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Almost everyone is experiencing financial difficulties due to the pandemic and the associated economic near collapse.  With job loss, divorce, and medical bills, many people find themselves unable to pay for everyday expenses, let alone pay their debts.  

Contact Blatnik Law, LLC to discuss if Bankruptcy could help you!

(702) 996-1123

Automatic Stay -- Pursuant to 11 USC 362, with the filing of a bankruptcy petition, all collection activities (with a few discreet exceptions) must cease.  This allows the court to marshal the assets, determine which assets are exempt and which assets will be distributed.  The automatic stay allows the petitioner breathing room to get finances in order.

Chapter 7 vs Chapter 13 - In the simplest form, Chapter 7 is a simple discharge whereas Chapter 13 creates a payment plan.  If the debtor's income exceeds the means test, then the bankruptcy case could be dismissed or converted to a Chapter 13 payment plan.  

Chapter 7 Process Overview - This is an over-simplification of the process, but the main steps of a Chapter 7 Bankruptcy are:

         (1) Debtor undergoes credit counseling - This may be done online.

         (2) File Petition with schedules 

         (3) Meeting of Creditors - Meeting with trustee,debtors, and creditors in order to discuss how the court will handled the various debts.  

         (4) Post Petition Debtor Education Course 

         (5) Discharge - Debt not paid by bankruptcy trustee from the bankruptcy estate are discharged (forgiven, go away, vanish, are no longer                  collectible, etc.)

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