Can I Eliminate Tax Debt in a Bankruptcy?

Bankruptcy FAQs are plentiful. Some tax debt is non-dischargable. In other words, it can not be wiped out through bankruptcy. To discharge an IRS debt by filing bankruptcy, typically the tax debt needs to be at least three years old. In addition, tax returns need to be filed more than two years before filing bankruptcy. A tax debt that does not have an IRS tax lien and was not assessed by the IRS in the last 240 days may possibly get discharged. Schedule a free consultation with one of our expert bankruptcy attorneys in order to review your tax debt. A Nevada bankruptcy attorney can provide options to help with your IRS debt, even if bankruptcy isn't the answer. READ MORE

Bankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start. Also, Bankruptcy is a right that is provided for individuals in Nevada under federal law. Bankruptcy cases are handled in Federal Court. Declaring bankruptcy immediately stops creditor harassment and collections, at least until your debts are sorted out according to the law. Bankruptcy FAQs can be answered by an experienced Las Vegas bankruptcy lawyer.

Will Bankruptcy Affect My Credit?

Yes, filing for chapter 7 or chapter 13 bankruptcy will almost certainly have a negative affect on your credit initially. However, if you are considering declaring bankruptcy you are probably already have a fairly low credit score or under significant financial stress. In the long term, bankruptcy will get you a "fresh start" and allow you to rebuild your credit from a solid starting place.

Can I Own Anything After Filing Bankruptcy in Vegas?

YES, it is possible to own property after filing for bankruptcy protection. It is a bankruptcy myth that if you file bankruptcy you will be left without any worldly possessions. This is simply not true! After filing bankruptcy in Las Vegas you keep your exempt property and anything you obtain after filing the bankruptcy. Keep in mind, if you receive a settlement, inheritance, or significant benefits within 180 days after filing bankruptcy, you may have to pay that money to your creditors. A Las Vegas bankruptcy lawyer can advise you as to what property you may own after filing bankruptcy in Vegas. Filing bankruptcy can be confusing on many levels. An experienced attorney can assure we protect your rights.

Can filing Bankruptcy in Vegas stop bill collectors from calling?

Yes. After filing bankruptcy an “automatic stay” goes into place and prevents bill collectors from taking any action to collect debts. Action by the creditors to collect a debt while an individual is protected by an Automatic Stay is illegal. Our Vegas bankruptcy team can help assure that creditors stop collection action.

What Types of Debt Can Be Eliminated In A Bankruptcy?

Chapter 7 bankruptcy is a powerful method of erasing debt. Debt that is typically eliminated include unsecured debt such as credit card bills, medical debt, payday loans, car repossessions, collections, home foreclosures, and more. Some debts that may not be discharged in a bankruptcy: child support debt, student loans, spousal support or alimony, some tax debts, or debt accrued by fraud. Contact our Las Vegas Chapter 7 bankruptcy attorney today.

Will I Have to Go to Court When Filing Bankruptcy?

In most cases — YES. Likely, the only time you will need to appear in court is at your “Meeting of Creditors” also called “341 hearing”. At your 341 hearing you will meet with the bankruptcy trustee and any creditor who chooses to come. Don’t worry! Most of the time, this meeting will be a short and simple procedure where they ask you a few questions about your bankruptcy forms and your financial situation. Quite often, not a single creditor appears. Occasionally, if complications arise in your chapter 7 or chapter 13 bankruptcy, or if you choose to dispute a debt, you may have to appear before a judge at a hearing. Your Las Vegas bankruptcy attorney will be with you every step of the way during any court hearings you may need to attend. Our Vegas bankruptcy team prepares you for your hearing and our lawyer makes sure your represented.

Can My Employer Fire Me for Filing Bankruptcy?

No! An employer CAN NOT fire you just because you file for bankruptcy. The Federal Law and Bankruptcy Code prohibits private employers from discriminating against you because you declared bankruptcy. Losing your job because you filed bankruptcy should not be something you worry about as you consider filing bankruptcy in Las Vegas.

If I File Bankruptcy, How Long Does it Stay on My Credit Record?

A bankruptcy filing stays on a persons credit for 7 to 10 years For more information about bankruptcy, contact the Law Office of Erik Severino to schedule a free consultation. I am a Las Vegas bankruptcy attorney who has helped thousands of people in Las Vegas and throughout Nevada file for bankruptcy. I look forward to assisting you.

Should I be Worried That Everyone Will Know I Filed For Bankruptcy?

You should not worry that your family, friends, nor neighbors find out that you have filed for bankruptcy. Unless someone is listed on the petition as a creditor, a cosigner, or a party to an existing contract you may have there is not a reason they should know about your bankruptcy filing. However, bankruptcy filings are matters of public record which if you search you can find. They are not usually a common bit of news put into a newspaper but for the most part it is fairly discrete.

