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FAQS

Below is a list a commonly asked questions about bankruptcy, foreclosures prevention, loan modifications & more!

 Also, be sure to check out the resources section at the bottom of page. This includes links to many documents and information that you will need as you go through the some of these processes.

Can I get a credit card after bankruptcy?

Yes. Within only a few months you may be able to obtain a major credit card. At the very least, you may obtain a secured credit card and work your way toward an unsecured card.

Can I buy a home with a bankruptcy on my record?

A bankruptcy on your record will not prohibit you from buying a home, but it may affect the interest rate you can get from a lender willing to finance your mortgage. Most programs require a two year waiting period after bankruptcy before you can get a home loan again but it differs from among lenders and programs are changing all the time so you'll have to check on the different programs with lenders when you're ready to buy.

Can I keep my car?

In most cases, yes. In fact, you may have several options available. You may be able to exempt a certain amount of equity in your car as a Chapter 7 exempt asset. You may also either affirm the debt and keep it out of bankruptcy, or you may redeem the car by buying it from the lender at its fair market value. In some cases, it makes better sense not to keep the car. Go over your options with an experienced bankruptcy attorney to decide what is best in your particular situation.

Can I keep my home?

If filing Chapter 7 Bankruptcy, you can exempt a certain amount of equity in your home from the liquidation process, which may prevent its sale. You can also keep your home if you file Chapter 13 Bankruptcy, which does not require any selling off of assets. Chapter 13 can also be used to prevent foreclosure on your home.

What is the Means Test?

If your household income is above the state median in your area, you may be ineligible to file for Chapter 7. A means test will calculate your current monthly income and expenses to determine if you qualify. If you are ineligible to file Chapter 7, you may still obtain relief from Chapter 13.

What is the difference between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?

In Chapter 7 Bankruptcy you receive a discharge of debts without having to repay them, while Chapter 13 Bankruptcy involves a three or five-year payment plan. There are pros and cons to each approach, which we can review with you.

What is the Bankruptcy Wildcard Exemption?

 In November 2017 the Nevada WildCard Exemption went up to $10,000. This more generous exemption will allow us to help you protect more of your possessions and assets during bankruptcy. Click Here To find out more about the Wildcard Exemption.

Vohwinkel Law

Vohwinkel Law has provided Las Vegas Valley residents superior case results relating to personal injury, bankruptcy, foreclosure and more! Contact us today!

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