| Bankruptcy |
Did you know that Bankruptcy, (Chapter 13) could do away with a 2nd or 3rd morgage?
We provide assistance to the client that is considering filing Bankruptcy, be it Chapter 7 or Chapter 13.
We can also assit the buiness owner or corporation or LLC that is filing for Chapter 11 reorganization.
Bankruptcy does not have to be a stressful ordeal, we take that stress away by preparation of your
documents per United States Bankruptcy and Nevada Codes.
FAQ Regarding Bankruptcy
What is Bankruptcy?
A bankruptcy is a legal action, filed in federal court, which you may use when you cannot pay your
bills as they come due. It is a process where your debts are valued and you are either asked to pay
your debts over time or give up certain assets in return for cancellation of your debts.
What is Chapter 7 Bankruptcy?
Under the federal bankruptcy statute, a discharge is a release of the debtor from personal liability for
certain types of debts. Once a case is filed, creditors are no longer allowed to contact you via calls or
letters, or continue with any collection proceedings. Although you are relieved from unsecured debts,
the secured debts such as a home or vehicle, still can be collected upon, if payments are not made to
these companies, repossession can occur.
Are there different types of Bankruptcies?
Yes. Bankruptcies are divided into types, also called Chapters. The four most common Bankruptcy
Chapters are 7, 11, 12 and 13. Chapter 7 Liquidation Bankruptcies are used most often when you have
more bills than you can pay and there is little hope of being able to pay them. Chapters 11, 12 and 13
all allow the debtors to reorganize their financial affairs and repay their debts under a bankruptcy court
approved plan. Chapter 13 is a process used to repay an individual's debts over 36 to 60 months.
Chapter 11 is a bankruptcy that is used mostly by businesses and companies with large and complex
debts. Chapter 12 provides relief for farmers.
When should I consider filing a Bankruptcy?
You should consider filing bankruptcy when you cannot pay your bills or when a particular crisis,
such as an illness, accident or loss of employment makes the future payment of your bills very
unlikely. Bankruptcy can also stop a forecloure that may be pending. Also, if a judgment is handed
down against you, a bankruptcy may be used to stop the creditor from attaching your assets or wages.
Can a married spouse file without the other spouse?
Yes, but the non-filing spouse will still be liable for any joint debts. If you file together, you will be able
to double your exemptions. In some cases where only one spouse has debts, or one spouse has debts
that are not dischargeable then it might be advisable to have only one spouse file.
How often can I file Bankruptcy?
You can file for a Chapter 7 Bankruptcy after 7 years from your last date of filing. A Chapter 13
Bankruptcy can be filed at any time.
Will I lose my home in a bankruptcy?
In a Chapter 13 Bankruptcy, if you have enough of your salary after monthly expenses, you can pay
any delinquent payments over a 3 to 5 year period.
Will filing for Bankruptcy stop creditors form calling?
Yes. Filing prevents bill collectors from taking any additional action to collect debts.
Will bankruptcy stop a garnishment?
Yes. This is available immediately upon filing the petition. The automatic stay prohibits creditors from
taking any action against the debtor and stops any and all garnishments.
If I choose Chapter 7, do I lose all my assets?
No. Bankruptcy law lets individual debtors keep certain property that is not subject to attachment and
execution under state law. These assets include some or all of the debtor's equity in his or her
homestead, household goods, a car, certain retirement plans and numerous other assets. If you do
have equity in assets that are not exempt, your bankruptcy trustee may sell these assets and distribute
the proceeds to your creditors.
What are the Nevada Exemptions from Bankruptcy?
Although Bankruptcy is under the United States Federal Guidelines, every state has specific
exemptions, personal property that you are allowed to keep after bankruptcy. Please see our Nevada
Bankruptcy Exemption List.
What debt will Bankruptcy not eliminate?
Money owed for child support or alimony, fines and some taxes;
Debts not listed in the petition;
Loans you got by knowingly providing false information;
Student loans (unless the court determines repayment would be a hardship);
Secured loans like home or vehicle loans.
Can Bankruptcy stop collection of taxes?
It depends. Taxes are normally given priority and are difficult to erase. Bankruptcy will initially stop
the collection process but may not eliminate the obligation to pay the taxes.
