Ely Bankruptcy Attorney
Ely Bankruptcy Attorneys Provide Answers to Your Bankruptcy Questions
Here you will common questions and answers on filing bankruptcy in Ely, Nevada.Â If you want to discuss your options, call an Ely Bankruptcy Attorney atÂ 775-289-4422. Someone is there to answer 24 hours a day.Â With one of our dedicated attorneys on your side, bankruptcy is still a viable option.
Table of Contents
- What type of bankruptcy can I file?
- What is Chapter 7 bankruptcy?
- What is Chapter 13 bankruptcy?
- What is included in my bankruptcy?
- Is Bankruptcy really a fresh start?
- What happens when I file bankruptcy?
- What property can I keep?
- What bills can I still pay?
- What documents do I need?
- Who can file bankruptcy?
- Can I file bankruptcy without my spouse?
- Why do I need an attorney?
- How do I pay an attorney if I do not have any money?
- What is a secured creditor?
- What is an usecured creditor?
- How does bankruptcy affect my credit report?
- Do I have to take classes?
- What is a discharge from bankruptcy?
- What is a â341 Meeting of the Creditorsâ?
Ely Bankruptcy – Overview
In 2005 the Federal bankruptcy code was changed. This created a myth that âbankruptcy is deadâ. However, the system is not impossible, just more complex. For example, you must take a credit counseling class prior to filing bankruptcy. You must also attend a financial management class afterward.Â The changes also increased the amount of documents to deal with.
Your income in the six months prior to filing bankruptcy determines what type of case to file. Filing a Chapter 7 bankruptcy is more limited than before. However, you may still file a Chapter 13 if you do not meet the Chapter 7 requirements.
Bankruptcy is not dead, it is just more complex. The Ely Bankruptcy Attorneys at Justice Law Center stand ready to help you through every step of filing bankruptcy in Nevada.
Call an Ely Bankruptcy Attorney atÂ 775-289-4422 to schedule an appointment.
What type of bankruptcy can I file?
The type of bankruptcy you may file is based on your income and expenses and how they compare with the state average. Your household size and specific expenses are also considered. At the initial consultation with an Ely bankruptcy attorney, we will discuss your options.
In some cases, you will need to provide financial info before the attorney can determine the type of bankruptcy to file.
Call an Ely Bankruptcy Attorney atÂ 775-289-4422 to discuss your options.
Liquidation in Chapter 7 Bankruptcy
Chapter 7 bankruptcy is available to you and your business.Â It requires the sale or liquidation ofÂ non-exempt property. The proceeds are paid on a pro rata basis to creditors.
Chapter 7 bankruptcy generally eliminates all unsecured debt, and unsecured creditors generally receive no payment. Secured creditors continue to be paid in full if you wish to keep the secured propertyÂ (for example, a vehicle or a house). If not, you may return the property. Once returned, the secured creditor may take no further action for collection. The return of the property is considered full and final payment no matter how much is owed and what the property is worth.
Call 775-289-4422Â to talk to an Ely Bankruptcy Attorney.
Chapter 13 Bankruptcy – Reorganization
Chapter 13 bankruptcy restructures debts. In a Chapter 13 bankruptcy case, you file a Plan to repay some or all debts over a period of time (usually 60 months). The amount paid to creditors is determined by your income and expenses. When you file Chapter 13 bankruptcy, you make one set monthly payment to the Chapter 13 trustee. The trustee will distribute the payment to creditors. Once all the payments are made, you will be granted a discharge.
If you have more questions regarding Chapter 13, or any other aspect of bankruptcy, call 775-289-4422 to contact an Ely Bankruptcy Attorney.
What is included in my bankruptcy?
When filing for bankruptcy, individuals must list all creditors and assets. When they do not, they are guilty of a federal crime and are penalized. It is important to tell the attorney everything so bankruptcy goes smoothly. If individuals withhold information, they will jeopardize their case and may lose property.
With good planning, you can keep their property and reorganize your financial affairs. Hiding assets or failing to be truthful is against the law and will cause trouble.
An Ely Bankruptcy Attorney would be happy to discuss your situation. Call for a free consultation,Â 775-289-4422.
