FAQs
Can I get a credit card after bankruptcy?
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.
Click Here To find out more about buying a home with a bankruptcy on your record .
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.
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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?
What You Should Know About The Nevada Wildcard Exemption In Bankruptcy?
Is Purchasing A Short Sale Home Right For Me?
For many people, the primary goal for declaring bankruptcy is to hold on to important assets like a car or home while restructuring debts. But in some cases, keeping their home simply isn’t feasible. For homeowners facing foreclosure on a home valued at less than what is owed on the mortgage, a short sale might be the answer. And for buyers looking for a great value on a home, a short sale might make sense as well.
What Kind Of Bankruptcy Do I Need To Claim?
The United States Bankruptcy Code is complicated. There are tons of rules, exceptions, and methods to file for protection. There are rarely-used types of bankruptcies that are only open to certain types of businesses. But for most people, there are three major types of bankruptcies.
Click here for more info What Debts Are Discharged After Bankruptcy In Nevada?
Out of all the reasons to declare bankruptcy, arguably the most beneficial to you is the discharge of unsecured debts. When a debt is discharged, you are no longer responsible for it. Your creditors cannot attempt to collect on the debt and you have no obligation to ever pay it down.
It is worth noting, however, that not all debt can be discharged. Non-dischargeable debt will survive the bankruptcy process, and your creditors can pursue you once your bankruptcy has completed. Below, we discuss the common types of debt that may be discharged in Nevada. But to get a complete picture of how discharge works in a Nevada bankruptcy, contact the experienced Las Vegas attorneys with Vohwinkel Law today.
