What Are the Different Types of Bankruptcy Service in Henderson, NV?

by | Mar 19, 2018 | Bankruptcy Law

There are several different types of bankruptcy service that you can choose from. The factors you choose depend on the amount of money or assets you have and whether you’re an individual or a business. The most common types of bankruptcy for individuals are chapter 13 and chapter 7. Each one has different benefits and disadvantages. Fortunately, you don’t have to worry about the stigma of bankruptcy anymore. Many people go through bankruptcy, and it is considered a legitimate way to organize your life. It might lead to some serious damage to your credit score, but you can recover. Here are the two most common chapters for individuals.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is a reorganization of individual assets. You will be able to work with a court to determine how much money you have, how much you owe, and then prepare to pay it off. You’ll often consolidate your debts into single payments and organize your assets so that you can pay them off as easily as possible. One of the advantages of this type of bankruptcy service in Henderson, NV is that you can often get your plan approved without the creditors themselves. On the negative side, it will impact your credit for at least seven years.

This is a common aspect of bankruptcy law. If you are considering it, you should talk with Newark & Newark. They will also tell you about chapter 7.

Chapter 7 Bankruptcy

This is liquidation for individuals. It’s often considered a more extreme type of bankruptcy service. It is beneficial because it will help you pay off your debts as quickly as possible. The negative side effects are that you will lose many of your assets. However, if you want your debts forgiven, that’s a good way to do it.

For more information visit website here at http://nnbklaw.com/

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