Las Vegas Bankruptcy Lawyer

Bankruptcy

Chapter 7 Bankruptcy In Las Vegas

Chapter 7 bankruptcy is a way to wipe out your debt by grouping everything together and in one shot creating a fresh start for yourself. Often referred to as “liquidation bankruptcy”, Chapter 7 allows a qualified individual to eliminate most (if not all) of their outstanding debts. However, certain debts, such as student loans or child support, cannot be discharged. For many people dealing with the stress of overwhelming debt, Chapter 7 is the best option to wipe the slate clean and start over. Here are three things you should know about filing for Chapter 7 bankruptcy in Nevada:

1. Immediate Protection Against Creditor Claims: One of the benefits of filing for bankruptcy protection is that you get immediate relief from aggressive creditors. Under U.S. federal law, a Chapter 7 bankruptcy petitioner is entitled to an automatic stay. All collection action—including the seemingly never-ending calls from debt collectors—has to stop.
2. Most Personal Debts Can Be Discharged: As noted previously, Chapter 7 bankruptcy allows for the full discharge of most types of personal debt. You can use Chapter 7 to clear unsecured debts, including medical bills, credit card payments, personal loans, and certain legal judgments. You cannot use bankruptcy to eliminate some obligations, such as child support, certain federal student loans, and certain tax liens. That being said, there are usually options available to help restructure these non-dischargeable financial obligations.
3. You Must Satisfy the ‘Means-Test’: Not everyone is able to use the Chapter 7 bankruptcy process. To be eligible for Chapter 7, you must satisfy a ‘means test’. Only debtors with income below Nevada’s state median can use the Chapter 7 bankruptcy option. For reference, the 2021 Nevada annual median income for a household of two is $68,953. This means debtors with an income below that median could use the Chapter 7 bankruptcy option. If you have questions about your eligibility for Chapter 7, contact our experienced bankruptcy lawyer in Las Vegas today.

Whether Chapter 7 bankruptcy is the best path forward for you and your family depends on a number of different factors. At Vohwinkel Law, we are ready to conduct a free assessment of your case—ensuring that you understand your options. Before filing bankruptcy you should always meet with a qualified Las Vegas bankruptcy attorney to consider all your options. A lawyer will make sure that Chapter 7 is truly the right choice for your unique financial circumstances. The fees below include a free credit report and pre/post-filing courses are included in the prices.
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Chapter 13 Bankruptcy In Las Vegas

Need to save your house, save your car, stop the IRS from garnishing your wages, bank accounts, or other items? Chapter 13 is where you can be protected from the creditors while you make scheduled repayments to get back to your fresh start. In this filing, you have terms that are very favorable to you so that you can make your repayments and thus complete your obligations under Chapter 13. Here are three things to know about Chapter 13 bankruptcy in Nevada:

1. Filing for Protection Provides Immediate Relief: When you file for Chapter 13 bankruptcy, you will get immediate access to the relief provided by an automatic stay. All creditors and debt collectors are legally required to cease their collection activities.
2. A Repayment Plan Will Be Customized to Your Needs: Chapter 13 bankruptcy is often referred to as either a ‘reorganization bankruptcy’ or a ‘restructuring bankruptcy’. Through this type of bankruptcy protection and with the assistance of our Las Vegas Chapter 13 bankruptcy lawyer, an individual can rearrange their outstanding debts to make sustainable payments. In most cases, Chapter 13 repayment plans last between 36 months and 60 months. You will get a lower monthly payment that you can actually afford to make. Depending on your specific financial circumstances, your Chapter 13 repayment plan may call for a reduced (or 0% percent) interest rate, the waiving of penalties and fees, and the forgiveness of principal. Many factors will be considered to determine your payments, including your income, expenses, and the total amount of debt you have.
3. There is No ‘Means-Test’ for Chapter 13: Regardless of your current household income, you are eligible to file for Chapter 13 bankruptcy protection. Unlike with Chapter 7, there is no financial ‘means-test’ for a Chapter 13 filing. It is actually the opposite. You will only be able to get through the Chapter 13 process if you have the consistent income necessary to fund a repayment plan. If you do not have enough income for a Chapter 13 plan, then pursuing a Chapter 7 would be the better option.

