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Bankruptcy Attorneys in Nevada, NV

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Here you will find all the information you need about Nevada bankruptcy law.

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What is the Fresh Start Program?

The world is going through hard times, that is an undeniable reality. 2020 has been a year that can be defined in many ways, mostly negative: unexpected, chaotic, catastrophic. The world economy has been severely hit. This has greatly affected millions of Americans, who have seen their financial situation collapse overnight. As a result, many have taken on excessive debt that they cannot pay, to keep food on the table, or to save their businesses. At Legal Facts, we think that’s totally unfair.

Fortunately, all is not lost. U.S. law provides an alternative that will allow you to get rid of your unsecured debt, and take a huge burden off your shoulders, so you can enjoy a fresh financial start. Of course, we’re talking about bankruptcy.

For many, this is an unthinkable option. It is no secret that bankruptcy is shrouded in an aura of negativity. People think it will bring nothing good, and will only serve to make their situation worse. These are lies. Let us tell you what is true: Bankruptcy can be your saving grace towards a new financial beginning.

Experience

If you decide to file for bankruptcy, but you are unfamiliar with the laws surrounding this process, it may be a bad idea to do so on your own. An excellent bankruptcy attorney will have all the experience necessary to make your bankruptcy filing successful. In addition, a bankruptcy attorney knows the state laws and regulations inside and out, and will guide you through all the procedures.

Assess all your options

The extensive financial knowledge of an experienced bankruptcy attorney will allow him/her to diagnose your financial situation, and then determine what type of bankruptcy is best suited for your situation. You may want to get rid of your debts quickly, in which case the attorney will recommend chapter 7 bankruptcy. Or you may have a steady income and qualify for chapter 13 bankruptcy.

Protection from creditors

You may be receiving constant calls, and even visits, from creditors demanding payment of your debt. However, if your creditors know that you have an excellent bankruptcy attorney on your side, they will leave you alone immediately. Your bankruptcy attorney will make sure they stay away from you. He or she will tell you about the types of behavior that are considered abusive, and about the rights you have in your position. Once you file for bankruptcy, creditors are legally required to stop collecting on the debt.

Save your home or vehicle

If you are facing foreclosure proceedings, or if you are receiving threats to repossess your vehicle, hiring a bankruptcy attorney may be your best option to save those precious assets. The attorney will explain to you the options you have to have the best chance of keeping them. In addition, he/she will assist you in making lists of exempt assets, so that you do not make any mistakes during the procedure and end up losing something important to you.

Peace of mind

Retaining the services of an experienced bankruptcy attorney will make the entire process much easier. If you are going through a difficult financial time, you do not need to stress about legal procedures, when you can entrust it to someone who is much more experienced than you are in this field. Once you retain the services of an attorney, you can relax a bit, and then focus on rebuilding your finances with some peace of mind.

What Are The Benefits of Bankruptcy in Nevada?

Nevada is one of the best states to file for bankruptcy. Its policy regarding exemptions greatly benefits filers. For example, you can exempt a house up to $550,000 and a car up to $15,000. Both of these amounts are among the highest in the United States when it comes to exemptions. In addition, most things in your home will also be exempt from the process.

Bankruptcy is also an ideal solution to get rid of many debt-related issues. If any of your creditors harass you, demanding payment of the debt, they will be legally obligated to leave you alone after your filing.

In addition, Nevada is home to world-class bankruptcy attorneys. If you live in Nevada, we have attorneys near you ready to help you with your filing.

What Are The Different Types of Bankruptcy in Nevada?

Chapter 7 Bankruptcy

Chapter 7 is perhaps the most popular of all. It is the most efficient and fastest way to get rid of your debts. Unlike most others, in just a few months, you will be debt-free.

Before proceeding with this Chapter, you must do the hardest part: qualify. Each state has its own standards regarding the financial conditions that must be met to qualify for Chapter 7.

After you qualify, the process becomes relatively simple: First you will be able to exempt some (or in some cases all) of your assets. Then, the court will assign you a trustee, who will have several meetings with you throughout the process. Their job is to manage and sell your non-exempt assets, and use the money obtained to pay your creditors.

You may find this uncomfortable, even unacceptable, but if you have no other option, this process can be helpful.

If you want to evaluate other alternatives, read on.

Chapter 7 Bankruptcy

Chapter 7 is perhaps the most popular of all. It is the most efficient and fastest way to get rid of your debts. Unlike most others, in just a few months, you will be debt-free.

Before proceeding with this Chapter, you must do the hardest part: qualify. Each state has its own standards regarding the financial conditions that must be met to qualify for Chapter 7.

After you qualify, the process becomes relatively simple: First you will be able to exempt some (or in some cases all) of your assets. Then, the court will assign you a trustee, who will have several meetings with you throughout the process. Their job is to manage and sell your non-exempt assets, and use the money obtained to pay your creditors.

