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Las Vegas Bankruptcy Attorneys

There are several types of bankruptcy to choose from, as well as many important steps you should take to prepare before you file for bankruptcy. Our Las Vegas bankruptcy attorneys will help you determine whether filing for bankruptcy is the right option for you, and if it is, we will handle your bankruptcy case from beginning to end. As part of this process, our lawyers and staff will aggressively pursue all avenues to drastically reduce, restructure, or eliminate your debt.

What is bankruptcy?

Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Consumer bankruptcies can generally be described as “liquidation” (Chapter 7) or “reorganization” (Chapter 13).

What’s the main difference between Chapter 7 and Chapter 13?

Under a Chapter 7 bankruptcy, your lawyer asks the bankruptcy court to wipe out (discharge) the debts you owe. Under a Chapter 13 bankruptcy, your attorney files a plan with the bankruptcy court proposing how you will repay your creditors. You must repay some debts in full; others may be repaid only partially or not at all, depending on what you can afford.

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What is an automatic stay in bankruptcy?

When you file bankruptcy, a court order called an “automatic stay” goes into effect. The automatic stay prohibits most creditors from taking any action to collect the debts you owe them unless the bankruptcy court lifts the stay and lets the creditor proceed with collections. This includes immediately halting any lawsuits against you.

How does bankruptcy help me in the short run?

The moment you file for bankruptcy, you are protected from your creditors. The Automatic Stay stops all collection efforts against you and against your property. Creditors must stop calling you and sending letters to you. If a creditor has already sued you, that lawsuit must stop immediately. The automatic stay also prevents creditors from repossessing your property or foreclosing on your home.

What is not discharged in bankruptcy?

Certain debts cannot be discharged in bankruptcy; you will continue to owe them just as if you had never filed for bankruptcy. These debts include back child support, alimony, and certain kinds of tax debts. Student loans will not be discharged unless you can show that repaying the debt would be an undue burden, which is a difficult standard to meet. Other debts might not be discharged if a creditor convinces the court that the debt should survive your bankruptcy. The foregoing is one reason why you want competent bankruptcy counsel to represent you.

What do I have to do before I file bankruptcy?

To be eligible to file bankruptcy, you must complete court approved credit counseling within the 180 days prior to filing. Specifically, the law requires you to receive pre-filing bankruptcy credit counseling from an approved agency. You may do this in person or on the phone, or even on the Internet. Your bankruptcy attorney will be able to ensure that you to properly complete this requirement.

What is Chapter 7 Bankruptcy?

Chapter 7 allows individuals to be relieved of most if not all of their debt, as well as to keep most of their personal property.

Chapter 7 bankruptcy eliminates:

  • Credit card debt
  • Mortgage debt
  • Medical bills
  • Personal loan debt
  • Litigation liability
  • Judgments, unless fraud or criminal related
  • Vehicle debt
  • Many IRS debts, including some income tax debts
  • Personal injury debt

What is Chapter 13 Bankruptcy?

Individuals who currently earn too much income to qualify for chapter 7 may file for chapter 13 bankruptcy. Under chapter 13, our Las Vegas bankruptcy lawyers will create a plan for you to repay a portion of the debt you owe by making regular payments over a period of time, usually three or five years.

Benefits of chapter 13 bankruptcy may include:

  • Eligibility when Chapter 7 is not an option
  • Saving your home from foreclosure
  • Saving your car from repossession
  • Keeping property that you would have to liquidate under Chapter 7

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