Las Vegas Bankruptcy Attorney

Everything You Need to Know about Bankruptcy in Nevada

Debt got you down? Feeling like you’re stuck with a bad hand? Don’t worry, you’re not alone. Tons of folks get overwhelmed with bills, medical costs, or just everyday living expenses. It can feel like you’re drowning in debt, but guess what? There’s a way out, and a Las Vegas bankruptcy lawyer can help!

Bankruptcy is a legal process that helps people get a fresh financial start when they’re overwhelmed by debt. It’s not about wiping your hands clean and running away. Think of it more like restructuring your loan payments or even getting some debts forgiven, like a financial reset button.

Quick Summary:

Bankruptcy Basics:

• Bankruptcy is a legal process offering a clean slate for those overwhelmed by debt.
• It involves restructuring loan payments or having some debts forgiven, acting as a financial reset button.

How Bankruptcy Works:

• Filing a petition with the bankruptcy court initiates the process, listing debts, assets, and income.
• Creditor meeting confirms eligibility, and depending on the situation, choose Chapter 7 (liquidation), Chapter 11 (business plan), or Chapter 13 (repayment plan).
• An automatic stay prevents creditor collection activities, providing immediate relief.

Benefits of Filing Bankruptcy:

• Stops creditor harassment and threats, providing peace of mind.
• Halts wage garnishment and foreclosure, offering breathing room.
• Various bankruptcy chapters cater to individual needs, allowing a fresh financial start.

Chapter 7: Quick Debt Elimination:

• Trustee liquidates non-exempt assets to pay creditors, leading to debt discharge.
• Suited for individuals with limited income, few assets, and overwhelming debt.

Chapter 11: Business and Complex Finances:

• Helps businesses and individuals reorganize debts and retain assets.
• Allows renegotiation of debt terms, offering flexibility but is complex and costly.

Chapter 13: Structured Repayment Plan:

• Enables individuals to repay a portion of debts over 3-5 years.
• Allows retention of assets, offers flexible repayment plans, and is simpler compared to Chapter 11.

What is Bankruptcy?

When the bills become an impossible mountain, bankruptcy can offer a way out. It lets you either wipe the slate clean of some debts or create a manageable plan to pay the rest. The law guarantees this right, and the courts handle the whole process.

How Does Bankruptcy Work?

Understanding bankruptcy can feel like figuring a legal puzzle, but don’t worry! Here’s a simplified overview of how it works:

1. Choosing Your Chapter: Depending on your situation, you’ll choose a “Chapter” of bankruptcy that outlines your debt relief options. Here are the two most common:
   1. Chapter 7: This is typically called “liquidation” bankruptcy. Most of your non-exempt assets (like a car above a certain value) are sold to pay your creditors. In return, you get most of your debts discharged, meaning you no longer have to pay them.
   2. Chapter 11. This is for businesses or individuals with complex finances. It allows for reorganization of debts, restructuring business operations, and negotiating with creditors under court supervision.
   3. Chapter 13: This is a “repayment plan” bankruptcy. You create a plan to repay a portion of your debts over 3-5 years, often with reduced interest rates.
2. Filing the Petition: You officially start the process by filing a petition with the bankruptcy court. This document lists your debts, assets, and income.
3. Automatic Stay: As soon as you file, an “automatic stay” goes into effect. This stops all collection activity by creditors, giving you breathing room and preventing things like wage garnishment or foreclosure.
4. Creditor Meeting: Once your petition is filed, you’ll attend a meeting with your creditors. This is where you answer questions about your finances and the court confirms your eligibility for bankruptcy.
5. The Process Unfolds: Depending on your chosen chapter, different steps follow. For Chapter 7, the trustee appointed by the court might sell your assets, and debts are discharged after several months. For Chapter 11 and 13, you make regular payments according to your plan.
6. New Beginnings: Once the bankruptcy process is complete, you get a fresh financial start. You can rebuild your credit and move forward without the burden of overwhelming debt.

What are the Benefits of Filing Bankruptcy?