Chapter 13 bankruptcy might be the right choice for your and your family. If you are feeling overburdened by your monthly financial obligations and you are falling deeper into debt, Chapter 13 allows you to reposition yourself, rolling everything into a single, affordable monthly payment. At Vohwinkel Law, our bankruptcy lawyers in Las Vegas conduct a free, comprehensive evaluation of your case to make sure that you understand your rights and options. See how our Las Vegas bankruptcy lawyer can help you get a Chapter 13 plan that meets your needs today.

SMALL BUSINESS BANKRUPTCY IN LAS VEGAS

The Small Business Reorganization Act of 2019 (SBRA) is a federal law that removed some procedural hurdles, burdens, and financial costs for small companies seeking to reorganize through the bankruptcy process. The SBRA makes it easier for small business owners to declare Chapter 11 bankruptcy and restructure their financial obligations while still operating and maintaining control over their business. We have extensive experience representing small business owners in bankruptcy proceedings and can assist you in restructuring your financial obligations. Call our Las Vegas office now for a free, confidential review of your case. We will work tirelessly to help you save your company.

LOAN MODIFICATIONS AND OTHER NON-BANKRUPTCY DEBT RELIEF ALTERNATIVES

Filing for bankruptcy protection is not the right option in every case. In some cases, a consumer may be able to obtain a loan modification or another form of non-bankruptcy debt relief. A loan modification is essentially a voluntary agreement between a borrower and a lender to adjust the loan. A modification may lead to:

• Lower monthly payments;
• Additional time to repay;
• An interest rate reduction or removal;
• Waiver of late fees and other penalties; and
• Reduction of principal.

Whether a loan modification is possible, or advisable, in your case depends on a wide range of different factors. Our loan modification lawyer in Las Vegas is skilled and able to negotiate with creditors and lenders to work out the best possible outcome. They will help you understand your options and negotiate the best settlement. If a modification is not in your best interests, we will help you navigate the bankruptcy process or help you with your other options.

WHY CHOOSE LAS VEGAS BANKRUPTCY ATTORNEY RORY VOHWINKEL?

We understand how physically, mentally, and emotionally draining it can be to deal with overly aggressive creditors and debt collectors. Please know you always have options available. These options can range from negotiating with creditors to walking you through the bankruptcy process. Either way, if you are facing significant financial distress, we are here to help you navigate the bankruptcy process and get a “fresh start”. Our top-rated Las Vegas bankruptcy attorney, Rory Vohwinkel, has successfully handled thousands of cases. When you reach out to our Las Vegas office, you will have an opportunity to speak to a Nevada bankruptcy lawyer who will:

• Hear your story and understand your unique financial situation;
• Answer specific questions, explain your rights, and explain your bankruptcy options;
• Take immediate, forceful action to stop debt collector harassment;
• Collect and organize all necessary documents, records, and paperwork; and
• Devise a personalized bankruptcy strategy to help you get the best outcome.

We know that everyone’s financial circumstances are different. We also know that you deserve personalized representation from a bankruptcy lawyer who will put in the time and resources to protect your best interests. At Vohwinkel Law, we have deep experience representing individuals and business owners in bankruptcy proceedings. Our law firm has a well-documented record of successful case results and testimonials from satisfied clients.

CONTACT OUR LAS VEGAS BANKRUPTCY LAWYER FOR IMMEDIATE ASSISTANCE

At Vohwinkel Law, our Nevada bankruptcy attorney is a highly-skilled, solutions-focused advocate for everyday people and small business owners. Our law firm helps people eliminate debt and stop creditor harassment so they can get a fresh start. If you are considering filing for bankruptcy and you have questions about your rights or your options, we are more than ready to help.

To schedule a free, completely confidential initial consultation, please do not hesitate to contact us today. From our law office in Las Vegas, we handle bankruptcy cases throughout Southern Nevada, including in Henderson, North Las Vegas, Paradise, Boulder City, Enterprise, Summerlin South, and Spring Valley.