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If you’re overwhelmed by debt and can’t find a way out, it’s time to talk with a bankruptcy attorney. You don’t have to fight this battle alone. The solution to your financial problems may be right in front of you.
Creditors and debt collectors don’t want you to know that help is available, but we do. Get started with a PandA bankruptcy lawyer and get the information you need to make powerful, educated decisions about your future.
3. Bankruptcy payment plans are available
We offer payment options that fit your budget and timeline. Our fees are competitive, and that’s because we’re not a bankruptcy mill – our final fees are determined on a case-by-case basis. Plus, everything can be done online and over the phone – no office visit is needed.
Chapter 7 is the most common type of bankruptcy. Chapter 7 is a liquidation bankruptcy that wipes out most of your general unsecured debts, such as credit cards and medical bills, in as little as four to six months without the need to pay back balances through a repayment plan. In order to qualify for Chapter 7, you must qualify under income limits that vary by state.
Current bankruptcy laws have made it more difficult for some debtors to file Chapter 7 Bankruptcy and instead require them to repay a portion of their debts through Chapter 13. Chapter 13 is a reorganization bankruptcy designed for debtors with regular income who can pay back at least a portion of their debts through a repayment plan. Many debtors choose to file for Chapter 13 because it offers many benefits that Chapter 7 does not.
Despite being one of the best legal remedies available for people who are struggling with financial hardship, there are a lot of misconceptions associated with bankruptcy. Believing in these myths can cause extensive harm to people who could face problems like wage garnishments, utility shutoffs, foreclosure, etc. One of the most common misconceptions surrounding bankruptcy is that people believe that bankruptcy is only for individuals with limited sources of income and that people earning too much money cannot file for bankruptcy. Well, nothing could be farther than truth.
A consumer can file for bankruptcy under any of the different numbers of bankruptcy chapters available under the US Bankruptcy Code. Chapter 7 and Chapter 13 Bankruptcy are the most common types of consumer bankruptcies. The qualifying criteria for each are different, as are the pros and cons associated with them. Hence, it is important to not only find out which chapter you are eligible to file under but also what benefits you will get under that particular chapter.
What happens to your home, belongings, and property depends on your individual situation, the state you’re in, and on whether you file Chapter 7 or Chapter 13 Bankruptcy. In Nevada, we have laws that protect most cars, houses, and even retirement accounts; subject to certain exemption limits. In most cases, you can keep these even if you file a Chapter 7. (This is why we ALWAYS recommend talking to an attorney before you tap a retirement account to pay your debt!). Because each case is different, please call us for a free consultation. Our attorneys will be happy to give you the specific exemption rules that apply to your case.
Filing for bankruptcy will impact your credit. That’s why PandA Law includes a free credit restoration service after your bankruptcy is discharged! When they follow our credit repair guide, most of our clients see a 680 credit score in as little as 6 months, and a 720 in about 2 years! Yes, your filing will be on your credit report for 7-10 years, but banks know it’s a “fresh start.” They are willing to lend money again because you don’t have any more unsecured debt, and following PandA’s guide shows them you’re working to rebuild.