Can I Eliminate Tax Debt in a Bankruptcy?
What is Bankruptcy?
Bankruptcy 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.
Will 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.
Can 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.
Can 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.
What 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.
Will 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.
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.
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.
Should I be Worried That Everyone Will Know I Filed For Bankruptcy?
I Have a Debt that has a Cosigner. Is the Cosigner Still Responsible for my Debt if I File Bankruptcy?
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.
Can I Keep my Car / Vehicle If I File for Bankruptcy?
Keeping your vehicle when filing bankruptcy
How to file bankruptcy and keep your car.