Does a Bankruptcy affect my credit?
Yes. Future lenders may consider your bankruptcy when they are deciding whether to loan you money
or credit. However, certain laws exist to prevent unlawful discrimination against you just because you
filed for bankruptcy. The fact that you have filed for bankruptcy may be carried on your credit
records for 10 years or longer in many cases.
Will my utility services be affected?
Public utilities such as power companies cannot refuse or cut off services because you filed for
bankruptcy; however, they can require a deposit for future service and you must continue to pay the
bills.
How does my Bankruptcy affect a co-signer?
If someone has co-signed a loan with you and you file for bankruptcy, the co-signer will still be held
accountable for the debt. They must be listed as a co-signer in your paperwork.
How do I file Bankruptcy and what happens to me after I do it?
The filing of any type of bankruptcy petition requires that you prepare forms that list all of your assets
and liabilities. You are also required to disclose your current income and monthly expenses. You must
also answer numerous questions regarding your financial affairs - such as any transfers of your assets
that you have made within the year before your bankruptcy. When these forms are completed, they
are filed with the Bankruptcy Court. After the forms are filed, a bankruptcy trustee is appointed to
administer your case.
How are creditors notified that I have filed?
After the petition is filed, the court mails the creditors notice of the 341 meeting, as well as deadlines
for filing any motions.
Do I have to list all debts and assets?
Yes. If you knowingly conceal an asset from the court or do not list a debt, you have committed a
felony. In addition, the court can deny your discharge or can convert the filing.
What is the cost to file a Bankruptcy?
The filing cost for a Chapter 7 is $299. Our fee are $300 for typing,and filing services. However, if
you have over 25 creditors, the company charges $2.00 extra per creditor. The fee is the same when
filing for a married couple.
How long does a Bankruptcy take?
Do I have to attend a hearing?
Chapter 7 bankruptcies are quickly handled and you normally must attend an initial meeting with the
trustee and a discharge hearing about 4 months after filing. Chapter 11 and 13 bankruptcies may take
longer and may involve a number of hearings over an extended period with both the trustee and the
court.
We provide assistance to the client that is considering filing Bankruptcy, be it Chapter 7 or Chapter 13.
We can also assit the buiness owner or corporation or LLC that is filing for Chapter 11 reorganization.
Bankruptcy does not have to be a stressful ordeal, we take that stress away by preparation of your
documents per United States Bankruptcy and Nevada Codes.
FAQ Regarding Bankruptcy
What is Bankruptcy?
A bankruptcy is a legal action, filed in federal court, which you may use when you cannot pay your
bills as they come due. It is a process where your debts are valued and you are either asked to pay
your debts over time or give up certain assets in return for cancellation of your debts.
What is Chapter 7 Bankruptcy?
Under the federal bankruptcy statute, a discharge is a release of the debtor from personal liability for
certain types of debts. Once a case is filed, creditors are no longer allowed to contact you via calls or
letters, or continue with any collection proceedings. Although you are relieved from unsecured debts,
the secured debts such as a home or vehicle, still can be collected upon, if payments are not made to
these companies, repossession can occur.
Are there different types of Bankruptcies?
Yes. Bankruptcies are divided into types, also called Chapters. The four most common Bankruptcy
Chapters are 7, 11, 12 and 13. Chapter 7 Liquidation Bankruptcies are used most often when you have
more bills than you can pay and there is little hope of being able to pay them. Chapters 11, 12 and 13
all allow the debtors to reorganize their financial affairs and repay their debts under a bankruptcy court
approved plan. Chapter 13 is a process used to repay an individual's debts over 36 to 60 months.
Chapter 11 is a bankruptcy that is used mostly by businesses and companies with large and complex
debts. Chapter 12 provides relief for farmers.
When should I consider filing a Bankruptcy?
You should consider filing bankruptcy when you cannot pay your bills or when a particular crisis,
such as an illness, accident or loss of employment makes the future payment of your bills very
unlikely. Bankruptcy can also stop a forecloure that may be pending. Also, if a judgment is handed
down against you, a bankruptcy may be used to stop the creditor from attaching your assets or wages.
Can a married spouse file without the other spouse?
