Bankruptcy Attorney Las Vegas NV

Life can bring up some unexpected circumstances.  You never really know what is around the corner when it comes to any aspect of life.  Your finances are not immune to this.  Living in Las Vegas, there are many pitfalls out there that can cripple your finances.  There are college loans, loss of employment, gambling issues, overzealous family members taking advantage of your generosity, divorce, medical bills, credit card debt, and mortgage issues just to name a few.  Sometimes bankruptcy may be the only option.  If this is the case, you will need the best bankruptcy attorney Las Vegas NV.

There are two main bankruptcy types that individuals may usually file.

  • Chapter 7
  • Chapter 13

Best Bankruptcy Lawyers in Las Vegas NV

Let's take a look at each one:

Chapter 7 bankruptcy

This is a common option for an individual, and the process is relatively quick, happening in just a few months.  After the process is over, you will be able to wash away the unsecured debt.

Start The Process

Our bankruptcy lawyers in Las Vegas NV will sit down with you to get a clear understanding of the issues, and then you will get a professional, honest evaluation of your situation.  If bankruptcy is the option you will pursue, we will take care of all of the paperwork before the court hearing.

Items to be filed

What happens is that the person in debt will file a petition with the court in the area where the person lives.  The person must also file other items.  They are:

  • Assets and liabilities
  • Current income and expenses
  • Statement of financial affairs
  • Executory contracts & unexpired leases
  • Tax returns

People that have a lot of consumer debt must also file the following:

  • Credit counseling certificate and the debt repayment plan that they received from the credit counseling company
  • Paperwork that shows any payments from employers that was received 60 days before filing
  • Monthly net income
  • Anticipated increase in income after filing

 

Fees

There are fees that need to be paid.  That are as follows:

  • Case filing fee
  • Miscellaneous administrative fee
  • Trustee surcharge

There are arrangements that can be made if money is an issue, but we can discuss that in our consultation.

Other information

Last, but not least, you must supply the following information:

  • List of creditors and amounts owed
  • Your income - the source & how often you get paid
  • List of property
  • List of monthly living expenses

 

Once you receive the date for the hearing, one of our bankruptcy lawyers in Las Vegas NV will accompany you to the court to complete the process.  If everything is successful, you will walk out of the court and you will get on with your life, free of the burden of debt that was carried around for months or maybe even years.

Once the debt is discharged, the creditors cannot continue any legal action.  There is a chance, however, that a discharge can be denied, bit this is very rare.

What can you do with your fresh start?

  • Repair your credit
  • Pay your current bills
  • Keep your exempt property
  • Bankruptcy Lawyers in Las VegasGet your driver's license back (if applicable)

Chapter 13 bankruptcy

A Chapter 13 bankruptcy is a little different.  chapter 13 is where a plan is developed to pay back the debt.  This could be a repayment plan that spans from three to five years.

So you are probably saying to yourself, " Why would I do a Chapter 13, when a Chapter 7 bankruptcy wipes away all of my debt?"

Well, one reason is this.  In a Chapter 13, you can save your home from foreclosure.  You can also make those late payments over time.

Also, in a Chapter 13, you can take the secured debts and pay them over the length of the Chapter 13 plan.  Doing it this was can lower the payments.  Chapter 13 bankruptcy can also protect a "third party" who co-sign on consumer debts.

This essentially acts as a consolidation loan, and you do not have contact creditors during this process.  as you can probable tell, your credit score will be better off if you choose a Chapter 13.

Basically any individual is eligible to file a chapter 13 bankruptcy.  There are limits on the amount of secured and non-secured debts you have, but those would also be discussed in our consultation.

Start The Process

To start this, you must file with the bankruptcy court in the Las Vegas area, or the area in which you reside.  These are the items you will need to file:

  • Listing of assets & liabilities
  • Proof of current income & expenses
  • Any executory contracts & unexpired leases
  • Statement of financial affairs

Like in a chapter 7, you must also file the following:

  • Credit counseling certificate
  • Debt repayment plan
  • Employment pay stubs
  • Most recent tax forms & tax returns filed during the case

Are there fees that need to be paid?

  • Case filing fee
  • Miscellaneous administrative fee

Depending on the situation, there may be paid in installments.

You must also file the following information:

  • List of creditors and amounts owed
  • Income information
  • List of all property
  • List of monthly living expenses

We mentioned the stop home foreclosure benefit.  As soon as you file for Chapter 13, the foreclosure process stops.  You can then take the late payments and create a payment plan to make them current.  You need to be sure to continue making payments after the Chapter13 filing.  If this does not happen, it is possible that you can still lose your home.

Once the repayment plan is in place, you must make the regular payments.

The Chapter 13 discharge is a bit complex.  This is an item that we will have to discuss in person.

Bankruptcy filings

Are there a lot of bankruptcy filings?

Taking a look at the bankruptcy filings over the last five years, the total number has actually decreased.

Year Business Non Business Total
2016 25,227 793,932 819,159
2015 25,046 854,690 879,736
2014 30,113 969,970 1,000,083
2013 36,061 1,101,917 1,137,978
2012 44,435 1,267,167 1,311,602

Obviously there are instances where people get overwhelmed with debt.  This can happen for a number of reasons.  There are options out there.

If you have been considering filing, but you are hesitant, now is a good time to get you questions answered.  You will speak directly to a lawyer.  You will get the best bankruptcy attorney Las Vegas NV.  We serve all areas, including Henderson, Summerlin, Boulder City, and Pahrump.

There are other debt relief services that we take care of.

Here are the services that we provide:

  • Bankruptcy law
  • IRS tax law
  • Short Sale
  • Loan Modification
  • Real estate law

Short sale basics

Maybe you are not at the point where you might need to file for bankruptcy.  Maybe you are having issues with your home mortgage.  If you purchased a home around 2006, you know that many of those homes ended up being worth less than the original purchase price.  This crippled many homeowners.  

For a short sale to take place, the lender has to agree to taking less than the loan is worth.  If you want to sell your home, then this option has its advantages over a bankruptcy proceeding.  The seller's credit implications would be different.  One main difference is a short sale will not go into foreclosure.  Because of this, the seller will not have to wait as long if they wish to purchase a home in the future.  

On the other hand, if you are interested in buying a home through a short sale, just be careful because there are a few things you will need to consider:

  • A short sale usually takes more time tan a standard purchase
  • You will be buying the property "as is"
  • The bank probably not pay for extras (repair costs, inspections)

But if you can find a short sale home, then you will most likely end up with a good deal.  It will take patience, so if you have the time, it may be beneficial as a buyer to go this route.

Loan modification

So, you are in the middle of your mortgage, and you are having some problems with the payment amount.  How about calling the bank and asking for a loan modification?  Is that crazy talk?  Not necessarily.  Banks have been known to consider this request.  This may also be an option for you. 

Lke we said previously, there may be occasions when people get into financial trouble.  There are options out there, and if you come in to speak with us, we can discuss the best option for your situation.

Contact the Best Bankruptcy Attorney Las Vegas NV today!

 

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