Filing Bankruptcy in Las Vegas
Dealing with financial problems can be draining – physically, mentally, and emotionally. Vohwinkel & Associates is a Las Vegas Bankruptcy law firm that not only understands your stress, but will fight with your creditors to get you immediate relief. When determining whether or not you should file, it is important to understand all of your options.
The two types of personal bankruptcy that can be filed by an individual or married couple are chapter seven and chapter thirteen. The bankruptcy laws for personal filing are different than corporate filing. Chapter 7 and chapter 13 also have their own unique set of guidelines. Here is a basic breakdown:
- Lower income earnings based on household size
- Many assets may be kept and claimed as exempt
- Discharge of all remaining creditor debt
- On credit report for 10 years
- Timeline of 3-5 months to discharge
- Higher income earnings
- Property can be kept
- 3-5 year debt repayment plan
- On credit report for seven years
- Timeline of 36-60 months for discharge
Although bankruptcy lawyers in Las Vegas handle Nevada filings, the bankruptcy laws in every state are all mandated by the United States bankruptcy court.
Here are some rules that apply to everyone who files Chapter 7 and Chapter 13:
- You must take a court approved credit counseling class, which are offered online.
- You must have a bankruptcy trustee appointed to review your individual case.
- Your attorney’s fees and filing fees may not be paid by credit card.
You can still file bankruptcy after a foreclosure or short sale if you meet the financial criteria!
Meeting with an experienced Bankruptcy Attorney in Las Vegas, like Vohwinkel & Associates, can help you determine which type of bankruptcy you should file or whether a simple loan modification would be your best option.
Contact Vohwinkel & Associates for a free consultation today.