Bankruptcy Lawyers In Reno Nv – We accept bankruptcy clients throughout Reno. No need to visit the office. We provide experienced bankruptcy services with personal and professional attention throughout the legal process.
Our Reno Chapter 7 bankruptcy attorneys can help you get rid of all your unsecured debts. We offer $0 down Chapter 7 and Chapter 13 bankruptcy for Nevada. Please know that filing bankruptcy in Reno is not a financial death sentence. This is one way to achieve the goal of a new financial start.
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There is life after filing Chapter 7 bankruptcy. For example, declaring bankruptcy does not mean the end of your life. Additionally, the help of our Nevada debt settlement attorneys (the right lawyer) can be a helpful way to resolve debt. Filing bankruptcy takes the pressure off, stops creditor harassment and gives individuals, couples and businesses a chance to make a ‘fresh start’.
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Chapter 7 bankruptcy is the most common bankruptcy chapter in Reno and involves the discharge of your unsecured debts. These forgivable debts include medical bills, credit card debt, personal loans, home equity loans and certain taxes. Reno’s bankruptcy filing process requires filing a petition detailing your financial information, taking required credit counseling courses and attending a 341 meeting of creditors. With the help of our bankruptcy attorneys in Reno, you can start your new financial future.
After you file Chapter 7 bankruptcy, it stays on your credit for 10 years, but after two years you’ll be eligible for a number of things, including FHA home loans, rentals, and you can open new loans before you file for bankruptcy. will be removed. Bankruptcy doesn’t mean you no longer have a financial future. You still have an opportunity to improve your credit after you file your tax return.
Chapter 13 bankruptcy, also known as wage bankruptcy, requires more involvement from your attorney than Chapter 7. Filing Chapter 13 means restructuring your debts into an affordable payment plan based on your income and your financial limits. The repayment plan is around 3 to 5 years. Under Chapter 7, you do not have to pay your debts.
A Chapter 7 bankruptcy, often called a “liquidatory bankruptcy,” takes months instead of years. It will stay on your credit longer. Under Chapter 7, it stays on your credit for 10 years, while Chapter 13 stays on your credit for only 7 years. Chapter 7 also has a $335 filing fee, while Chapter 13 is $310.
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Chapter 7 bankruptcy is a method of debt settlement that allows qualified individuals and businesses to discharge their debts while retaining their assets. A judge will decide the terms of your case, but it will be handled by a trustee who will review your application and consider your financial records. If you do not meet the guidelines for Chapter 7, you may be subject to garnishment of wages and other assets.
The first step in filing for Chapter 7 bankruptcy is to gather your financial records, then prepare the petition. Once this is completed, you should have completed two credit counseling courses and be able to comply with any requests from your trustee and attend your 341 meeting of creditors. Although you can file for Chapter 7 without an attorney, the stakes are too high to risk and your success rate is higher with the help of a trusted Reno Chapter 7 bankruptcy attorney.
Because of the results of Chapter 7 bankruptcy, it is a good option for those who do not make enough money to pay off their debts through traditional or other forms of bankruptcy. Your debts are discharged under Chapter 7, which means you are no longer responsible for them and the automatic stay is in effect while your case is pending.
An automatic stay prevents your creditors from collecting on your debts, giving you the protection you need. Once your creditor receives a judgment, they can garnish your wages or bank account, automatically deducting 25% of your wages. The automatic stay is in effect until your case is dismissed, for a period of 3 to 5 months, or until your case is dismissed.
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There are several ways to qualify for Chapter 7 bankruptcy. The first is through your income, i.e. below the average in your state, you can apply. In Nevada, that means you must earn less than $41,054 per person per household per year. This number increases to $55,349 including one minor dependent and your spouse, or it could mean two minor dependents and no spouse. Average income increases with each additional family member.
Another way to qualify is to take a test that is required if you earn more than the average for your size family. The Means test compares your average income over the past 6 months with your mandatory benefits. After analyzing this, the court will decide if you have enough disposable income to pay off your debts. You may qualify for Chapter 7. Always contact a Reno bankruptcy attorney if you need help getting through the exam.
If you do not qualify for Chapter 7 under any of these methods, Chapter 13 bankruptcy may still be a viable option for you. Contact our bankruptcy office in Reno for more information.
If your loans are tied to assets you still own, it is considered a secured loan. This includes mortgaged houses and finance vehicles. They are not forgiven under Chapter 7, but if the payments are too much for your budget, you may have the option of surrendering some assets.
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Typical forms of unsecured debt include medical bills, credit cards, accounts from previous rental properties, as well as personal loans and home equity loans. All of these unsecured debts are dischargeable under Chapter 7 unless they have priority status. These types of unsecured loans include child support, certain loans, spousal support, and student loans. Certain delinquent taxes can be forgiven if they are paid for three years, filed for two years, collected for 240 days and filed without fraud. Contact our Reno Chapter 7 bankruptcy attorneys if you would like to learn more about tax refunds in your bankruptcy.
Leasing a car adds a new dimension to a Chapter 7 bankruptcy filing. In most cases, you can accept or decline your lease, meaning you keep making the payments or return the car and waive the cost of your contract. An automatic stay prevents repayment if you fall behind on your payments, but the lender can ask the court to remove the right to repossess your car. If you fail to meet your rental payments, your vehicle will be repossessed until the stay is cancelled.
An emergency bankruptcy filing, also known as a “skeleton filing,” is a method of debt settlement that requires filing fewer documents than would normally be required for a full petition. This occurs when there is an imminent threat of wage garnishment or forfeiture. To file an emergency bankruptcy case with an attorney, all you need to do is fill out their client questionnaire, take a credit counseling class, and provide your driver’s license, Social Security card, and recent pay stubs. Once these requirements are met, your skeleton application will be prepared and you will have two weeks to gather the necessary documents and file your complete bankruptcy application.
If your goal is to get rid of overwhelming medical bills, medical Chapter 7 bankruptcy may be right for you. Medical debt is the leading reason people file for bankruptcy in the US because of the overwhelming cost of medical procedures, even with insurance. When it comes to not being able to work, using credit cards and other related expenses, people with illness and chronic illness are often left behind. If you are considering bankruptcy it is important to have your Reno bankruptcy attorney review your medical bills because they may not appear on your credit report.
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Chapter 7 bankruptcy in Reno is the most successful form of bankruptcy, with over 98% of cases being successful. If you file correctly, your debts will be forgiven, but without a lawyer, only one in three will succeed and have their cases dismissed. Chapter 7 bankruptcy has a success rate of over 96% for successful filers.
Check out our online reviews and find out why Reno Zero Down Bankruptcy is the #1 choice for filing bankruptcy in Reno.
I didn’t know how to pay a lawyer to file for bankruptcy. Since Nevada Zero Down Bankruptcy doesn’t pay any money, I called, made an appointment, met with my attorney and filed for bankruptcy and it didn’t cost me a dime.
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