A Way to a Fresh Start
Bankruptcy is a path to a fresh start. It is governed by federal law to legally achieve a clean financial slate. People file bankruptcy because they can no longer pay their debts. This happens after losing a job, being ill, or having a business fail. Sometimes people must file for bankruptcy when the economy changes, and they can no longer pay their mortgages or sell their property. The U.S. Congress has recognized when individuals can no longer pay their debts, there needs to be a way to give them a âfresh startâ. No one plans to file bankruptcy, but the option is available when necessary. There is no shame in using the laws designed to assist individuals in these unfortunate circumstances.
Are you in need of a fresh start? Call an Ely Bankruptcy Attorney at 775-289-4422Â to discuss your options.
What happens when I file for bankruptcy?
Bankruptcy relief lets you breathe again. Foreclosure, lawsuits, calls from creditors, garnishments and other collection activity will end or be âstayedâ. Upon filing bankruptcy, the bankruptcy court imposes what is called an âautomatic stayâ. This prohibits creditors from taking further action against you without permission from the bankruptcy court. Creditors that violate the stay may be sanctioned.
At the time of filing a Chapter 7 or 13 bankruptcy, you will be appointed a âtrusteeâ. The trustee administers the “bankruptcy estate”, which is all the property owned at the time of filing. The trustee requires documentation of your finances to verify statements regarding your financial affairs.
Continue the discussion with an Ely Bankruptcy Attorney at 775-289-4422.
What property can I keep?
âExemptionsâ are the real and personal property you may keep in either type of bankruptcy. Exemptions are governed by Nevada state law. If you have not lived in Nevada for two years prior to filing, the amounts and exemptions may be governed by another state. An Ely Bankruptcy Attorney can advise you as to what exemptions are available in a particular bankruptcy case.
Generally for all states, homes, automobile, furnishings, clothing and tools of the trade up to a certain amount may be kept. You may exempt your home from bankruptcy in Nevada, if you have less than $550,000 equity in the property. This is as long as you remain current on your payments. In addition, you may keep $500,000 to $1,000,000 in traditional and Roth IRAs and $12,000 in home furnishings.
You may also exempt one vehicle if you have less than $15,000 in equity on it after paying any creditors. For married couples, each spouse is entitled to this same protection for each vehicle. This does not mean that individuals may not keep an additional vehicle, but they may have to compensate the bankruptcy trustee for keeping it.
Call or a free consultation with an Ely Bankruptcy AttorneyÂ at 775-289-4422.
What bills can I still pay?
After deciding to file bankruptcy, you may not add more debt. For example, you must not continue to use credit cards or take out new loans. You may also not treat any creditors preferentially. For example, you can not pay family members back for loans instead of paying credit card debt. All unsecured creditors must be treated equally. Continuing to pay for living expenses and insurance is always appropriate.
Have more questions about filing for bankruptcy? CallÂ an Ely Bankruptcy AttorneyÂ at 775-289-4422.
What documents do I need?
After your initial consultation with an Ely Bankruptcy Attorney, you will receive a complete list of the documents needed to file your bankruptcy case. However, listed below are the main items needed to determine eligibility to file a Chapter 7 or 13 bankruptcy case:
- Tax returns for the past four years.
- Six months of pay stubs for you and your spouse.
- Documentation of any additional income received from any source during the last 6 months.
Who can file bankruptcy?
You can file bankruptcy in Nevada if you have lived in the state for at least 91 days. If you have have not lived in Nevada for the two years prior to filing bankruptcy, you will need to use the exemptions for certain property from the state where you lived before moving here. Individuals who have lived in Nevada for two years prior may use Â exemptions allowed under Nevada state law.
For help with the process, call 775-289-4422, and get the help from an Ely Bankruptcy Attorney.
Can I file bankruptcy without my spouse?
In some cases, you may file bankruptcy without your spouse. However, this is generally unwise and will not fully resolve a coupleâs financial issues. Nevada is a community property state, meaning either spouse can sign a contract while married. Both spouses are required to pay the debt regardless of who signed. If a spouse has operated a business as a sole proprietor (not a corporation or LLC), it is considered the business of both spouses. It does not matter if the other spouse had anything to do with it or not. If one spouse files for bankruptcy, creditors may still proceed against the non-filing spouse for collection of debt. In addition, the spouse filing for bankruptcy will have to declare all income (including that of the non-filing spouse) and might end up in a Chapter 13 bankruptcy case when they might qualify for Chapter 7 if filing together.
