One of the most crucial decisions in a business is choosing a bankruptcy attorney. Not only will he guide you, but he will also make the bankruptcy process seamless and less rugged. Multiple factors must be taken into account while hiring a new bankruptcy attorney and you must pay due importance to all of them separately.
One of the most crucial subjects in the bankruptcy code in chapter 7. If you are looking for the best Chapter 7 Bankruptcy Lawyer in Las Vegas, then you must go for VOHWINKEL LAW. This is the one-stop place for all the bankruptcy issues along with issues involving the employer and employees.
They render services to both small and medium businesses. Since their niche area is bankruptcy code, you can be assured of the supreme quality services, which will be value for money.
Chapter 7 of bankruptcy code
The chapter 7 bankruptcy is also known as the liquidation or the straight bankruptcy. It is the process by which you will be able to opt for bankruptcy in court to wipe off most of the impending debts in your name. This gives you a fresh start. A judge will review your case first to analyse whether you deserve bankruptcy or not.
Once the judge approves of the bankruptcy, the court will initiate an “automatic temporary stay” which will have the effect of stopping all the creditors from collecting any sort of payments or initiating any type of action against you. These actions include wage garnishment, repossession, foreclosure, etc.
Even though chapter 7 gives immediate abatement from the outstanding loans, it will harm the credit score. You also risk losing some of the non-exempt assets which will be liquidated. The process of liquidation will involve three steps namely:
1- Selling off the non-exempt assets.
2- Forwarding payment to the lenders from the sold-off property.
3- You will be freed from most of the remaining unsecured debts and you are allowed to start over.
Student loans, tax debt and other types of secured debts are not dischargeable. This means that you will still be required to pay for these lest you show that extraordinary circumstances render it impossible for you to repay them.
Filing bankruptcy under chapter 7 of the bankruptcy code is a crucial topic that every lawyer in Las Vegas must know.