I Have a Debt that has a Cosigner. Is the Cosigner Still Responsible for my Debt if I File Bankruptcy?

Yes, cosigners (including a spouse) who do not file bankruptcy themselves remain liable for the debt if the other party files for bankruptcy protection. Regardless if you receive a discharge in bankruptcy, the creditor still can pursue your cosigner for the debt.

How Can Bankruptcy Help Me?

Las Vegas Bankruptcy protection offers an opportunity for a fresh start. If your debt is overwhelming, and it is affecting your family, personal, or professional life, a bankruptcy can eliminate debt. Getting out of debt can give you the new beginning to get back on track. Also, filing a bankruptcy petition can immediately stop harassing phone calls by creditors, end a wage garnishment, and stop a foreclosure or repossession. Seek the assistance of an experienced Las Vegas bankruptcy attorney for more details. This is one of the most popular FAQs regarding filing for bankruptcy in Nevada.

Can I Keep my Car / Vehicle If I File for Bankruptcy?

How to file bankruptcy and keep your car. How to file bankruptcy and keep your car. YES! With enough planning, you should be able to keep your car when filing bankruptcy in Nevada. A person should figure out if it’s a good idea to keep their car when filing for bankruptcy in Nevada. You can protect up to $15,000 worth of equity in a vehicle in Nevada. Thus, keeping your vehicle when filing for bankruptcy is possible as long as the equity a person has in the vehicle stays below the Nevada bankruptcy exemption*. * Nevada Bankruptcy Exemption for a Vehicle Looking at the Nevada Bankruptcy Exemptions, exemption 21.090(1)(f) - Allows you to exempt (protect) a Motor vehicle in Nevada up to $15,000.

How long does it take to file for bankruptcy in Nevada?

Although most Chapter 7 bankruptcy cases in Nevada are closed and discharged within 4 to 6 months, there are some chapter 7 bankruptcy cases that may have additional complex issues and could pend for longer periods of time. Answer to frequently asked questionChapter 13 bankruptcy takes longer to complete. A Nevada Chapter 13 bankruptcy case normally takes 3 to 5 years to close. The reason that a chapter 13 bankruptcy takes longer is because in a Chapter 13 the case is a reorganization bankruptcy where the debtor repays his/her debts over the course of time. The repayment period is usually between 3 and 5 years. Debtors who file Chapter 13 cases do so in order to obtain relief from actions such as to avoid payday loans, repossessions, and foreclosures to free up monthly cash flow. If you are considering filing bankruptcy, especially if there are complex issues, it is advisable to consult with a qualified Nevada bankruptcy attorney. Erik Severino, our Las Vegas bankruptcy lawyer will improve your chances at a successful close and discharge of your Nevada bankruptcy. Call (702) 879-9262 for a free consultation. Speak with Erik about how long a typical bankruptcy takes to file in Nevada.

How will I know if I’m in danger of being garnished in Nevada?

It is also important to realize that there are many signs that a garnishment is looming. Initially, you will receive a Summons. Followed by a Notice of Default Judgment, and then a Writ of Garnishment. You will be given notice of each of these. There will be a period of time to respond to the initial summons. If you are wanting to fight a pending wage garnishment in Las Vegas, cont act our Nevada debt relief attorney, Erik Severino, for a free consultation. The best way to assure that your wages never get garnished is to be proactive. Filing your bankruptcy proactively upon the receipt of the Summons can make sure that the garnishment never starts. The experienced lawyer at the Law Offices of Erik Severino can provide you with a clear deadline and target date to file your bankruptcy. We can ensure your case is filed and your garnishment stops. It is important to call and schedule your free consultation as soon as you are served with any legal paperwork.

Creditors are calling my employer and place of work. Can filing Bankruptcy help make it stop?

YES! If you file for bankruptcy in Nevada, The Bankruptcy Code requires all creditors to stop all collection activity immediately. This includes includes calling you, your workplace, or your employer. This takes effect as soon as you file bankruptcy. Even before you file, once you have retained the Law Offices of Erik Severino, the Fair Debt Collection Practices Act requires debt collectors and people you owe money to conduct their business with you through your Vegas bankruptcy attorney, rather than contacting you or your employer. Once you retain our services, we will provide you with a number to give to all of your creditors and our Las Vegas bankruptcy law office will handle all of your creditor calls. Additionally, we recommend that you not tell your secured creditors (those who can take collateral if you don’t pay them) that you are going to file bankruptcy, unless you plan to surrender that collateral to that lender. Contact our Las Vegas bankruptcy attorney for more details as to the best way to deal with creditors.

