Here are some of the common questions that
we hear from our clients.
Will Bankruptcy stop a foreclosure?
YES, but you will have to get current on
your payments if you want to keep your home if you file
a Chapter 7 Bankruptcy. If you file a Chapter
13 Bankruptcy, the past due payments may be built
in to your payment plan.
Will Bankruptcy stop a pending
or potential lawsuit?
YES, but the other parties may request
relief from the automatic stay that stems from the filing
for Bankruptcy. If the lawsuit is for money owed, and this
debt is dischargeable, then it may be included with the
Bankruptcy.
Will Bankruptcy stop a garnishment?
YES.
What about child support and
alimony?
Child support and alimony are not dischargeable
in Bankruptcy.
Can I discharge back taxes
in Bankruptcy?
MAYBE. It depends on your particular situation.
Please contact our office to arrange a consultation.
Must my spouse also file Bankruptcy
if I do?
NO. You may file separately if you desire.
Can I keep my home after filing
Bankruptcy?
YES. In most situations, you can keep your
primary residence in a Chapter 7 Bankruptcy.
You will have to get current on your payments if you want
to keep your car if you file a Chapter 7 Bankruptcy.
If you file a Chapter 13 Bankruptcy, the
past due payments may be built in to your payment plan.
If you owe more than the home is worth you can give the
home back to the lender and include the debt/deficiency
with your Bankruptcy.
Can I keep my car after filing
Bankruptcy?
YES. For filing Bankruptcy in Nevada,
you can keep one car with less than $15,000 in equity. You
will have to get current on your payments if you want to
keep your car if you file a Chapter 7 Bankruptcy.
If you file a Chapter 13 Bankruptcy, the
past due payments may be built in to your payment plan.
However, if you owe more than the car is worth, or if you
do not want to keep the car, you can also give the car back
to the lender and include the debt with your Bankruptcy.
What assets may I keep if I
file a Chapter 7 Bankruptcy?
For a Nevada Bankruptcy,
you will usually be able to keep all of your property (including
your house and vehicle as long as you are current with your
payments and able to continue to make these payments). You
can keep all property which the law says is ''exempt'' from
creditors. For a Bankruptcy in Nevada,
the list of exempt property includes, among other things,
a decent portion of equity in your home, up to $500,000
in qualified retirement accounts, $15,000 in equity in your
car, all Social Security benefits, and many other assets.
What assets may I keep if I
file a Chapter 13 Bankruptcy?
You may be able to keep all of your assets,
provided you are able to afford paying for them under your
Chapter 13 payment plan.
Will I still receive telephone
calls from my creditors and collection companies?
The telephone calls from the bill collectors
should stop once your creditors and collection companies
learn of the Bankruptcy filing of if they are contacted
by your Bankruptcy Attorney. They should
instead contact the Bankruptcy Trustee or your Bankruptcy
Lawyer to discuss the debt. If they continue, the
creditor/collection agent may be subject to penalties.
Do I have to list all of my
creditors with my Bankruptcy filing?
YES. All of your creditors have to be listed
on your filing. However, you may elect to repay or reaffirm
any debt after you receive your discharge.
