Bankruptcy in Nevada:  FAQ

Nevada Bankruptcy Lawyer

How do I know if I qualify for filing Chapter 7 , or personal bankruptcy?

It can be determined by filling in the Means Test. This is an extensive documentation of all of your assets and liabilities. It is, however, critical that it is answered correctly; some have attempted on their own, and have failed to answer thoroughly or correctly and have lost their opportunity to file for bankruptcy. It is strongly advised that you contact a Nevada bankruptcy attorney from Price Law Group to assist you in determining if you qualify. Although the laws are more stringent now, we have seen that most individuals who are considering filing do qualify for "discharge of debt" or Chapter 7.  If you don't qualify, or wish to avoid filing Chapter 7, Chapter 13 is a good option that can resolve your debt situation. Chapter 11 can be implemented to the benefit of struggling business owners.

Why do I need a lawyer?

Although it is true that theoretically you could file without legal assistance, it is much more difficult than many people can handle, and most eventually reach for help from a legal professional.  Otherwise the process remains incomplete, or the individual gets confused, or files the paperwork incorrectly. Any errors or failures to fully disclose can be a danger, and could lead to being denied or even legal trouble.

How long does it take to have the bankruptcy completed?

It usually takes 4 - 5 months to bring to resolution, but during that time you will already be reaping the benefits of bankruptcy. Creditors will no longer be allowed to contact you and you can get busy rebuilding your financial position.

Will my credit be destroyed for years?

It is true that a bankruptcy will be on your credit report for a number of years. What many don't realize is that a foreclosure can be more damaging to your credit than a bankruptcy, with regard to ever purchasing a home in the future.  Our clients are often surprised how quickly their credit recovers and they begin getting offers for various credit cards (high interest) within a few months of completion. In fact, the individual's credit may actually be in better shape after bankruptcy as they no longer owe the debt they once did. We can discuss credit restoration and how it is done after bankruptcy.

Will filing for bankruptcy allow me to keep my home?

Each case must be evaluated to determine what can be done, but many people are able to keep their homes. Those who have been caught in the mortgage meltdown are now suffering the consequences and may have a first and second mortgage, and the property value has now dropped. There could be legal action that is possible in your case with a foreclosure defense, or in bankruptcy it may be possible to "strip" your second mortgage if it is no longer secured by the value of the property. If you are under threat of foreclosure you should contact our legal team at once.

Are there alternatives to bankruptcy ?

There are many alternatives that could be employed, based upon the personal financial situation of the individual, family or business involved. We can help you to determine the best course of action in your specific circumstances.

Contact a Nevada Bankruptcy Lawyer from our firm to get your questions answered.