Sometimes financial constraints of a person compel him to file bankruptcy. Though it’s not a favorable situation but it may let you start afresh with mitigated financial conditions. There are a few situations which may be base of filing Chapter 7 or Chapter 13 bankruptcy. An outstanding medical bill can make you eligible for bankruptcy. Medical costs seem to be rocketing these days. Even a single visit to a hospital room may cost you a fortune. In such circumstances prevailing around, your encounter with an unexpected road accident may leave you completely financially exhaust. In such a situation you can file bankruptcy and cope up with the financial burden of medical bills. In case you are facing litigation instigated by as creditor and the verdict goes against you, the creditor may be allowed to garnish your salary. It implies that some part of your salary will be given away to the creditor. According to state law of Nevada, up to 25% of your salary or wages may be garnished. It can cause serious problems for you. Filing a bankruptcy in such a case may stop this garnishing of your salary. Home foreclosures have become the easiest way for banks to recover debts from their lenders. Some states allow banks to sue the lenders if the amount outstanding is more than the value of mortgaged home. Lt’s say the market worth of a home is $70,000 and the total outstanding stands at $150,000 then the bank may sue the lender for the deficit amount of $80,000. Here you can prevent yourself from being sued by filing bankruptcy. Moreover if you have a legal fight with your creditor and the court has asked you to repay him and you are not capable of that, you can go for bankruptcy. If you file a bankruptcy in such a situation, the opposite party will not be able to collect the stipulated amount. These reasons may be useful in filing bankruptcy under Chapter 7 or Chapter 13. If you want to discover some more reasons or differences between these two types of bankruptcies, you can contact a bankruptcy attorney. There are a number of such attorneys in Nevada providing their services to prevent people from being trapped in disastrous financial constraints. You must hire an expert attorney for your bankruptcy. He should be adequately experienced so that he may understand all the complexities of your case and present it to the court in an impressive manner. You can easily find such a lawyer by conducting an online research. About the author- Poul Benjamin has huge experiences in articles writing. He lives in Las Vegas, Nevada and expert in writing articles about Real Estate Attorney and Bankruptcy Lawyer in Las Vegas.For more information visit here >> http://www.theaiellolawfirm.com.
1 Comment
Leave a Reply. |
Archives
January 2014
AuthorPoul Benjamin (3) Categories |