Las Vegas Bankruptcy Lawyer
Get Debt Relief Now. Call (702) 258-1183
At Kemp & Kemp, we understand the toll financial hardship takes on families. Nevada families struggling to make ends meet are further burdened by wage garnishments, harassment from debt collectors, and the threat of foreclosure. The disruption in the financial stability of the family unit only seems to compound as the months drag on. Fortunately, families struggling with unmanageable financial situations have options.
When you file bankruptcy in Nevada, most collection and foreclosure attempts are frozen. A Las Vegas bankruptcy lawyer can help you determine the right solution for your family and take the steps toward financial recovery.
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Are you suffering from unmanageable debt and financial hardship?
(702) 258-1183
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How Can a Bankruptcy Lawyer Help You?
If you’re suffering from financial hardship, a bankruptcy lawyer can help you turn your life around and get a fresh start. From struggling paycheck to paycheck, to drowning in a mountain of looming debt, financial hardship can take a toll on your health and wellbeing. You may be facing foreclosure, recently unemployed, or unable to catch up on past bills due to unmanageable payments. Even working extra shifts feels hopeless, as wage garnishments threaten your livelihood. If this is the state of your financial health, we can help. Often clients come to Kemp & Kemp when they see the financial storm clouds on the horizon and seek relief before matters spiral out of control into crisis. J.P. Kemp has advised many clients that it is better to have just a bankruptcy on your credit record than to have a horrible payment record followed by the bankruptcy. It isn’t always possible, but filing before things reach crisis mode is a better option. Filing for bankruptcy helps consumers wipe the slate clean and begin the path to financial security.
Unmanageable Debt
Your tax debt, medical bills, and credit card debt may be eligible for discharge through bankruptcy. These debts are classified as unsecured. The process for discharging credit card or medical debt is pretty straightforward. However, tax debt must meet eligibility requirements to be discharged.
Foreclosure
Mortgages are classified as secured debt. While the contractual obligation to pay money on a mortgage debt is actually discharged in a bankruptcy case, the security interest, the legal ability of the lender to foreclose if the borrower does not repay the debt, is NOT DISCHARGED. This means that if you file bankruptcy and get a discharge on a mortgage debt, you cannot be forced to pay the money back, BUT THE LENDER CAN TAKE YOUR HOME IN FORECLOSURE if you do not pay the loan. However, homeowners still have options when they are facing foreclosure. A Chapter 13 bankruptcy affords homeowners with the opportunity to catch up on delinquent payments and stop foreclosure proceedings immediately. Filing for Chapter 7 bankruptcy, however, allows homeowners to discharge their mortgage debt as long as they surrender the home. If your equity doesn’t exceed $605,000, you filed the proper paperwork, and you stay current on your payments, you may be able to keep your home even if you file Chapter 7.
Judgements
Judgements held against you for unsecured debt by a debt collector may be dischargeable through bankruptcy. This process is made easier if the creditor has not secured a lien on your property to satisfy a debt. However, debts held against you for fraud or intentional harm may be excluded from a bankruptcy discharge in an adversary proceeding. See a bankruptcy lawyer at Kemp & Kemp for a more detailed discussion of this situation.
Wage Garnishments
Wage garnishments are terrible. If your wages are under garnishment by a debt collector, filing bankruptcy will put an immediate stay on your garnishment, stopping the practice. This will put your earnings back in your pocket, so you can get a fresh start building a healthier financial future. However, garnishments for child support and alimony payments are not affected by filing a bankruptcy.
What Is the Difference Between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy?
Nevadans seeking to file bankruptcy generally have two options to choose from: Chapter 7 and Chapter 13. The primary difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy is the way the debt in question is handled. In a Chapter 13 bankruptcy, filers opt for a repayment plan to cover the cost of their debt over time (up to 5 years). In a Chapter 7 bankruptcy, however, filers wipe the slate clean with little to no repayment. There are several factors filers should consider before selecting a bankruptcy option.
Filing for Chapter 7 Bankruptcy discharges all of your debts (with some exceptions) and gives you a fresh start. These proceedings are generally quicker to process than a Chapter 13 bankruptcy, and, as a result, end up costing filers less in legal fees. The downside to filing this form of bankruptcy is that any nonexempt assets you possess may be required to be surrendered. This could include vehicles, as well RVs, boats, jewelry, and other property that exceeds the value of the Nevada Exemptions contained generally in Chapter 21 of the Nevada Revised Statutes. To file for Chapter 7 bankruptcy in Nevada, you must wait at least 8 years since your previous bankruptcy filing.
Filing a Chapter 13 bankruptcy allows you to protect your nonexempt assets while still pursuing a more manageable future. In this form of bankruptcy, filers agree to a payment plan to settle non-dischargeable debts. Chapter 13 payment plans typically range from three to five years in length. This process can accrue greater legal fees, as it takes longer for the courts to settle the debt. There is no waiting period between Chapter 13 filings in Nevada, but a Chapter 13 discharge may only be obtained once every 4 years. Chapter 13 may also be used in situations where a person cannot qualify to file a Chapter 7 because, for example, their income is too high, and they cannot pass a means test imposed by the Bankruptcy Code.
A Las Vegas bankruptcy lawyer can review your case and help you determine the filing option that meets your needs.
To determine what bankruptcy plan is right for you, call our Las Vegas bankruptcy attorneys at (702) 258-1183. FREE consultation.
Adversary Proceedings in Bankruptcy
An adversary proceeding in Nevada bankruptcy court is comparable to a lawsuit. In these proceedings, a debt collector typically sues a debtor in an attempt to secure the debt in question. However, the debtor also has the power to initiate an adversary proceeding. There are several circumstances in which an adversary proceeding may be filed. Some common reasons for adversary proceedings in a bankruptcy are:
- To determine a debt’s priority or the extent of a lien. This is usually done by creditors who wish for their debts to be settled first out of the bankruptcy estate.
- To subordinate a debt’s priority. This is typically an agreement by a creditor to allow another debt to take payment priority in the bankruptcy estate.
- To object to a debt’s discharge. This takes place when a creditor disputes a debtor’s attempt to discharge a debt.
- To determine if a debt is dischargeable. In some cases, the dischargeability of a debt requires further review.
In addition to the above circumstances, there are a variety of reasons a bankruptcy filer may face adversary proceedings. A bankruptcy attorney can help filers navigate these proceedings and come to an agreement that alleviates their financial burden.
Hiring an attorney during difficult times is made easier with a compassionate attorney and staff. [J.P.] Kemp and Josie really helped me deal with the repercussions from some health issues.
Excellent staff. Great knowledge and passion for helping people! Thanks again to this firm for all the help we received. High recommended
FAQs About Filing Bankruptcy in Nevada
How long does a bankruptcy stay on your credit report in Nevada?
In Nevada, the length of time a bankruptcy stays on a filer’s credit report can vary. A Chapter 13 bankruptcy may stay on your credit report for up to 7 years, while a Chapter 7 bankruptcy may linger for up to 10 years.
What cannot be included in a Chapter 7 bankruptcy?
Debts that are not eligible for discharge in a Chapter 7 bankruptcy include alimony, child support, some tax debt, debts caused by personal injury lawsuits for intentional harm, criminal restitution payments, and debts that were unlisted during filing.
Will I stop getting harassed by my bill collectors after filing bankruptcy?
Your bill collectors are required to cease communications once your bankruptcy petition is filed. When you work with a bankruptcy attorney, creditors are required to communicate directly with him or her, providing you with relief.
