/FAQS
FAQS 2018-10-18T01:33:12+00:00

FAQ clip artCan I Eliminate Tax Debt in a Bankruptcy?

Bankruptcy FAQs are plentiful.  Some tax debt is non-dischargable. In other words, it can not be wiped out through bankruptcy. To discharge an IRS debt by filing bankruptcy, typically the tax debt needs to be at least three years old. In addition, tax returns need to be filed more than two years before filing bankruptcy. A tax debt that does not have an IRS tax lien and was not assessed by the IRS in the last 240 days may possibly get discharged.  Schedule a free consultation with one of our expert bankruptcy attorneys in order to review your tax debt. A Nevada bankruptcy attorney can provide options to help with your IRS debt, even if bankruptcy isn’t the answer.

FAQ clip artWhat is Bankruptcy?

 

FAQs - Las Vegas Bankruptcy AttorneysBankruptcy is a legal proceeding in which an individual who cannot pay his or her bills can get a fresh financial start.  Also, Bankruptcy is a right that is provided for individuals in Nevada under federal law.  Bankruptcy cases are handled in Federal Court.  Declaring bankruptcy immediately stops creditor harassment and collections, at least until your debts are sorted out according to the law.  Bankruptcy FAQs can be answered by an experienced Las Vegas bankruptcy lawyer.

 


FAQ clip artWill Bankruptcy Affect My Credit?

 

Yes, filing for chapter 7 or chapter 13 bankruptcy will almost certainly have a negative affect on your credit initially.  However, if you are considering declaring bankruptcy you are probably already have a fairly low credit score or under significant financial stress. In the long term, bankruptcy will get you a “fresh start” and allow you to rebuild your credit from a solid starting place.

 


 

FAQ clip artCan I Own Anything After Filing Bankruptcy in Vegas?

 

YES, it is possible to own property after filing for bankruptcy protection.  It is a bankruptcy myth that  if you file bankruptcy you will be left without any worldly possessions.  This is simply not true!

After filing bankruptcy in Las Vegas you keep your exempt property and anything you obtain after filing the bankruptcy.  Keep in mind, if you receive a settlement, inheritance, or significant benefits within 180 days after filing bankruptcy, you may have to pay that money to your creditors.

A Las Vegas bankruptcy lawyer can advise you as to what property you may own after filing bankruptcy in Vegas.  Filing bankruptcy can be confusing on many levels.  An experienced attorney can assure we protect your rights.

FAQ clip artCan filing Bankruptcy in Vegas stop bill collectors from calling? 

Yes. After filing bankruptcy an “automatic stay” goes into place and prevents bill collectors from taking any action to collect debts. Action by the creditors to collect a debt while an individual is protected by an Automatic Stay is illegal.  Our Vegas bankruptcy team can help assure that creditors stop collection action.

 

 


FAQ clip artWhat Types of Debt Can Be Eliminated In A Bankruptcy?

Chapter 7 bankruptcy is a powerful method of erasing debt. Debt that is typically eliminated include unsecured debt such as credit card bills, medical debt, payday loans, car repossessions, collections, home foreclosures, and more. Some debts that may not be discharged in a bankruptcy: child support debt, student loans, spousal support or alimony, some tax debts, or debt accrued by fraud.  Contact our Las Vegas Chapter 7 bankruptcy attorney today.

 


FAQ clip artWill I Have to Go to Court When Filing Bankruptcy?

 

In most cases — YES.  Likely, the only time you will need to appear in court is at your “Meeting of Creditors” also called “341 hearing”.  At your 341 hearing you will meet with the bankruptcy trustee and any creditor who chooses to come.  Don’t worry!  Most of the time, this meeting will be a short and simple procedure where they ask you a few questions about your bankruptcy forms and your financial situation.  Quite often, not a single creditor appears.

Occasionally, if complications arise in your chapter 7 or chapter 13 bankruptcy, or if you choose to dispute a debt, you may have to appear before a judge at a hearing.  Your Las Vegas bankruptcy attorney will be with you every step of the way during any court hearings you may need to attend.  Our Vegas bankruptcy team prepares you for your hearing and our lawyer makes sure your represented.

 


FAQ clip art Can My Employer Fire Me for Filing Bankruptcy?

No!  An employer CAN NOT fire you just because you file for bankruptcy.  The Federal Law and Bankruptcy Code prohibits private employers from discriminating against you because you declared bankruptcy.  Losing your job because you filed bankruptcy should not be something you worry about as you consider filing bankruptcy in Las Vegas.

 

 


FAQ clip art If I File Bankruptcy, How Long Does it Stay on My Credit Record?

A bankruptcy filing stays on a persons credit for 7 to 10 years.

