702-735-1500

Las Vegas Chapter 13 Bankruptcy Lawyer

Chapter 13

The attorneys at Vohwinkel Law help consumers throughout Las Vegas and Los Angeles find effective and manageable solutions to their financial troubles by securing an adjustment of their debts through a Chapter 13 bankruptcy.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a different type of bankruptcy that is designed to assist those individuals and businesses who have assets they do not want to be liquidated and want the opportunity to pay off their debts over time. It is often referred to as the debt reorganization bankruptcy because it allows you three to five years to pay off your debts with no interest. Chapter 13 bankruptcy requires an individual or business to have a regular income sufficient to pay back their debts and allows people whose incomes are too high to qualify for Chapter 7 to still get the protection and debt relief bankruptcy provides.

Similar to other types of bankruptcy, once the process is begun, an automatic “stay” is issued to prevent bill collectors from contacting you any further. It can also protect you from the threat of foreclosure as long as you are able to work out maintaining your mortgage payments as part of your payment plan. With the help of your Las Vegas bankruptcy attorney, you will need to submit a full financial statement listing all your income, assets, and liabilities along with your proposed repayment plan that can be made within your budget. You will be legally obligated to make your scheduled payment to the bankruptcy trustee who will then pay a portion to each of your creditors.

Foreclosure Mediation

Since 2015, the United States Bankruptcy Courts in Nevada have offered a Mortgage Modification Mediation Program. The foreclosure mediation process allows you to continue to pause the foreclosure process while entering into an alternative way to resolve mortgage disputes. Mediation involves you and your mortgage lender sitting down with seasoned mediators in an effort to come to an agreement on how you can stay in your home and meet your obligations.

The Mortgage Modification Mediation Program is available to anyone that has filed for protection under Chapter 13. It can also be used in any case involving real property like a home or office building. For many, the mediation process is preferable because it is more flexible than a formal court proceeding and is less expensive than an expensive foreclosure trial.

During the course of the mediation, the mediators will facilitate a discussion on all of your available options. This can include the possibility of a loan modification, a short sale, or a deed in lieu of foreclosure.

It is critical to go into your mediation fully prepared, and that is something that Vohwinkel Law can help with. With a large number of foreclosure cases under our belt, Vohwinkel Law is ready to help you get the most out of your foreclosure mediation.

To help establish whether Chapter 13 bankruptcy could be the right solution for you consider the following circumstances:

When Is Chapter 13 Bankruptcy Right For Me?

A Chapter 13 bankruptcy payment plan is commonly known as a “wage earner’s plan.” Chapter 13 bankruptcy is most appropriate if you have a steady job or another regular source of income and can devote a portion of your disposable income to a monthly payment plan. Chapter 13 bankruptcy is also appropriate if you have large amounts of debt which is secured by collateral, such as home loans, car loans, or appliances and furnishings that you bought on credit. Chapter 13 bankruptcy allows you to keep your assets while also becoming debt-free over time. In addition to your own financial responsibility, you may want to consider whether any of these loans were co-signed by friends or family members. Chapter 13 bankruptcy can protect them from having their property attacked to satisfy your debt.

Every situation is unique. Whether you should file Chapter 13 bankruptcy or Chapter 7 bankruptcy or consider another option such as debt settlement depends upon your goals and your own particular combination of assets, liabilities, income and expenses. The first step is to sit down with an experienced bankruptcy attorney to discuss these matters. If you are in the Las Vegas or Henderson area and need to find an effective solution to unmanageable debt, contact Vohwinkel Law for a free consultation.

Chapter 13 Costs

Upfront Fee

$500*

Filing Fee

$310

Attorney Fee

$5,700

Total

$6,010

Remainder of Fees Paid Through Bankruptcy Plan

FEES INCLUDE THE PRE AND POST FILING COUNSELING COURSES AND A CREDIT REPORT. PRICES ARE NOT FINAL THERE ARE ADDITIONAL COSTS FOR ADDITIONAL WORK.

Mortgage Modification Mediation Program

Modifying a Las Vegas real estate mortgage in Chapter 13 used to be a burdensome affair. Since the debtor and creditor are required to agree on a modification of mortgage terms, delays often meant modification went by the wayside.

But the US Bankruptcy Court for Southern District of Nevada is attempting to streamline the modification process and bring parties to the bargaining table as soon as possible. Once at the bargaining table, the Court will assign a trained mediator to persuade the parties to reach an agreement.

Streamlined procedures for the Mortgage Modification Mediation (MMM) Program include:

The streamlined process is a strong victory for homeowners, who have had their requests to modify delayed too long in the past. Now, the borrower will have a timely decision and can proceed with their bankruptcy accordingly.

Bankruptcy is a complicated process for those not familiar with the rules and procedures. Attempting to “go it alone” is a path filled with risks. Meeting with one of the qualified Las Vegas bankruptcy attorneys at Vohwinkel Law for a consultation is a great way to determine eligibility, your rights and responsibilities involved, and how the MMM program may benefit you and your Chapter 13.

Call at 702-735-1500 or email at rory@vohwinkellaw.com to schedule an appointment for a consultation.

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