You can view bankruptcy as positive or negative activity. If you are burdened with debt, a Chapter 13 bankruptcy is often a positive solution, especially if you want to avoid foreclosure or keep your automobiles.
Filing for Chapter 13
Chapter 13 bankruptcy is a reorganization. Therefore, the filing gives you a fresh start but also assists you in maintaining your home and keeping your vehicles. Each person’s financial situation is different. That is why you first need to discuss your circumstances with bankruptcy attorneys in Henderson, NV. Legal experts can give you all the details that are involved in this type of filing.
What is good about filing bankruptcy through a Nevada firm such as Newark & Newark is the fact that the state permits several exemptions. Therefore, you can keep a big share of your property while going through bankruptcy proceedings. This makes it easier for you to stay afloat financially after repaying specific debts.
How the Law Differs in Nevada
According to bankruptcy attorneys, Nevada features some lenient regulations in its bankruptcy law. The state permits people in debt to keep homes up to a value of $550,000 and other asset classifications provided that specific criteria are met. Some of the exempted assets include home appliances. Click here for more details.
Bankruptcy attorneys add that one of the primary benefits of filing Chapter 13 is the fact that a debtor does not have to give up all of his or her non-exempted possessions. Also, paychecks are not instantly blocked. Therefore, debtors who can agree to certain repayment plans are able to keep all of their assets.
Chapter 13 bankruptcy services can actually create a positive financial change in your life. In fact, there is no limit to the number of times that you can apply for Chapter 13. This is not possible for Chapter 7 bankruptcy (liquidation). As a result, this filing should be strongly considered if you want to keep your home or car.
Visit http://nnbklaw.com/ for more information.