Las Vegas Bankruptcy
At Peters and Associates, we understand that debts can be overwhelming and Las Vegas bankruptcy is an option many valley residents turn to. Our lawyers handle both Chapter 7 and Chapter 13 bankruptcy cases in Nevada, and can help you decide if filing bankruptcy is your best option.
If your debt is getting out of control, and you’d like to know more about bankruptcy or debt settlement, call us today at 702-818-3888 to schedule your free consultation with one of our attorneys!
Credit Card Debt – Most credit cards are unsecured, and as unsecured debts, they are dischargeable by the Bankruptcy Court.
Medical Debt – Doctor bills, hospital bills, and other medical bills are also examples of unsecured debt, and as such may be discharged by the Bankruptcy Court.
Tax Debt – Federal income tax is eligible for a discharge in bankruptcy, so long as it meets certain criteria. For instance, it must be related to a tax return that was filed at least two years ago and that had a filing deadline more than three years ago, including extensions. If the government secures a tax lien on your property before you file for bankruptcy, you may not be able to receive a discharge.
Home Foreclosures – As a secured debt, a mortgage is not dischargeable in a Chapter 7 Bankruptcy unless you also surrender the home. However, Chapter 13 Bankruptcy allows you to catch up on delinquent payments and stop a foreclosure.
Judgments – If a creditor has gone to court on an unpaid debt and obtained a judgment against you, that judgment may be dischargeable by the Bankruptcy Court, particularly if the underlying debt was unsecured. Judgments based on civil torts, such as intentional torts or drunk driving, are generally not dischargeable. Obtaining a discharge is easier if the judgment creditor has not attached a lien to your property to satisfy the judgment.
Wage Garnishments – If a creditor has instituted a wage garnishment to collect on a debt, the automatic stay invoked by a bankruptcy filing will stop the garnishment immediately. If the underlying debt is unsecured, it may be discharged by the court.
A. Yes. Within only a few months you may be able to obtain a major credit card. At the very least, you may obtain a secured credit card and work your way toward an unsecured card.
Q. Can I buy a home with a bankruptcy on my record?
A. Yes. A bankruptcy on your record will not prohibit you from buying a home, but it may affect the interest rate you can get from a lender willing to finance your mortgage.
Q. Can I keep my car?
A. In most cases, yes. In fact, you may have several options available. You may be able to exempt a certain amount of equity in your car as a Chapter 7 exempt asset. You may also either affirm the debt and keep it out of bankruptcy, or you may redeem the car by buying it from the lender at its fair market value. In some cases, it makes better sense not to keep the car. Go over your options with an experienced bankruptcy attorney to decide what is best in your particular situation
Q. Can I keep my home?
A. If filing Chapter 7, you can exempt a certain amount of equity in your home from the liquidation process, which may prevent its sale. You can also keep your home if you file Chapter 13, which does not require any selling off of assets. Chapter 13 can also be used to prevent foreclosure on your home.
Q. What is the Means Test?
A. If your household income is above the state median in your area, you may be ineligible to file for Chapter 7. A means test will calculate your current monthly income and expenses to determine if you qualify. If you are ineligible to file Chapter 7, you may still obtain relief with Chapter 13.
Q. What is the difference between Chapter 7 and Chapter 13?
A. In Chapter 7 you receive a discharge of debts without having to repay them, while Chapter 13 involves a three or five-year payment plan. In most cases, you repay back pennies on the dollar. There are pros and cons to each approach. Contact our office to discuss which option is right for you.