Las Vegas Chapter 7 Attorney
Chapter 7 Bankruptcy Explained
Do I Qualify?
Also, when deciding whether to file a Chapter 7 Bankruptcy, it is important to consider what secured assets you have. If you have a mortgage or car loan, and are behind on those payments, Chapter 7 Bankruptcy will not protect you against losing your car or home. If you have a house or car and intend to keep it, you will consider entering into a Reaffirmation Agreement. This means that you are entering into an agreement to keep the debt, even though you have the right to have it discharged, so that you can keep the asset. If you are behind on payments on your mortgage, you may wish to file a Chapter 13 that allows you to repay the delinquent amount over time.
Another issue is to decide on any unexpired leases whether you wish to keep them or terminate them. Leases can be a residential lease or a vehicle lease. The bankruptcy can allow you to walk away from unaffordable leases.