Here’s how bankruptcy can help free you from your debt problems:

• Stop the Creditor Harassment: Remember those annoying calls and threats? Bankruptcy throws a “Do Not Enter” sign on your financial front door. Creditors can’t harass you for payments anymore, giving you much-needed peace and quiet.
• Get Rid of your Worries: Feeling like every dollar is swallowed by debt? Bankruptcy gives you breathing room by stopping wage garnishment or foreclosure. No more sleepless nights worrying about losing your home or paycheck.
• Choose Your Path: Bankruptcy isn’t just one-size-fits-all. There are different “chapters” to choose from, like Chapter 7 for wiping the slate clean on certain debts, or Chapter 13 for creating a manageable repayment plan. You get to pick the option that best fits your situation.
• Take your First Step in a Fresh Financial Start: Bankruptcy stays on your credit report for a while, but it’s not a life sentence. You can rebuild your credit over time, and the freedom you gain from managing your debt is worth it. Plus, with less financial stress, you can focus on building a brighter future.

What Bankruptcy Chapter Should I File?

Chapter 7

Chapter 7 is a quick and easy way to get rid of your debt. Here, a trustee will gather your non-exempt assets and liquidate them. This will be used to help pay your creditors. After this, most of your debts will be eliminated (with certain exceptions).

Why Should I File for Chapter 7?

Here are some reasons why people file for this chapter. If you relate to any of these, then Chapter 7 might be the right fit for you!

• Debt Discharge: The biggest draw card is debt discharge. Most unsecured debts like credit cards and medical bills disappear, offering a clean slate and immediate relief from creditor pressure.
• Speed and Simplicity: The process is generally faster, usually wrapping up within several months. Repayment plans for other chapters can take years.
• Fits Most Financial Situations: Suitable for individuals with limited income, few assets, and overwhelming debt they can’t realistically repay.
• You’re Fine with the Effect on your Credit: Stays on your credit report for 7-10 years, longer than other Chapters.

How Do I Qualify for Chapter 7?

There’s no single, “one size fits all” answer to qualifying for Chapter 7. It depends on a combination of factors like your income, expenses, and debt levels. Here are some key things to consider:

• Income Thresholds: Depending on your family size and location, there are specific income limits based on the median income in your area. If your income falls below these limits, you likely qualify for the Chapter 7 means test.
• The Means Test: This isn’t a math quiz, but it does involve some numbers. Based on your income and expenses, the court calculates if you have enough “disposable income” to pay back a portion of your debts through a Chapter 13 plan. If you don’t, you might qualify for Chapter 7!

Chapter 11

Chapter 11 bankruptcy helps businesses (and sometimes individuals) reorganize their debts and restructure their finances under court supervision. In this chapter, you will have to follow a repayment plan to pay off your debt.

Why Should I File for Chapter 11?

Let’s explore the advantages of Chapter 11 over Chapter 7 and 13:

• Hold onto your assets: Unlike Chapter 7, where some assets might be sold, Chapter 11 lets you keep your business or valuable items while restructuring your debt. This is ideal for businesses facing temporary setbacks or individuals with significant assets they want to retain.
• Reorganize, don’t liquidate: Instead of wiping the slate clean like Chapter 7, Chapter 11 allows you to renegotiate debt terms, extend payment timelines, and create a viable repayment plan. This can be beneficial for businesses needing breathing room to restructure and become profitable again.
• Stay in control: Unlike Chapter 13, where a trustee manages your finances, Chapter 11 gives you more control over your business operations and debt negotiations. This empowers you to steer your financial recovery under court supervision.
• Greater flexibility: Chapter 11 offers more flexibility in crafting your debt repayment plan. You can consider options like selling non-essential assets, raising new capital, or even merging with another entity to improve your financial standing.
• Expensive and Complex: While Chapter 11 has much freedom and is open to more people, the downside is that it is usually the most complicated and most expensive to file.

Am I Eligible for Chapter 11 Bankruptcy?

Here’s the criteria you have to meet before you can file for Chapter 11:

• Who Can File: While this is typically for businesses, individuals can also file as long as they are participating in business activities, and have large debt.