For more information about bankruptcy, contact the Law Office of Erik Severino to schedule a free consultation.  I am a Las Vegas bankruptcy attorney who has helped thousands of people in Las Vegas and throughout Nevada file for bankruptcy.  I look forward to assisting you.

 


FAQ clip art

Should I be Worried That Everyone Will Know I Filed For Bankruptcy?

You should not worry that your family, friends, nor neighbors find out that you have filed for bankruptcy.  Unless someone is listed on the petition as a creditor, a cosigner, or a party to an existing contract you may have there is not a reason they should know about your bankruptcy filing.
However, bankruptcy filings are matters of public record which if you search you can find.  They are not usually a common bit of news put into a newspaper but for the most part it is fairly discrete.

 

FAQ clip art

I Have a Debt that has a Cosigner. Is the Cosigner Still Responsible for my Debt if I File Bankruptcy?

Yes, cosigners (including a spouse) who do not file bankruptcy themselves remain liable for the debt if the other party files for bankruptcy protection.  Regardless if you receive a discharge in bankruptcy, the creditor still can pursue your cosigner for the debt.

 

 


FAQ clip art

How Can Bankruptcy Help Me?

Las Vegas Bankruptcy protection offers an opportunity for a fresh start. If your debt is overwhelming, and it is affecting your family, personal, or professional life, a bankruptcy can eliminate debt. Getting out of debt can give you the new beginning to get back on track. Also, filing a bankruptcy petition can immediately stop harassing phone calls by creditors, end a wage garnishment, and stop a foreclosure or repossession.  Seek the assistance of an experienced Las Vegas bankruptcy attorney for more details.  This is one of the most popular FAQs regarding filing for bankruptcy in Nevada.

 


FAQ clip artCan I Keep my Car / Vehicle If I File for Bankruptcy?

Answer to frequently asked questionKeeping your vehicle when filing bankruptcy

How to file bankruptcy and keep your car.

YES!  With enough planning, you should be able to keep your car when filing bankruptcy in Nevada. A person should figure out if it’s a good idea to keep their car when filing for bankruptcy in Nevada. You can protect up to $15,000 worth of equity in a vehicle in Nevada. Thus, keeping your vehicle when filing for bankruptcy is possible as long as the equity a person has in the vehicle stays below the Nevada bankruptcy exemption*.
* Nevada Bankruptcy Exemption for a Vehicle
Looking at the Nevada Bankruptcy Exemptions, exemption 21.090(1)(f) – Allows you to exempt (protect) a Motor vehicle in Nevada up to $15,000.

FAQ clip artHow long does it take to file for bankruptcy in Nevada? 

Although most Chapter 7 bankruptcy cases in Nevada are closed and discharged within 4 to 6 months, there are some chapter 7 bankruptcy cases that may have additional complex issues and could pend for longer periods of time.
Answer to frequently asked questionChapter 13 bankruptcy takes longer to complete.  A Nevada Chapter 13 bankruptcy case normally takes 3 to 5 years to close. The reason that a chapter 13 bankruptcy takes longer is because in a Chapter 13 the case is a reorganization bankruptcy where the debtor repays his/her debts over the course of time. The repayment period is usually between 3 and 5 years.  Debtors who file Chapter 13 cases do so in order to obtain relief from actions such as to avoid payday loans, repossessions, and foreclosures to free up monthly cash flow.
If you are considering filing bankruptcy, especially if there are complex issues, it is advisable to consult with a qualified Nevada bankruptcy attorney.  Erik Severino, our Las Vegas bankruptcy lawyer will improve your chances at a successful close and discharge of your Nevada bankruptcy. Call (702) 370-0155  for a free consultation. Speak with Erik about how long a typical bankruptcy takes to file in Nevada.

FAQ clip artHow will I know if I’m in danger of being garnished in Nevada? 

Answer to frequently asked question

It is also important to realize that there are many signs that a garnishment is looming.  Initially, you will receive a Summons.  Followed by a Notice of Default Judgment, and then a Writ of Garnishment.  You will be given notice of each of these. There will be a period of time to respond to the initial summons.  If you are wanting to fight a pending wage garnishment in Las Vegas, cont
act our Nevada debt relief attorney, Erik Severino, for a free consultation.
The best way to assure that your wages never get garnished is to be proactive. Filing your bankruptcy proactively upon the receipt of the Summons can make sure that the garnishment never starts.
The experienced lawyer at the Law Offices of Erik Severino can provide you with a
clear deadline and target date to file your bankruptcy.  We can ensure your case is filed and your garnishment stops. It is important to call and schedule your free consultation as soon as you are served with any legal paperwork.