Contact Reno Zero Down Bankruptcy And Get Debt Free Today
We accept bankruptcy clients throughout Reno. No office visit necessary. We provide experienced bankruptcy services with personal and professional attention throughout the legal process.
Frequently Asked Bankruptcy Questions
ANSWER:
When you file a Chapter 7 bankruptcy, all your unsecured debts will be liquidated. These dischargeable debts include credit cards, medical bills, registration loans, personal loans, and some back taxes. You will also be required to submit a petition with your financial information, take credit counseling courses, and attend a 341 Meeting of Creditors, which your Reno bankruptcy lawyer can help you find.
ANSWER:
When you file a Chapter 13 bankruptcy, your debts are actually reorganized into a payment plan spread out over the next 3-5 years. A Chapter 13 bankruptcy also allows you to gradually catch up on any arrearages that are on your mortgage or other loans.
ANSWER:
Your new payment plan for a Chapter 13 bankruptcy is based on your income, reasonable expenses for your family size, and the amount of debt in your name. Other debts that will also be considered include car payments, trustee fees, arrearages, attorney fees, and a portion of your unsecured debts.
ANSWER:
There are several advantages to filing a Chapter 7 bankruptcy. Any wage garnishments, repossessions, or foreclosures are immediately stopped, and you will not be required to pay any dischargeable debts. Your credit score can show drastic improvement upon filing and in the year following, which is a huge bonus if you had a poor credit score to begin with. Additionally, the one court hearing for a Chapter 7 bankruptcy is very short and simple, with little stress and preparation involved.
Unfortunately, there are several disadvantages to filing a Chapter 7 bankruptcy as well. A Chapter 7 bankruptcy will remain on your credit history for 7 years, and you will be unable to apply for a home loan for 2 years following filing. Your credit score will immediately decrease, which can be quite discouraging. It is worth nothing that because bankruptcies are a public record, chances are high that your family, friends, coworkers, and others will find out about the situation.
ANSWER:
Once your bankruptcy is filed, the Automatic Stay goes into effect, protecting you against multiple forms of debt collection such as wage garnishment, repossession, and foreclosure. The Automatic Stay remains in place until the case has been discharged or dismissed, at which time your non-dischargeable debt collection will resume. However, dischargeable debt collection will be permanently stopped.
ANSWER:
When filing bankruptcy in Nevada, a Means Test is utilized to determine if you even meet the requirements and qualify for filing. The Means Test factors in your income and your spouse’s income, subtracts paycheck deductions, and subtracts reasonable monthly expenses that have been determined by the court. If your income is above Nevada’s median level, you are eligible to file a Chapter 7 bankruptcy if the Means Test sum is low enough. This process can be complicated and highly dependent on a variety of factors, so contact your Reno bankruptcy attorneys for guidance and information. It is critical to ensure your Means Test has been conducted correctly.
ANSWER:
While some states require debtors to be at least 18 years of age, there is no age limit in Nevada for filing bankruptcy. People of all ages have the opportunity to achieve debt relief through bankruptcy every year in Nevada.
ANSWER:
While filing for bankruptcy brings incredible debt relief, not all debts are completely dischargeable when filing a Chapter 7 bankruptcy. Nondischargeable debts include student loans, title loans, spousal and child support, and back taxes. However, some IRS debts can in fact be discharged in certain situations, so discuss these requirements with an attorney to learn more.
ANSWER:
Student loans are typically part of the reorganized debt plan when filing a Chapter 13 bankruptcy, but the remaining balance will not be discharged at the end of your payment plan and you will still be held responsible. The advantage of continuing to pay your student loan during a Chapter 13 bankruptcy is that interest is nonexistent and back payments are without penalty. Filing for a Chapter 13 bankruptcy can be extremely beneficial for anyone struggling to get their finances back on track while facing excessive student loan debt, especially if they are behind on back payments. Contact our Reno Zero Down bankruptcy attorneys today to learn more about the complexities of the process.
LAS VEGAS
5552 Ashley Creek St
Las Vegas, NV 89135
NORTH LAS VEGAS
7251 W Lake Mead Blvd
Las Vegas, NV 89128
HENDERSON
1489 W Warm Springs Rd #110
Henderson, NV 89014
