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What do you get for your attorney's fee

(A) Chapter 7 is the simplest and least expensive option.  You do not pay anything back to creditors.  A Chapter 7 discharge typically takes 3 months.  This option is available to people whose income is not too high.  Even if you qualify for Chapter 7, there may be advantages to filing Chapter 13.

 (B) Chapter 13 is typically for people who have slightly higher incomes.  Chapter 13 offers several advantages, so you may consider Chapter 13 even though you may qualify for Chapter 7.  These benefits include

(1) Ability to strip second, third etc mortgages if the property is underwater.

(2) Ability to reduce interest rate on your car loan.  Ability to reduce monthly payment further by stretching the payments to a longer term (upto 5 years)

(3) New Mortgage Modification Mediation program offered in Nevada

(4) Principal Reduction on rental properties

(5) Tax relief under certain circumstances

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