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Bankruptcy Restructuring Alleviates a Large Portion of Debt by Cleo Gib
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Bankruptcy Restructuring Alleviates a Large Portion of Debt by CLEO GIB
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Article Posted: 04/15/2013 |
Article Views: 97 |
Articles Written: 12921 - MORE ARTICLES FROM THIS AUTHOR |
Word Count: 375 |
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Bankruptcy Restructuring Alleviates a Large Portion of Debt |
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Law
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When filing for bankruptcy there are two types of cases that a private citizen can apply for.Depending on income qualifications, the person filing for bankruptcy has to repay a portion of their debt after they have paid their household expenses. Under Chapter 13 bankruptcy, a resident of Nevada is required to pay a portion of the total amount that they are including in their bankruptcy case.The amount of money that will settle all of the debts that are included in the case is negotiated by the bankruptcy lawyer. The creditors that are seeking payment are satisfied with the debts that are paid back once the bankruptcy is finalized. In the state of Nevada, bankruptcy restructuring is mandatory for anyone who qualifies for a Chapter 13 filing.Although the amounts that are owed to credit card companies and banks are a lot lower than the original balances, the bankruptcy does erase a large portion of a person's debt. Credit Card Debts Are Settled by Restructuring Debt The law allows the debtor to make monthly payments on their remaining balance until the settlement is paid in full.Depending on how much money an individual has to work with after meeting their living expenses, the total debt that remains can be paid off in three to five years. Although there is a Chapter 7 bankruptcy that clears away all debts, a person must prove that they are unable to pay their minimal living expenses with nothing left over to qualify for this type of bankruptcy filing.Most people who are burdened by a crushing amount of debt are able pay basic living costs and have a little money left at the end of their paycheck. For these individuals who are unable to keep up on their debts each month,Nevada bankruptcy restructuring allows them to pay off their creditors with what they earn while being forgiven for a large portion of what they have charged and spent on their credit cards. At The Schwartz Law Firm, our Las Vegas bankruptcy attorneys handle most types of bankruptcy filings on behalf of clients who are facing excessive debt, foreclosure, garnishment of wages or the failure of a small business. For more information about Nevada bankruptcy restructuring, contact us today! (http://www.schwartzlawyers.com/bankruptcy-restructuring/)
Related Articles -
Nevada, bankruptcy, restructuring,
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