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Why Chapter 13 Bankruptcy Proves Better than Chapter 7 Bankruptcy? http://goo.gl/fzis0A  #Chapter7Bankruptcy #Chapter13Bankruptcy
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Can I transfer property out of my name before filing for #chapter7  bankruptcy? Find out why we would advise against it. 

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Federal and state laws have been put in place in order to determine what assets can be exempt from a #bankruptcy  case. However, certain states have opted out of the #federallaws  including Nevada which means that debtors will have to follow state laws only. 
Certain states will have either adopted federal #bankruptcy  exemption laws or opted out and made their own state laws. Nevada is one of the states that has opted out of the #federalexemptions. Our latest blog goes over the different #assets can be considered exempt when filing for bankruptcy in the silver state. 

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It can be difficult to admit that you need help with your financial situation. #Bankruptcy  lawyers will be able to advise what route is best to take depending on your goals. You will be given the option to file for #chapter7  or #chapter13
Why you might want to consider filing #chapter7  versus #chapter13  bankruptcy. It all depends on your current financial situation as well as what your goals for the future are. 

http://www.schwartzlawyers.com/chapter-7-vs-chapter-13-which-should-i-file/
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Finally the mortgage modification mediation program is available in Nevada. #Debtors  can now seek #mortgage  relief if they are unable to pay back their debt within the 5 years that #chapter13  bankruptcy stipulates. 
When filing for #chapter13  bankruptcy a debtor may become aware that a 5 year plan to pay back all their debt may not be realistic. This is where the #mortgage  modification mediation program comes in. 

 
Partnership That Never Existed Cannot Create Nondischargeable Debt

In Utnehmer v. Crull (In re Utnehmer), 2013 Bankr. LEXIS 4482, NC-12-1362-PaDJu (9th Cir. BAP Oct. 10, 2013), the Bankruptcy Appellate Panel of the United States Court of Appeals for the Ninth Circuit (“BAP”) ruled that Bankrupcty Code Section 523(a)(4) did not apply to render a debt nondischargeable in relation to a partnership that was never formed. Specifically, an agreement to re-characterize debt as profit-sharing equity was conditional upon events that did not occur.

Read More at blog.sfbar.org/2014/01/03/partnership-that-never-existed-cannot-create-nondischargeable-debt/ © Legal by the Bay

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