• No Debt Limit: Unlike other chapters with specific debt limits, Chapter 11 has no rigid “minimum debt” requirements. Both smaller businesses and individuals with substantial debt can potentially file for this chapter.

Chapter 13

Chapter 13 bankruptcy helps individuals create a structured plan to repay a portion of their debts over 3-5 years.

Why Should I File Chapter 13?

Here’s some reasons why you should consider this Chapter over others:

• Keep Your Stuff: Unlike Chapter 7 where some assets might be sold, Chapter 13 lets you hold onto your house, car (within limits), and other possessions. No need to say goodbye to your treasured belongings.
• Flexible Plan, Doable Payments: Forget the one-size-fits-all approach. You design a debt repayment plan with a lawyer, spreading out payments over 3-5 years at realistic and often reduced interest rates. It’s your roadmap to financial freedom, tailored to your circumstances.
• Avoid Complexities: Compared to Chapter 11’s intricate restructuring and higher costs, Chapter 13 is simpler and less expensive. It’s like getting a debt coach, not a whole financial team.
• You’re Okay with the Being in Bankruptcy for a Long Time: As mentioned, Chapter 13 repayment plans typically take 3-5 years. If you’re okay losing your disposable income for half a decade, then Chapter 13 may be right for you.

Why Do I Need a Las Vegas Bankruptcy Attorney?

Struggling with debt can feel like a mountain you can’t climb alone. An Orlando bankruptcy attorney can be the helping hand you need to reach the summit and reclaim your financial freedom. Here’s how:

• Navigating the Legal Terrain: Bankruptcy laws are complex and constantly evolving. Your Orlando attorney possesses the experience to guide you through the process, ensuring you choose the right path and avoid costly mistakes.
• Taming the Paperwork: Forms, deadlines, and legalese can be overwhelming. Your attorney cuts through the clutter, handles all the paperwork, and keeps you on track, saving you time and stress.
• Facing Creditors with Confidence: Dealing with aggressive creditors can be intimidating. Your attorney steps in as your shield, negotiating settlements and protecting you from unnecessary pressure.
• Standing by Your Side in Court: Court appearances can be nerve-wracking, but your attorney is your advocate. They explain everything clearly, fight for your best interests, and ensure a smooth and stress-free experience.
• Peace of Mind on Your Journey: Knowing your finances are in good hands allows you to focus on your well-being. Your attorney manages the complexities, so you can regain control and move forward with peace of mind.
• Charting a Brighter Future: Bankruptcy isn’t an end, it’s a new beginning. Your attorney helps you rebuild credit, make wise financial decisions, and confidently navigate the path to financial stability.

Call our Las Vegas Bankruptcy Attorney Now!

Feeling overwhelmed by debt and unsure where to turn? You’re not alone. The vast majority of Las Vegas lawyers have limited experience in bankruptcy, leaving you unsure who to trust with your financial future.

Here’s the reality:

• Out of 8,641 lawyers in Las Vegas, only 128 have recently handled bankruptcy cases. That’s just 1.5%!
• Even among those few, only 24 have over 10 years of experience. You deserve seasoned guidance, not a crash course.
• And of those experienced few, only ONE has the trifecta:
  • Bankruptcy Law Clerk for a Federal Judge: Deep insider knowledge of the court system.
  • Attorney for the United States: Proven ability to protect your rights and navigate complex legal landscapes.
  • Top 2% Rated Attorney Nationwide: Excellence acknowledged by peers and respected institutions.

That one lawyer? David A. Riggi. With his unparalleled qualifications and dedication to protecting Nevada residents, Riggi Law Firm is your escape route from the debt maze.

Don’t settle for anything less than the best. Contact Riggi Law Firm today for a free consultation and see how their experience can guide you towards a brighter financial future.

Remember: Riggi Law Firm isn’t just about numbers, it’s about putting your mind at ease knowing your case is in the hands of a true legal champion. Take the first step towards financial freedom – reach out today.