There are so many reasons why people go bankrupt, it could be the following:
- Job loss
- Medical bills
- Mortgage debt
More than one factor contributes to the situation that ends with someone being bankrupt. Irresponsible financial behavior may lead you to a situation where someone would choose to file for bankruptcy. To file for the case, you can be guided by any of the chapter 13 Lawyers in Las Vegas professionals.
Reasons why file for bankruptcy
There are common reasons why people file for bankruptcy, which includes:
- loss of income
- high medical expenses
- unaffordable mortgage
- spending beyond their means
- lending money to loved ones
Anyone facing a serious debt and can’t find a peace of mind solution can be a nightmare. Some people facing the issue attempt to open new debt for repayment, which can be another debt problem in the future. Instead, a bankruptcy case can be filed to resolve the debt. To apply for this type of bankruptcy, the debtors should prepare important documents, such as:
- compile all the creditors with the amount of money owed to each.
- list of properties they own
- information about the income
- its sources
- details about monthly expenses
How can a Chapter 13 lawyer win the case?
Chapter 13 allows consumers a solution for the financial calamity short of liquidating precious assets. The court approved the repayment plan to get paid for three to five years. All debts that failed to be repaid are discharged.
Prepare paperwork
A lawyer helps gather and prepare the required paperwork to file the case successfully. Pertinent documents are important to determine the following:
- assets
- debts
- income
- expenses
These documents are the best resource to answer questions during the process. When filing for a bankruptcy case, it is essential to prepare these documents:
- Identification
- Income documentation
- Mortgage statements
- Proof of real estate fair market value
- Retirement and bank account statements
- Tax returns
- Vehicle registration and insurance
Navigate difficult Chapter 13 legal matters
Not all rules in Chapter 13 bankruptcy cases are the same. The rules of bankruptcy in the U.S. are different to China. Three factors are covered in a bankruptcy case, including:
- bankruptcy code
- requirements
- laws in your state
If any laws or requirements are ignored, it hurts your case. An experienced and knowledgeable lawyer advice and guides you to ensure the best result.
It is wise to get the right lawyer when dealing with bankruptcy to win the case.