My Spouse is currently in the military and currently deployed or is about to be deployed. Can I still file bankruptcy?

YES. Even if your spouse is deployed or soon-to-be deployed, bankruptcy is still a viable option available for you. In order to file bankruptcy, you will need a Power of Attorney for your spouse if you want to file the case for both yourself and your spouse. You will need to provide a copy of the Power of Attorney to our Las Vegas bankruptcy lawyer as we prepare your bankruptcy papers. Our Nevada based law firm can prepare the Power of Attorney if you do not have one

If I declare bankruptcy, how long will it stay on my credit report?

A bankruptcy filing under Chapter 7 typically remains your credit report for 10 years. Filing a Chapter 13 bankruptcy proceedings remain on your credit report for 7 years. However, keep in mind, it is completely possible to get your credit score back up and over 700 within 12-24 months of filing.

I received a notice that a creditor is suing me. Can I still file bankruptcy?

Yes you can still file for bankruptcy even if a creditor is already suing you. Filing for bankruptcy in Las Vegas stops almost all collection and creditor actions. You can file for bankruptcy before a lawsuit is filed against you, while the lawsuit is pending, or even after a law suit has been resolved. ** Please note, It is important to discuss what impact a judgment may have on you with an experienced Las Vegas bankruptcy attorney.

Chapter 13 Bankruptcy FAQS in Las Vegas, Nevada

People choose to file for bankruptcy for many reasons. Whether an unexpected emergency expense creates a hole of debt the filer can’t escape on their own, or they fall behind on payments for assets they don’t want to lose, Chapter 13 Bankruptcy in Las Vegas, Nevada can help people in debt in ways that Chapter 7 Bankruptcy and other non-bankruptcy procedures can’t.

Chapter 13 is a 3-5 year reorganization payment plan. Whereas, debts are automatically discharged without repayment in a Chapter 7 . Plus, Chapter 7 Bankruptcy has strict income and asset exemption limits that don’t apply in a Chapter 13. Although, the filing fee is lower in a Chapter 13, ($310) but legal representation fees are typically much higher than in a Chapter 7. Additionally, Chapter 13 allows the possibility of stripping junior mortgages from your home that Chapter 7 doesn’t provide.

CHAPTER 13 FAQs

What is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy FAQS, Las Vegas Bankruptcy Attorneys

Chapter 13 FAQS

ANSWER:

Chapter 13 is a form of bankruptcy that allows you to restructure your debt over the course of 3-5 years. Plus, Chapter 13 allows you to catch up on past-due payments like your mortgage and car loan while being protected from repossession and foreclosure. Also, remaining unsecured non-priority debts (except student loans) will be discharged at the end of your payment plan.

How long does a Chapter 13 Bankruptcy in Nevada last?

Chapter 13 Bankruptcy FAQS, Las Vegas Bankruptcy Attorney

Chapter 13 FAQS

ANSWER:

The length of your payment plan will depend on your income level. Plus, filers whose family income is below the state median will have a 3 year payment plan. Therefore, if they make more than the state median, the plan will be 5 years.

Can I keep my vehicle if I file Chapter 13 in Las Vegas?

Chapter 13 Bankruptcy FAQS, BK Attorneys in Nevada

Chapter 13 FAQS

ANSWER:

Yes, Chapter 13 was designed to help you keep your vehicle. If you are behind on your payments, your lender is likely threatening you with repossession. Once your Chapter 13 petition is filed, your vehicle will be protected from repossession by the automatic stay of protection. The past-due balance, along with the rest of the balance of your vehicle loan, will be payable monthly over the life of your plan.

I am in a Chapter 13, can I stop paying my mortgage?

Chapter 13 FAQS

ANSWER:

More than likely, your mortgage will be included in your Chapter 13 payment plan. Additionally, this is referred to as a conduit mortgage payment in a Ch 13 payment plan. In a Chapter 13 it gets kinda tricky. You should seek the assistance of an experienced bankruptcy attorney.

What happens to my child support I owe if I file Ch 13?

Chapter 13 Bankruptcy FAQS, Attorneys for BK in Las Vegas

Chapter 13 FAQS

ANSWER:

If you owe back child support, this amount will be worked into your plan, a portion of your back support being paid monthly. Plus, the entire balance must be worked into your plan and will not be discharged at the end of your plan.

Is there a residency requirement for me filing Ch 13 in Nevada?

Chapter 13 Bankruptcy FAQS, Vegas bankruptcy attorney

Chapter 13 FAQS

ANSWER:

To be eligible to file bankruptcy in Arizona, you must have resided in the state for the better part of the last six months. If you are unsure about which state to file in, you should discuss your living history with a bankruptcy attorney.