If you have questions regarding this or any other bankruptcy topics, 775-289-4422, and get help from an Ely Bankruptcy Attorney on filing for bankruptcy.
Why do I need an attorney?
Bankruptcy is complicated. Many document preparation services provide the documents needed, charging a fee to help fill out the forms. However, document preparers are not attorneys. They cannot provide any legal advice. Even telling whether or not to file a certain chapter bankruptcy is giving legal advice.
If you choose to represent yourself and/or use a document preparer, you are responsible for acting as an attorney. You must make sure all case filings are done right and on time. You will not be excused for mistakes because you did not “know”. The law requires those acting on their own behalf to know the law. If they do not, there is no âdo-overâ.
Many have their self-filed cases dismissed because they were not filed properly. Then they must hire an attorney to fix the problem. Ultimately, they end up paying more in fees and costs than if an attorney was hired in the first place. In addition, because of a bankruptcy dismissal you may lose property that could have been saved or may not be able to file another bankruptcy case.
How do I pay an attorney if I do not have any money?
During your free initial consultationÂ with an Ely Bankruptcy Attorney, we will determine if bankruptcy is right for you. Sometimes filing bankruptcy is not the answer. Sometimes the client needs to wait a period of time prior to filing bankruptcy. During that time, we will create a plan for you to pay your attorneyâs fees.
Our firm charges one comprehensive flat fee, determined by the complexity of your case. This includes the required credit counseling and financial management courses. It also Â includes the cost of obtaining your credit report and the filing fees charged by the bankruptcy court. In short, you pay one amount and do not have to worry about hidden charges. We do require the fee be paid in full prior to filing your bankruptcy case, as do all bankruptcy attorneys. We will allow you to make payments if that is convenient for you so long as the entire fee is paid prior to filing your case.
In a Chapter 13 bankruptcy case, there are additional attorney fees, but they are paid as part of the Chapter 13 Plan. Again, you only pay one fee. This includes the fees for classes, your credit report and the bankruptcy courtâs filing fee.
Call 775-289-4422Â for a free initial consultation with an Ely Bankruptcy Attorney.
What is a secured creditor?
A creditor is a âsecured creditorâ if you have an executed a written voluntary lien that gives the creditor an interest in your property. For example, a finance company holding the title to a vehicle or a bank holding a Deed of Trust/Mortgage against a house would be a secured creditor. If you choose not to keep the property, then the secured creditor is given the property and the debt is considered paid in full.
For example, if your house has a mortgage on it and you do not wish to keep it, the property is returned to the mortgage holder. If the mortgage holder is not able to sell the property for the amount that is owed, then the mortgage holder may not sue for any remaining amount.
If you wish to keep secured property, you must continue to make payments on the debt until it is paid in full regardless of the bankruptcy. A secured creditor may request that the automatic stay be lifted/terminated so that the secured creditor may proceed with the sale of property (for example, to foreclose on a deed of trust/mortgage or repossess a vehicle). This can happen if you stop making payments on the debt.
CallÂ 775-289-4422 for your freeÂ consultationÂ with an Ely Bankruptcy Attorney.
What is an unsecured creditor?
Unsecured creditors have no security interest in the your property. The most common type are credit card companies. Medical bills are also typically unsecured debt.
Let’s talk about your specific situation today. Â Call for a free consultation with an Ely Bankruptcy Attorney on filing for bankruptcy atÂ 775-289-4422.
How does bankruptcy affect my credit report?
Bankruptcy will be on your credit report for 10 years after the bankruptcy discharge. However, if you need bankruptcy, chances are your credit is not good anyway. Bankruptcy provides a way to get a clean slate and re-establish credit. All creditors are aware of the bankruptcy code. Many extend credit to individuals that have filed bankruptcy in Nevada. They do this because they know that a person discharged from bankruptcy may not file a Chapter 7 case for 8 years and may only file a Chapter 13 (which would allow for the creditor to be potentially re-paid some amount) in certain other circumstances. Individuals on the other side of bankruptcy have less debt than those struggling to pay bills under high interest rates, late fees and over-limit fees.
Give us a call today at 775-289-4422 to talk to an Ely Bankruptcy Attorney.
Do I have to take classes?
In order to file for bankruptcy in Nevada and complete your case, there are two required classes. Both may be taken on the Internet or by phone. We will sign you up for both classes and provide the information needed to complete the classes.
