Las Vegas - Chapter 13 Bankruptcy

Chapter 13 bankruptcy allows a person to consolidate the debt while making convenient monthly payments to a trustee. A payment plan is proposed which repays the debt over a three to five year period. The amount of the monthly payment and the length of the repayment plan is based upon the following factors:

• Monthly income of the person
• Monthly expenses of the person
• Amount and nature of the debt

The most common uses of Chapter 13 involve:

• Repayment of mortgage arrears (back amounts owed) home
• Restructuring of auto loans to save a vehicle

Secured debts are paid 100% on the dollar, while unsecured debts may be paid less than 100% on the dollar. A person receives a discharge under Chapter 13 once the payment plan is completed.

Stefanie H. Clement, Esq. - Phone (702)341-6997 - TeleFax (702)341-6558 - CLEMENT LAW OFFICES - 9960 W. Cheyenne Avenue, #190 Las Vegas, NV 89129 - Serving Las Vegas, North Las Vegas, Summerlin, Henderson and Green Valley