Free Consultation With A Bankruptcy Attorney In Las Vegas
Free Consultation With A Las Vegas Bankruptcy Attorney
Filing for bankruptcy is a difficult decision to take, but for many individuals, it is the best way to bring their finances under control and to keep creditors at bay. Bankruptcy may at the very least eliminate a significant portion of your debt, and you could potentially entirely remove your entire debt burden. At Martin Law PC, we are here to help you through the bankruptcy proceedings, handling all the paperwork for you and giving you the advice you need to make the process as comfortable as possible. We can assist with both the 7 and 13 bankruptcy chapters.
We also provide free consultations to help you work out the best choice for your unique circumstances. During your consultation, I will recommend what bankruptcy chapter (if any) is best for your particular circumstances. Also, I will tell you whether or not you should either delay filing or not even file. It is important to remember that even if your situation seems relatively straightforward, bankruptcy proceedings are inherently complex. So, you should always acquire expert advice to make sure your bankruptcy runs smoothly.
When hiring a bankruptcy attorney, Las Vegas residents usually think about the Chapter 7 bankruptcy’ which is also known as liquidation or straight bankruptcy. For the vast majority of debtors, a straight bankruptcy discharge allows you to eliminate the majority of all of your debts without having to sell any of your property.
Nevada’s bankruptcy laws are quite generous in that they allow an average debtor to keep most of their property. However, if you owe luxury personal property or other non-essential property, you may be forced to surrender that property to the trustee. The trustee will then sell the property, and the proceeds of the sale will be given to your creditors. Examples of some non-essential property would be a rental that you don’t live in, timeshares, or an all-terrain vehicle.
Straight bankruptcy is available to individuals, married couples, and companies. However, not everyone is eligible to file Chapter 7; for example, to file the seven you will have to pass the means test, and you can only file once every eight years. Under the means test, if your income is more than a statutorily set amount, it is likely that you will have to either file another bankruptcy chapter or try some other form of debt relief. This income amount is based on how family members that you claim as dependents and where you live. So, a family of four will be able to earn more than a single person. Click here, for a more thorough explanation of the means test.
To file a straight bankruptcy, your attorney needs to file a petition with the court, attaching extensive paperwork that proves your income, assets, and debts. Immediately after you file, the bankruptcy court will assign a trustee to administrate your case. Under most situations, you will only have to appear in front of a trustee one time at a 341 meeting. (AKA., Meeting of creditors). Approximately two months after you appear at the 341 meeting, you will receive your bankruptcy discharge, which means you will no longer owe creditors for any dischargeable debts. The entire bankruptcy process from filing the bankruptcy to the discharge lasts around three to four months.
Chapter 7 cannot erase all debts: recent taxes, child support, student loans, and secured debts are some examples of debts that cannot be discharged. (Secure debt is debt where the creditor can take your property if you miss payments. I.E. Automobile and mortgage payments) Additionally, most fines or penalties that are assessed by the government cannot be discharged. (I.E., Criminal restitution)
Chapter 13 bankruptcy requires that you make payments to a trustee for three to five years, as result, a 13 is normally only filed when you cannot qualify for the means test, recent filing of a 7 within eight years or you want to save your house from foreclosure.
The 13 has some advantages. For example, with the 13, you may be able to keep, non-essential, assets such as a camper or boat. The other significant difference is that under a 13, unlike a 7, you to save your house from foreclosure or stop an automobile repossession. The 13 though is only available for debtors that have a regular income. Also, if you are filing the 13 to prevent a foreclosure, you must be able to pay off any past due balances (past due mortgage payments), and your current mortgage payment within a three to five year period.
The 13 is essentially a debt consolidation repayment plan, backed by the bankruptcy court, lasting between three to five years. With a 13, your monthly payment is based upon your income minus your justified expenses. The justified expenses are based upon national standards set by the IRS. A 13 is a very complicated process; so, an attorney is, although not legally required, essential. One benefit of Chapter 13 is that your legal fees are spread out as part of your debt repayments, so you don’t have to pay extensive legal fees upfront. Another significant benefit of Chapter 13 is the fact that your credit score may suffer less damage as creditors will see that you have made an effort to repay your debt, instead of completely abandoning your borrowing commitments.
Help with Chapter 13 bankruptcy
Chapter 13 is a complicated process that many law firms do not even offer as a service. As an experienced firm with expertise in Chapter 13, Las Vegas residents can rely on us to develop a plan that leaves them free of harassing creditors while also potentially saving your house from foreclosure or even getting your recently repossessed car back. As an experienced bankruptcy lawyer, my law firm will help you with the preparation of all the complicated paperwork required for Chapter 13. We will summarize your outstanding debts, look at your ongoing expenses and prepare a repayment proposal which we think will be likely to be accepted by creditors and the court. It is essential to get your Chapter 13 filing right as failing to file successfully can lead to foreclosure of your home, and further distressing collection procedures from creditors.
For Further Information On Bankruptcy Check Below
Chapter 7 Bankruptcy- Click Here.
Chapter 13 Bankruptcy-Click Here
Credit Counseling, Click Here.
How to Stopping Wage Garnishment In Nevada-Click Here.
The Role Of The Banruptcy Trustee, Click Here
The Means Test, Click Here.