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Article provided by: Atkinson Law
Are you looking for a Chapter 7 Bankruptcy Attorney in Las Vegas? At Atkinson Law Firm, we specialize in handling chapter 7 bankruptcy cases just like yours. Our team of experts has a sound understanding of Federal laws as well as Nevada exemptions.
What is The Purpose of The Case Trustee?
For every Chapter 7 Bankruptcy case, there is a court-appointed individual known as a case trustee, whose primary duty is to administer the bankruptcy case.
The case trustee is in charge of reviewing the debtor’s case and gauging whether any of their assets are “non-exempt.” If such assets are found, then the trustee has a right to liquidate the holdings through selling and making a one-time payment to their creditors.
Likewise, the case trustee can allow the creditor to purchase non-exempt assets from the trustee.
Under the Bankruptcy Code as well as the generous Nevada State law, Chapter 7 individuals typically get to keep most of their assets.
What is A Chapter 7 Discharge?
In Chapter 7 bankruptcy, debt can only be terminated through a “discharge.” A discharge is a legally issued paper that is often released 3-4 days after the bankruptcy case has been filed. Once filed, the debtor is no longer held liable for any previous debt.
According to U.S. Bankruptcy Code, Section 532, a creditor reserves the right to object to the discharged debt. Especially if the debtor received the loan through illegal means such as fraudulent misrepresentation.
However, businesses with Chapter 7 bankruptcy cases cannot have their debt discharged. Instead, for companies facing bankruptcy, the trustee often liquidates their assets.
What Are the Advantages of Chapter 7?
A major advantage of Chapter 7 bankruptcy cases is that they are often brief, and commonly lasting only four months.
Moreover, Chapter 7 comes with an “automatic stay” clause which gives a reprieve to debtors who are tired of being hounded relentlessly by their creditors. Under this clause, creditors are also prohibited against collecting from debtors once their case has been filed.
In addition, debtors who’ve remained up-to-date on their mortgage payments are often allowed to keep their property like their car or house. But, this is under the provision that they continue to maintain timely payments.
What is ‘Debt Reaffirmation?
A debtor can choose to reaffirm a debt to keep the security property which may be in the form of a house or car.
A reaffirmation is, therefore, the agreement between the creditor and debtor, where the debtor consents to be liable for the debt even if the debt would be released. In return, the creditor promises not to seize any property provided the debtor keeps their word.
In Need of a Chapter 7 Bankruptcy Attorney in Las Vegas?
At Atkinson Law Firm, our team of professional litigators is ready to help you with your bankruptcy case.
From chapter 7 bankruptcy, chapter 11 bankruptcy, complex personal bankruptcy to business bankruptcy and creditor representation, Atkinson Law Firm will provide you with the legal counsel you require. Call us today at 702-614-0600 and start your journey to financial freedom.Chapter 7 Bankruptcy Attorney Las Vegas
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