Filing For Affordable Bankruptcies Under Chapter 7 And Chapter 13 In Las Vegas And Reno, Nevada

The cost of bankruptcy varies from state-to-state, and also depends on the complexity and merit of the case. It can cost you anything from $2,000 to $6,000 to get through the entire process, but take some heart, there are ways to lower the cost of your bankruptcy, and make it affordable. If you are considering filing for bankruptcy, there are options available wherein certain fees can be waived in order to make bankruptcy affordable. Experienced bankruptcy attorneys can help you with filing bankruptcy Reno in Nevada in an affordable way, by preventing mistakes that might cost you more in the long run.  

As the attorneys at the specialized bankruptcy law firms, such as Recovery Law Group, would inform you, more than 98% of bankruptcies are filed either under Chapter 7 or Chapter 13. The least expensive option for filing bankruptcy Reno is Chapter 7. If you qualify, you could be done in six months. Your income needs to be below the median income of your state. What makes Chapter 7 affordable bankruptcy Las Vegas in Nevada more appealing for many debtors is that it allows them to hold on to most of their assets by claiming them as exempt property. Moreover, you are not required to sell your home or other necessities like tools and car to settle your debts. For protecting your assets under affordable bankruptcy Las Vegas, your attorney will file under Schedule C with the bankruptcy court. Household goods, like furniture and musical instruments, health aids, social security benefits, and unemployment benefits can be exempt under Chapter 7.   

Another low-cost bankruptcy filing option is under Chapter 13, in almost all cases, it will be more expensive than Chapter 7, due to the complexity involved. While filing bankruptcy Reno under Chapter 13, the court comes to an agreement on a deferred payment plan to pay down debts, that could be anything from three years to five years. The creditors can object to the plan, but only before the court approves it. Typically, the monthly repayment is what you can afford. Because creditors receive some money, you can keep most, if not all of your possessions under Chapter 13 affordable bankruptcy Las Vegas. The end goal of Chapter 13 bankruptcy is to eradicate a portion of your debts through discharge, while letting you repay the remaining debt over a period of three to five years through monthly and affordable payments.   

  

Experienced affordable bankruptcy Las Vegas attorneys at Recovery Law Group work dedicatedly to save your homes from foreclosure, protect you from wage garnishment, and prevent your vehicles from getting repossessed. The attorneys at Recovery Law Group provide you with free initial consultation to make the bankruptcy process affordable for you. By filing bankruptcy Reno, the lawyers at Recovery Law Group can help you come out of the unfortunate circumstances that have befallen you, and provide you with renewed financial freedom.

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