What is Chapter 7 Bankruptcy and How Does it Work?
Las Vegas, United States - December 8, 2023 / DeLuca & Associates Bankruptcy Law /
If you are overwhelmed with debts and unable to pay them back, filing for bankruptcy can save you from drowning completely and give you a chance to start over.
In this article, DeLuca and Associates Bankruptcy Law, a leading bankruptcy law firm in Las Vegas, explains how Chapter 7 Bankruptcy works and how it can save your financial life.
What is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy, also known as liquidating bankruptcy, is the most popular form of bankruptcy. It is the quickest, fastest, and easiest way to settle your debts and start afresh.
Chapter 7 primarily involves liquidating your (nonexempt) assets to settle creditors. When you file a Chapter 7 bankruptcy, the court will appoint a trustee to meet with your creditors to evaluate the debt's validity and review your assets to determine which ones can be liquidated.
The bankruptcy trustee will seize your nonexempt assets, including jewelry, collectibles, and other items not necessary for survival, and liquidate them to settle your creditors in order of priority.
What Are the Debts Payable Under Chapter 7?
Under Chapter 7, Bankruptcy, debts are categorized into dischargeable and non-dischargeable. Some of the non-dischargeable debts include student loans, child support, alimony, taxes, and secured debts. These are priority debts and will be settled first during the bankruptcy process.
Examples of dischargeable debts under Chapter 7 bankruptcy include credit card balances, medical bills, utility bills, payday loans, and outstanding security service fees. These debts are usually discharged under Chapter 7 bankruptcy, which means the creditors no longer have the right to reclaim their debt.
Can I file for Chapter 7 Bankruptcy Yourself?
While filing for Chapter 7 bankruptcy by yourself is possible, it is not always advisable. The process of filing for Chapter 7 involves many steps and procedures, which may be overwhelming if you do not have professional support.
It is also possible to make mistakes that will affect the filing process due to the high amount of paperwork involved. This is why it is better to work with a reliable and reputable bankruptcy law firm to increase the chances of filing a successful Chapter 7 bankruptcy.
About DeLuca and Associates Bankruptcy Law
DeLuca and Associates Bankruptcy Law is a leading consumer bankruptcy law firm in Nevada, committed to providing top-notch services to help ease the stress during the difficult period of filing for bankruptcy.
Unlike other bankruptcy law firms in Las Vegas, Deluca and Associates do not practice in other areas of law. Instead, they focus only on bankruptcy law, to ensure you enjoy the best services from the best bankruptcy attorneys.Call DeLuca and Associates at 702-252-4673 or visit their website.
DeLuca & Associates Bankruptcy Law
4560 S Decatur Blvd #302
Las Vegas, NV 89103