General Bankruptcy Information
Divorce and Bankruptcy Proceedings
Bankruptcy in itself can be a very complicated process. If you are going through a divorce, the whole thing can evolve into an even more complex case when you take into consideration the issues of community debt and separate debt. Compared to ...
What happens if a person passes away while in an active Bankruptcy?
WHAT HAPPENS IF A PERSON PASSES WHILE IN BANKRUPTCY? Facing bankruptcy is undoubtedly a challenging situation, and contemplating what would happen if a person were to pass away before the bankruptcy process concludes may not be a pleasant thought. ...
Credit Counseling and Debtor Education Courses
There are two (2) "courses" that must be completed to successfully file and complete your bankruptcy. Before you can file your bankruptcy, you are required to complete pre-bankruptcy credit counseling. The debtor education course must be completed ...
Tax Returns Due After the Bankruptcy Filing
For debtors filing bankruptcy under all chapters (chapters 7, 11, 12, and 13), the Bankruptcy Code provides that if the debtor does not file a tax return that becomes due after the commencement of the bankruptcy case, or obtain an extension for ...
Bankruptcy Code IRS Tax Filing Requirements.
Bankruptcy Code tax filing requirements. Debtors filing under chapters 7, 11, 12, and 13 of the Bankruptcy Code must file all applicable federal, state, and local tax returns that become due after a case commences. Failure to file tax returns timely ...
10 Reasons Why Bankruptcy Can Be a Great Choice for a Brighter Financial Future
1. Elimination of Debt: Bankruptcy allows you to eliminate or reduce certain debts, giving you a fresh start and relieving you from the burden of unmanageable financial obligations. 2. Protection from Lawsuits: Filing for bankruptcy triggers an ...
Keeping Your Vehicle and Home in a Bankruptcy
1. Nevada Homestead Exemption: Bankruptcy laws often provide a homestead exemption that allows you to retain some or all of the equity in your primary residence. Nevada's Homestead is very generous! 2. Automatic Stay: When you file for bankruptcy, an ...
Some Potential Negatives of Filing for Bankruptcy Yourself
1. Lack of Legal Expertise: Bankruptcy laws can be complex and vary depending on your jurisdiction. Without the guidance of a knowledgeable bankruptcy attorney, you may struggle to navigate the intricacies of the legal process. 2. Potential Mistakes: ...
How Do I Find Basic Information About My Case"
Voice Case Information System (VCIS) VCIS allows callers to access case information, free of charge 24 hours a day, seven days a week, from any touch tone telephone. VCIS is available at both offices. · VCIS Phone: 1-866-222-8029
Some Potential Drawbacks of Debt Consolidation/Debt Settlement
1. Increased overall cost: Extending the repayment period on your debts can increase the total amount of interest you pay over time, resulting in a higher overall cost of borrowing. 2. Long-term commitment: It can be a long-term commitment that ...
What Are Some Benefits of Bankruptcy?
Here are some benefits of filing for bankruptcy: 1. Fresh start: Filing for bankruptcy can give a person or a business a fresh start. It helps eliminate or reduce the debts they owe, giving them a chance to start over and manage their finances ...
What Documents Should You Gather when Filing For Bankruptcy?
Filing for bankruptcy is a challenging process. Regardless of whether you’re filing for Chapter 7 or Chapter 13, you’ll have to prepare all the necessary documents beforehand. Here’s a closer look at what essential documents you need to gather if ...
How Do I Know if I Should Consider Bankruptcy?
The question many people ask themselves is when should I consider filing for bankruptcy? If you are reading this article, the answer is that you probably need to consider bankruptcy as an option right now. Many people wait far too long to file ...
How Bankruptcy Can Stop Wage Garnishments in Nevada
What Is a Wage Garnishment in Las Vegas? A wage garnishment is a legal process that allows your employers to directly send an amount from your wage/pay to the creditor to pay off a loan or debt. The court may put in place a wage garnishment to the ...
What if I make too much money to file a Chapter 7?
In 2005, Congress created a new bankruptcy law in which anyone who files for Chapter 7 must show that their monthly income is below the average income for people in their area. This is called the “means test.” If your income is above the designated ...
How long will Debt stay on my credit report?
As long as the debt information is true and the account is active, debt will continue to appear on your credit report. You can anticipate that negative information will disappear from your credit record seven years after the account is closed with no ...
Can you clear medical debt in Bankrutpcy?
The Bankruptcy Code allows debtors to pay off or discharge medical debt through Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy may be the best option for people who have low income. You do not need to have a certain amount of debt. ...
Where can I get basic bankruptcy information?
U.S. Courts Bankruptcy Basics: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics Nevada Legal Aid - Bankruptcy Informational Videos: https://www.lacsn.org/practice-areas/consumer-rights-project/bankruptcy/350-bankruptcy-videos ...
What is the 341-Meeting of Creditors? Do I need to attend?
The first meeting of creditors is required under Section 341 of the Bankruptcy Code and you are required to attend. However, don’t be nervous. Even though you will be under oath, the hearing is usually fairly short and informal and is conducted by a ...
How long will a bankruptcy appear on my Credit credit reports?
A Chapter 13 bankruptcy will appear on your credit report for 7-years from the date of the filing. A Chapter 7 bankruptcy will appear on your credit report for 10-years from the date of the filing.