Yes, but the non-filing spouse will still be liable for any joint debts. If you file together, you will be able
to double your exemptions. In some cases where only one spouse has debts, or one spouse has debts
that are not dischargeable then it might be advisable to have only one spouse file.
How often can I file Bankruptcy?
You can file for a Chapter 7 Bankruptcy after 7 years from your last date of filing. A Chapter 13
Bankruptcy can be filed at any time.
Will I lose my home in a bankruptcy?
In a Chapter 13 Bankruptcy, if you have enough of your salary after monthly expenses, you can pay
any delinquent payments over a 3 to 5 year period.
Will filing for Bankruptcy stop creditors form calling?
Yes. Filing prevents bill collectors from taking any additional action to collect debts.
Will bankruptcy stop a garnishment?
Yes. This is available immediately upon filing the petition. The automatic stay prohibits creditors from
taking any action against the debtor and stops any and all garnishments.
If I choose Chapter 7, do I lose all my assets?
No. Bankruptcy law lets individual debtors keep certain property that is not subject to attachment and
execution under state law. These assets include some or all of the debtor's equity in his or her
homestead, household goods, a car, certain retirement plans and numerous other assets. If you do
have equity in assets that are not exempt, your bankruptcy trustee may sell these assets and distribute
the proceeds to your creditors.
What are the Nevada Exemptions from Bankruptcy?
Although Bankruptcy is under the United States Federal Guidelines, every state has specific
exemptions, personal property that you are allowed to keep after bankruptcy. Please see our Nevada
Bankruptcy Exemption List.
What debt will Bankruptcy not eliminate?
Money owed for child support or alimony, fines and some taxes;
Debts not listed in the petition;
Loans you got by knowingly providing false information;
Student loans (unless the court determines repayment would be a hardship);
Secured loans like home or vehicle loans.
Can Bankruptcy stop collection of taxes?
It depends. Taxes are normally given priority and are difficult to erase. Bankruptcy will initially stop
the collection process but may not eliminate the obligation to pay the taxes.
Does a Bankruptcy affect my credit?
Yes. Future lenders may consider your bankruptcy when they are deciding whether to loan you money
or credit. However, certain laws exist to prevent unlawful discrimination against you just because you
filed for bankruptcy. The fact that you have filed for bankruptcy may be carried on your credit
records for 10 years or longer in many cases.
Will my utility services be affected?
Public utilities such as power companies cannot refuse or cut off services because you filed for
bankruptcy; however, they can require a deposit for future service and you must continue to pay the
bills.
How does my Bankruptcy affect a co-signer?
If someone has co-signed a loan with you and you file for bankruptcy, the co-signer will still be held
accountable for the debt. They must be listed as a co-signer in your paperwork.
How do I file Bankruptcy and what happens to me after I do it?
The filing of any type of bankruptcy petition requires that you prepare forms that list all of your assets
and liabilities. You are also required to disclose your current income and monthly expenses. You must
also answer numerous questions regarding your financial affairs - such as any transfers of your assets
that you have made within the year before your bankruptcy. When these forms are completed, they
are filed with the Bankruptcy Court. After the forms are filed, a bankruptcy trustee is appointed to
administer your case.
How are creditors notified that I have filed?
After the petition is filed, the court mails the creditors notice of the 341 meeting, as well as deadlines
for filing any motions.
Do I have to list all debts and assets?
Yes. If you knowingly conceal an asset from the court or do not list a debt, you have committed a
felony. In addition, the court can deny your discharge or can convert the filing.
What is the cost to file a Bankruptcy?
The filing cost for a Chapter 7 is $299. Our fee are $300 for typing,and filing services. However, if
you have over 25 creditors, the company charges $2.00 extra per creditor. The fee is the same when
filing for a married couple.
How long does a Bankruptcy take?
Do I have to attend a hearing?
Chapter 7 bankruptcies are quickly handled and you normally must attend an initial meeting with the
trustee and a discharge hearing about 4 months after filing. Chapter 11 and 13 bankruptcies may take
longer and may involve a number of hearings over an extended period with both the trustee and the
court.
Southern Nevada Paralegal Service
Affordable and Personal Assistance
Affordable and Personal Assistance
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