You may find this uncomfortable, even unacceptable, but if you have no other option, this process can be helpful.

If you want to evaluate other alternatives, read on.

What Can A Chapter 7 Bankruptcy Attorney in Nevada Offer You?

If you want your bankruptcy process to be easy and stress-free, then we have a recommendation: Get an attorney as soon as possible.

A Nevada bankruptcy attorney will guide you through the entire process. He or she will first gather all the necessary paperwork for your filing, and send it to the bankruptcy court.

During the filing, he or she can represent you at all times. If you do not wish to appear in court at the meeting of creditors, you do not have to, the attorney can appear on your behalf.

Also, because of Nevada’s permissive exemption law, many cases end up being “no asset cases”. Therefore, the filer does not lose anything, and their debts are discharged anyway. But the only way you can take advantage of these legal avenues is with the expertise of an attorney.

Chapter 13 Bankruptcy

Not all bankruptcy chapters involve the sale of your assets, if you don’t like that idea, then Chapter 13 may be what you’re looking for. In this case, the process is as follows: After you qualify, you’ll have to restructure your finances. Then, based on court recommendations, you will develop a payment plan, which will pay off all of your unsecured debt.

Another popular name for this type of bankruptcy is “wage earner bankruptcy”. This is because, to qualify for this Chapter, you must have some financial stability. Enough to meet the payment plan while living a relatively normal life. Therefore, it is your best option if you are a small business owner, or have a good paying job.

Keep in mind: Everything will be fine as long as you stick to the payment plan. Not doing so means one thing, the imminent sale of your assets. Don’t take unnecessary risks.

Chapter 13 Bankruptcy

Not all bankruptcy chapters involve the sale of your assets, if you don’t like that idea, then Chapter 13 may be what you’re looking for. In this case, the process is as follows: After you qualify, you’ll have to restructure your finances. Then, based on court recommendations, you will develop a payment plan, which will pay off all of your unsecured debt.

Another popular name for this type of bankruptcy is “wage earner bankruptcy”. This is because, to qualify for this Chapter, you must have some financial stability. Enough to meet the payment plan while living a relatively normal life. Therefore, it is your best option if you are a small business owner, or have a good paying job.

Keep in mind: Everything will be fine as long as you stick to the payment plan. Not doing so means one thing, the imminent sale of your assets. Don’t take unnecessary risks.

What Can A Chapter 13 Bankruptcy Attorney in Nevada Offer You?

The first thing you should do if you are considering filing for bankruptcy, is consult with an attorney. Only then will you know for sure which case is best suited to your financial situation.

If after counseling, you determine that Chapter 13 is the ideal, then your Nevada bankruptcy attorney will help you with all the necessary paperwork. This part of the process can be a real headache, but the attorney will make everything much easier.

It is not advisable to proceed with Chapter 13 without an attorney at your side. About 98% of the cases that are filed without one end up being a failure. A failed bankruptcy will not only waste your time, it will put your financial future at risk. Do the right thing, we have lawyers all over Nevada ready to help you.

Chapter 11 Bankruptcy

The specialty of Chapter 11 is that large businesses (even those with international branches) have a way to get out of debt. If you are a business owner, or represent a large organization in some way, this may be the option you should consider.

The specific processes will depend on each company. However, essentially, this Chapter shares many similarities with Chapter 13. First, the business will have to restructure its finances, and then develop a payment plan, through which all outstanding debts will be discharged.

Throughout the process, you will be able to continue to run your business, and it will be able to operate fairly normally. Success will depend on the payment plan being fulfilled.

Chapter 11 Bankruptcy

The specialty of Chapter 11 is that large businesses (even those with international branches) have a way to get out of debt. If you are a business owner, or represent a large organization in some way, this may be the option you should consider.

The specific processes will depend on each company. However, essentially, this Chapter shares many similarities with Chapter 13. First, the business will have to restructure its finances, and then develop a payment plan, through which all outstanding debts will be discharged.

Throughout the process, you will be able to continue to run your business, and it will be able to operate fairly normally. Success will depend on the payment plan being fulfilled.

What Can A Chapter 11 Bankruptcy Attorney in Nevada Offer You?

The secret to a successful business bankruptcy is planning. Every business has specific financial needs, which must be taken into account when restructuring. Without proper planning, the process is bound to fail. To ensure that every detail is covered, the advice of an attorney is critical.

Many businesses in the United States have been able to rebuild their finances after a Chapter 11 bankruptcy. One of the most notable examples is General Motors.

You should know something: the federal bankruptcy law states that it is a REQUIREMENT that the company be represented by an attorney, in order to file for bankruptcy under Chapter 11.

Is there a Bankruptcy Lawyer near me?

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