Las Vegas Chapter 13 Bankruptcy Lawyer

Chapter 13 BankruptcyIndividuals with significant income or assets often believe that they are not eligible to seek bankruptcy protection. This is not the case. Chapter 13 bankruptcy allows high earners, or those with significant assets, to gain a financial fresh start by reducing or eliminating debt and keeping their assets if they choose. This process can help with credit card debt, medical expenses, car loans, and more. An experienced attorney can help you to ensure that you are choosing the best option and that your case is being handled correctly. Our Las Vegas chapter 13 bankruptcy lawyer assists with the handling of such matters. If you need assistance then contact our office today to schedule an initial consultation.

Attorney helping Las Vegas residents with the Chapter 13 bankruptcy process

Individuals who wish to file for bankruptcy must utilize a “means test.” The outcome of this test determines whether one may file for Chapter 7 or whether they must utilize Chapter 13. Those with assets or income above the “means test” threshold must utilize the latter. Under Chapter 13, the debtor proposes a repayment plan that usually lasts three to five years. All dischargable debt beyond what is included in an approved repayment plan will be discharged once the bankruptcy has been completed.

Not all of one’s assets are included in the determination of what they can and cannot afford to pay. Several types of assets are considered “exempt” from the proceedings. This means that, by utilizing exemptions, one may retain assets without it increasing the amount of their Chapter 13 repayment. Common examples of this include exempting a certain amount of a home’s equity (meaning that the Petitioner will not have to tap their home equity to pay debt). Other examples include a certain amount of equity in an automobile, certain retirement plans, a limited amount of personal items and jewelry, etc. Determining whether an item should or should not be considered exempt from bankruptcy can involve complicated legal issues and it is important that you retain a lawyer to assist you.

A Chapter 13 case begins by filing a Petition with the Bankruptcy Court. Creditors will be notified and an “automatic stay” is triggered by the filing. This stay prevents the creditors from taking further collection action and it also stops any foreclosure proceedings. A plan for repayment of debts must be submitted shortly after the Petition is filed. This plan is subject to Court approval. A “meeting of creditors” will be held and the Petitioner will be required to answer questions under oath. After a plan is approved the Petitioner must comply with the ongoing payments. At the end of what is known as the “repayment period,” certain remaining debts will be discharged and the case will be considered complete. The determination of payment plans, which debts will be discharged, and more are issues which often involve complex legal questions.

Our attorney assists Las Vegas residents with the handling of Chapter 13 bankruptcy cases. Nikki Dupree-O’Brien will use your initial appointment to help you understand your options and to determine the best path going forward. She will assist you with the means test to determine which chapter is right for you, she will quickly file your Petition with the Court. Nikki will also assist with the creation of a repayment plan and will represent you through all proceedings with the Trustee and creditors. Should any disputes arise during your repayment period then Nikki will be able to assist you with such issues. We understand that this is an important step in your life. We are here to guide you through the process. Call us today or reach out online.

Las Vegas bankruptcy lawyer providing a high level of service in Chapter 13

It goes without saying that having to file for bankruptcy can be a frustrating experience. Our firm understands this and we will provide you with the highest level of service as your case moves through the system. We will respond to your messages in a timely manner and will make sure that your questions are answered. Our firm will make sure that you are aware of all relevant dates in your case and that you are prepared. We strive to provide the highest level of service in each and every case we handle and we are honored to serve the Las Vegas area.