I am married, does my spouse have to file bankruptcy with me?

Chapter 13 FAQS

ANSWER:

You can always singly file a bankruptcy even when married, but it is much trickier in a Chapter 13 than filing a Chapter 7. Since you will probably pay off financed community property assets in your payment plan, most couples choose to file jointly.

Another issue is that your payments will be calculated using both spouses’ income.

Additionally, you will not be left with much disposable income. Unless your partner is okay with almost all spare income going towards your bankruptcy and they don’t have any separate debts on their own, Chapter 13 bankruptcy is usually best for the couple to file together. You should consult an attorney if you want to file a single Chapter 13 or if you are considering filing both a Chapter 13 Bankruptcy and a divorce.

What is the cost of a Ch 13 bankruptcy in Nevada?

Chapter 13 bankruptcy FAQS, Bankruptcy Attorneys in Las Vegas, Nevada

Chapter 13 FAQS

ANSWER:

The filing fee for a Las Vegas Chapter 13 Bankruptcy is $310. Your Las Vegas Bankruptcy attorney’s fees will be considerably higher, but can be worked into your payment plan. Your Nevada debt attorney will likely require some payment up front. While bankruptcy attorney representation isn’t cheap, less than 1% of pro se Chapter 13 bankruptcies are successfully discharged.

Will I have to go to court if I file Chapter 13?

Chapter 13 FAQS

ANSWER:

Both Chapter 7 and Chapter 13 filers will need to attend a 341 Meeting of Creditors. Your creditors may appear, and they and your trustee will ask you questions about your petition. The hearing is typically relatively short and simple.

Chapter 13 filers will also have to attend a plan confirmation hearing. This hearing is exactly what it sounds like- a hearing for the court to confirm that your plan pays off enough of your debts and is feasible for you to complete. You need to make your first Chapter 13 payment within 30 days of filing, so you may need to make a payment before your confirmation hearing. Your Chapter 13 BK Lawyer will attend the hearing with you.

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Las Vegas Chapter 13 Bankruptcy Terms – FAQs

What is a Chapter 13 Bankruptcy Trustee?

Chapter 13 FAQS

ANSWER:

An experienced Las Vegas Chapter 13 Bankruptcy attorney appointed by the court to oversee your case. You will make your plan payments to the trustee who will distribute them amongst your creditors.

What is an Automatic Stay?

Chapter 13 Bankruptcy FAQS, Vegas Bankruptcy Attorneys

Chapter 13 FAQS

ANSWER:

The protection bankruptcy provides that prevents your creditors from collecting on your debts through garnishment, repossession, and foreclosure. The stay is active until your case is discharged or dismissed. Your creditors may file a Motion for Relief from the Automatic Stay to be able to proceed with collection in spite of the stay. Contact a Vegas $0 Down bankruptcy attorney today.

What is the Bankruptcy Means Test?

Chapter 13 Bankruptcy FAQS, Bankruptcy Attorneys in Las Vegas, NV

Chapter 13 FAQS

ANSWER:

The second method of qualifying for Chapter 7 Bankruptcy. Those who make more than the state median income level may still be eligible for Chapter 7 if they can prove that after mandatory expenses are deducted from their income, they don’t have enough disposable income at the end of the month to pay their debts. If a filer is unable to prove they make less than the state median or that they pass a means test, they are left with the option to file Ch 13.

How Long is the Ch 13 BK Repayment Plan?

Chapter 13 FAQS

ANSWER:

The 3-5 year reorganization of your debts, payable monthly to your trustee. You must complete your payment plan to be eligible for a discharge (except in rare exceptional circumstances).

How Long is the Ch 13 BK Repayment Plan?

Chapter 13 FAQS

ANSWER:

The 3-5 year reorganization of your debts, payable monthly to your trustee. You must complete your payment plan to be eligible for a discharge (except in rare exceptional circumstances).

What are Conduit Payments in a Chapter 13 Bankruptcy?

Chapter 13 FAQS

ANSWER:

The portion of your payment plan that is comprised of past-due mortgage payments. Conduit payments are spread over 3-5 years, making it much more realistic for Chapter 13 filers to catch up before the bank forecloses on their home. Plus, it is possible to strip 2nd liens in a Ch 13 BK filing.

What is a Chapter 13 BK Discharge?

Chapter 13 Bankruptcy FAQS, Las Vegas, NV bankruptcy attorneys

Chapter 13 FAQS

ANSWER:

The successful completion of your payment plan. Most debts will be considered fully satisfied on discharge. Some debts that have remaining balances will be wiped clean.