Chapter 7 Bankruptcy
Chapter 7 bankruptcy or "straight bankruptcy" is the most popular form of bankruptcy because it allows the debtor to "wipe the slate clean" and start fresh. Chapter 7 bankruptcy is available to individuals and couples. The bankruptcy is normally completed within 3 ½ to 4 months after filing. Once a debt is discharged, it is eliminated and you never have to pay that debt again! Most debtors who file Chapter 7 bankruptcy can keep almost all their property. You retain your property because Nevada Law allows us to “exempt” or protect most of your property.
Chapter 7 bankruptcy is generally used by debtors who lack sufficient income to cover their outstanding debts after taking care of their basic living expenses, and who have no hope of ever repaying their creditors.
Chapter 7 bankruptcy is often used to eliminate debts such as credit card bills, pay-day loans, medical bills, repossessions, and personal loans.
Chapter 7 bankruptcy is the most common form of bankruptcy. Approximately two-thirds of all bankruptcies filed are Chapter 7 bankruptcies.
Chapter 7 bankruptcy is often used by folks who have become overwhelmed by their debts. This can often occur when someone becomes unemployed, gets divorced, or becomes burdened by large medical bills.
Once you file Chapter 7 bankruptcy, you can begin to rebuild your life without worrying that your wages will garnished, your bank account attached, or your property seized. The creditors cannot call you at work, threaten you or harass you. Remember, the bankruptcy laws were designed to help you. You don’t have to allow creditors and collection agencies to take away from you everything you’ve worked for all your life!
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is the reorganization of an individual consumer's debt with a new payment schedule. If you have too much disposable income to qualify for Chapter 7 bankruptcy or have assets you want to protect, you may want to consider the Chapter 13 bankruptcy.
STOP HOME FORECLOSURES - SAVE YOUR HOME!
Chapter 13 bankruptcy can also be used to stop home foreclosures. You may take 3 to 5 years to catch up on your back house payments. You can also take 3 to 5 years to catch up on your back condo or mobile home payments, and, best of all, you won’t lose your home. You can also often lower your automobile, mobile home, and furniture payments in a Chapter 13 bankruptcy.
Chapter 13 bankruptcy is often used to pay IRS taxes that would not be eliminated in a Chapter 7. Under a Chapter 13 payment plan, the interest and penalties on these taxes generally stops. You are allowed to pay the IRS with a monthly payment that you can afford to make. The IRS cannot garnish your bank account, attach your wages, call you at work, or put a lien on your property. But remember, if the taxes are over 3 years past due, we may be able to totally eliminate the tax by filing bankruptcy.
Chapter 13 bankruptcy establishes a reasonable monthly payment for the debtor to pay to the bankruptcy trustee. The trustee then distributes this payment to the debtor’s creditors.
Chapter 13 bankruptcy generally only requires debtors to repay a small portion of their total debt. YOU GENERALLY DO NOT HAVE TO PAY ALL OF YOUR DEBT BACK WHEN YOU FILE A CHAPTER 13 BANKRUPTCY!! THIS IS WHY FILING A CHAPTER 13 BANKRUPTCY IS MUCH MORE BENEFICIAL THAN SIMPLY CONSOLIDATING YOUR DEBTS THROUGH A CREDIT COUNSELING AGENCY.
Bankruptcy FAQ
Why should I file for bankruptcy?
Once you file for bankruptcy, you can begin to rebuild your life without worrying that your wages will be garnished, your bank account attached, or your property seized. Your creditors cannot call you at work, threatening you and cannot harass you. Remember, the bankruptcy laws were designed to help you. You don’t have to allow creditors and collection agencies to take away from you everything you’ve worked for all your life.
What happens after I file bankruptcy?
Once my office files bankruptcy for you, you are immediately protected from all actions of your creditors. Your creditors can no longer call you at work or home, garnish your wages, foreclose on your home, repossess your automobile or harass you in anyway.
Should I be embarrassed about having to file bankruptcy?
Absolutely NOT! The bankruptcy laws were designed to help you turn your financial life around. If you’re simply making minimum monthly payments you will be paying for many, many years and you may still not be out of debt. If you’re using one credit card to pay another you’re simply getting yourself deeper in debt. Remember also that many celebrities, sports figures, and politicians have filed bankruptcy to turn their lives around. They realized that the bankruptcy law was there to help them get back on their feet and to make a fresh start and you can do this too.
Will I lose all of my property by filing bankruptcy?
The answer is NO! Generally, the majority of a debtor’s property including their home, automobile, furniture, household goods, pensions, profit sharing, IRA’s, 401K’s, retirement plans, wedding rings and family keepsakes are EXEMPT. This means debtors generally can file bankruptcy and eliminate their debts while retaining all of their exempt property.
Will I lose my job by filing bankruptcy?
Employers are not allowed to fire someone or to take disciplinary action against them solely because they filed bankruptcy.
Is filing bankruptcy difficult?
The answer is NO! We have highly experienced bankruptcy attorneys in our office to assist you in every step of the bankruptcy process. Our goal is to file your bankruptcy so that you can obtain a fresh start.
Do I have to fill out a large paperwork packet?
The answer is NO! We complete almost all the paperwork for you.
How is my bankruptcy filed?
We have immediate, easy, hassle free electronic filing available to you at no extra cost!
Can I eliminate credit card debts, pay-day loans and medical bills by filing bankruptcy?
Generally, the answer is YES! Credit card debts, pay-day loans and medical bills can get us all in trouble. You make your regular payments for years and then when something unfortunate happens and you can’t make your payment the companies will not work with you. By filing bankruptcy you can generally eliminate these debts and get a fresh start.
Can I save my home from foreclosure by filing bankruptcy?
Generally the answer is YES! By filing a Chapter 13 bankruptcy you may generally take 3 to 5 years to re-pay your past due house payments. YOU WON’T LOSE YOUR HOME!
Can I save my automobile from being repossessed by filing bankruptcy?
Generally the answer is YES! By filing a Chapter 13 bankruptcy you may generally take 3 to 5 years to repay your past due automobile payments. We may also be able to lower your automobile payments.
6847A W. Charleston Blvd.
Las Vegas, Nevada 89117
Ph (702) 382-4061
Fx (702) 382-4071