Las Vegas Chapter 13 Bankruptcy Lawyer, Las Vegas Chapter 13 Bankruptcy Attorney

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Las Vegas Chapter 13 Bankruptcy

Las Vegas Chapter 13 Bankruptcy Lawyer, Las Vegas Chapter 13 Bankruptcy Attorney

The most common misconception regarding Chapter 13 is that it is a "repayment plan". In reality, your chapter 13 plan payment has little to do with the amount of debt your owe. Rather, it has to do with the amount of disposable income that you have at the end of each month. Many clients that owe $50,000 in credit card debt are pleasantly surprised to find our that their chapter 13 plan payment is only $175 per month.

Some people have to do a chapter 13 instead of a Chapter 7 either because they make too much money or because they have an asset that they would lose in a chapter 7.

Some people, however, choose to do a chapter 13 because of the unique benefits that this type of filing provides the client. A chapter 13 allows one to save their house from foreclosure by bringing their first mortgage current, and in many situation, completely eliminating their second mortgage. A chapter 13 also allows you to repay IRS debt interest and penalty free, and to reduce your car loan (although now this actually can even be accomplished in a chapter7).

So, while a chapter 7 is generally preferred in most situation, a chapter 13 can in some situations be the best method to solve your financial problems.

Call the law firm of Aaron & Paternoster and set up a free consultation with an experienced attorney that can explain to you which chapter is best to accomplish your goal of eliminating your debt and saving your property.