevada, the attorneys at Vohwinkel & Associates help consumers free themselves from the burden of overwhelming debt and start over with a clean slate through the help and protection afforded by a Chapter 7 bankruptcy proceeding.

What is Chapter 7 Bankruptcy?

In a Chapter 7 bankruptcy, also known as “liquidation”, allows you to eliminate almost all of your debt without having to pay your creditors. Once those assets have been sold and the proceeds disbursed, any remaining debts are discharged by the bankruptcy court. The debtor emerges from the bankruptcy virtually debt-free, ready to make a fresh start.

A common misconception is that people have to sell off everything own before they can receive a discharge of debt. This is not so. Chapter 7 Bankruptcy typically allows you to keep all of your property. A common misconception is that you will lose your primary residence or your motor vehicle if you file for Chapter 7 Bankruptcy. Contrary to that belief, you may keep your primary residence and your motor vehicle provided you are current on the payments at the time of filing Bankruptcy and you agree to continue making payments to the secured creditor by executing a reaffirmation agreement.

Keep in mind, however, that not all debts are dischargeable in bankruptcy. For instance, student loans and government loans and certain tax debt are not generally dischargeable, and domestic relations orders such as child support obligations cannot be discharged. Again, a qualified bankruptcy attorney at Vohwinkel & Associates can analyze your existing debt and let you know what a Chapter 7 bankruptcy can and can’t do for you.

When is Chapter 7 Right For Me?

Chapter 7 Bankruptcy is most attractive to consumers with a large volume of unsecured debt, such as credit card debt or medical bills. A Chapter 7 filer will also need to have a monthly household income below the state median or satisfy a means test that shows your disposable income is low enough that you qualify for Chapter 7 banruptcy. If you are not eligible to file for Chapter 7 bankruptcy, or if your debt is mostly secured by property that you wish to keep, such as your home, you may want to consider filing Chapter 13 bankruptcy instead.

Our attorneys will meet with you personally and take the time to understand your unique situation and advise you on whether Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, or even a non-bankruptcy solution such as debt settlement, is best for you.

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