The first class is called âCredit Counselingâ. It must be taken within 180 days (6 months) of filing your bankruptcy case. If you do not take the course within the time frame, your case will be dismissed.
The second class is called âDebt Managementâ or âFinancial Managementâ. Â ItÂ can be taken any time after filing bankruptcy, but must be taken within 45 days after your 341 Meeting of Creditors. We recommend that you complete this class prior to your Meeting of the Creditors so that there is no possibility of missing the deadline and having your case dismissed.
Go over your situation today with an Ely Bankruptcy Attorney during a free consultation. Â Call 775-289-4422.
What is a discharge from bankruptcy?
A âdischargeâ from bankruptcy is a court order stating the debtor has met all of the requirements of the bankruptcy. All the debts subject to the bankruptcy are considered eliminated. Any debt that is discharged no longer need be paid and the creditor may never take any action for collection of a discharged debt.
In all bankruptcies there is some debt not dischargeable and you will continue to have to pay it. These debts include child support, alimony, criminal restitution and fines, student loans (depending on the type) and most taxes (sometimes can be discharged, but is rare). In addition, if a creditor believes the individual has committed fraud by transferring property prior to filing bankruptcy or hidden assets, the creditor may ask the bankruptcy court to make the creditorâs debt non-dischargeable. This means the individual must pay that debt no matter the outcome of the bankruptcy.
Our Ely Bankruptcy Attorneys are here to answer your bankruptcy questions and guide your through the process. Â Feel free to callÂ 775-289-4422Â for a free consultation.
What is a “341 Meeting of the Creditors”?
The 341 Meeting of Creditors is a meeting between you (your spouse) and your trustee. Typically, no creditors attend. The trustee is the representative of the court assigned to your case. The trustee will have gone over your case prior and will have a list of questions for you to answer. These questions are not meant to scare or intimidate you. They are to verify you have reviewed all your schedules and filled them out completely and you understand what you are filing. Also, the trustee will verify your social security number and photo ID. Please make sure you have this documentation with you, as well as your social security card. A certified statement from the local Social Security Administration is acceptable. Meetings of the Creditors generally last about 5 to 10 minutes. However, be prepared to be at the court for at least an hour. So long as you (and your spouse) have your social security card and photo ID, and you have provided the trustee with the requested documents, the Meeting of the Creditor should run smoothly.
Here are some sample questions similar to what is asked at the 341 Meeting of Creditors:
- Please state your name, address, and daytime telephone number for the record?
- Did you assist your attorneyâs office in preparing your bankruptcy petition, schedules, and statement of financial affairs and plan (if a chapter 13)?
- Did you have an opportunity to review those materials and make yourself personally familiar with them?
- Did you sign those materials and are the signatures your own?
- Was the information contained in those materials true and accurate to the best of your knowledge?
- Are there any errors or omissions that we should bring to the trusteeâs attention?
- Are all of your assets and debts listed on the bankruptcy materials?
- Have you lived in Nevada for the better part of the two years prior to the filing of your bankruptcy petition?
- Other than this case, have you ever filed for bankruptcy before? When?
- To the best of your knowledge, are you a beneficiary under anybodyâs will, trust, or other estate-planning device?
- Have you ever disclaimed an inheritance or other interest under anybodyâs will, trust, or other estate-planning device?
- Do you own your home or do you rent?
For Chapter 13 bankruptcy cases, you may also be asked:
- Are you current on your mortgage?
- Are you current on any other debts that are being paid outside of the plan?
- Are you current on your state and federal income-tax return filings?
- Are you self-employed or do you work for others?
- Have you made your first plan payment?
Where to Go for Your Meeting of the Creditors
In Las Vegas, the 341 Meeting of Creditors is held at the Bankruptcy Court, the Foley Courthouse located at 300 Las Vegas Blvd., South, Las Vegas, Nevada 89101, Room 1500. An attorney will meet you at the Meeting room at the time of your Meeting.
In Reno, the 341 Meeting of the Creditors is held at the Bankruptcy Court â Clifton Young Federal Building located at 300 Booth St., Room 2110, Reno, Nevada 89509. An attorney will meet you at the Meeting room at the time of your Meeting.
We hope these answers have helped shed light on bankruptcy. Our Ely Bankruptcy Attorneys are here to help you. Call 775-289-4422Â for a free consultation.