| At Connaghan and Newberry, in Las Vegas, Nevada, we represent clients throughout Clark County, including North Las Vegas and Henderson. We also represent clients in San Diego, California. Please read our disclaimer. |
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Bankruptcy
Chapter 7 Bankruptcy
Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code's liquidation chapter. It
sometimes is referred to as "straight" bankruptcy. It is used primarily by individuals who wish to free
themselves of debt simply and inexpensively. Chapter 7 involves the bankruptcy trustee's gathering and
selling of the debtor's nonexempt assets, from which creditors will receive distributions in accordance
with the provisions of the Bankruptcy Code.
In a Chapter 7 bankruptcy the debtor is permitted to retain certain exempt property. The remaining
assets are liquidated by a trustee. Potential Chapter 7 debtors should realize that the filing of this type of
petition may result in the loss of property. At the LGBT Law Center of Las Vegas we will help you
retain the most property permitted by law, while discharging your overwhelming debt.
The following is a list of several of the common exemptions that are available to a debtor in the State of
Nevada.
The filing of a petition under Chapter 7 "automatically stays"most actions against the debtor and the
debtor's property. If you are considering Bankruptcy and have received a notice of foreclosure notice,
your time is limited to utilize protection under the Bankruptcy Code to stop the foreclosure
proceedings. The automatic stay will stop the creditor's harassing phone calls, and be the start to your
financial recovery. For Chapter 7 Bankruptcy, we charge attorneys fees starting at $1,500 for a single
filer and $1,900 for a joint petition, plus costs such as filing fees, and copying expenses. The fee will vary
based on the complexity of the debtor assets.
Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code's liquidation chapter. It
sometimes is referred to as "straight" bankruptcy. It is used primarily by individuals who wish to free
themselves of debt simply and inexpensively. Chapter 7 involves the bankruptcy trustee's gathering and
selling of the debtor's nonexempt assets, from which creditors will receive distributions in accordance
with the provisions of the Bankruptcy Code.
In a Chapter 7 bankruptcy the debtor is permitted to retain certain exempt property. The remaining
assets are liquidated by a trustee. Potential Chapter 7 debtors should realize that the filing of this type of
petition may result in the loss of property. At the LGBT Law Center of Las Vegas we will help you
retain the most property permitted by law, while discharging your overwhelming debt.
The following is a list of several of the common exemptions that are available to a debtor in the State of
Nevada.
- Household goods and furnishings, and yard equipment not to exceed $12,000.00
- Homesteads up to $550,000.00 (discuss with your attorney as there are specific rules that
must be satisfied to claim this amount); - One (1) car not to exceed $15,000.00 in value;
- Seventy-Five (75%) percent of disposable earnings, i.e., wages and commissions;
- Tools for the use in a trade not to exceed $10,000 in value;
- Life insurance, Trusts, and Pension plans (subject to certain limitations and qualifications); and
- Qualified retirement plans, IRAs, 401k plans, etc. not to exceed $500,000.00
The filing of a petition under Chapter 7 "automatically stays"most actions against the debtor and the
debtor's property. If you are considering Bankruptcy and have received a notice of foreclosure notice,
your time is limited to utilize protection under the Bankruptcy Code to stop the foreclosure
proceedings. The automatic stay will stop the creditor's harassing phone calls, and be the start to your
financial recovery. For Chapter 7 Bankruptcy, we charge attorneys fees starting at $1,500 for a single
filer and $1,900 for a joint petition, plus costs such as filing fees, and copying expenses. The fee will vary
based on the complexity of the debtor assets.
| THE ABOVE IS BY NO MEANS A COMPREHENSIVE ANALYSIS OF THE BANKRUPTCY CODE, NOR IS IT DESIGNED TO REPLACE THE SERVICES OF ADEQUATE LEGAL COUNSEL. PLEASE CONTACT US WITH ANY QUESTIONS YOU MIGHT HAVE REGARDING FILING A CHAPTER 7 BANKRUPTCY |
Chapter 13 Bankruptcy
Chapter 13 of the United States Bankruptcy Code is often referred to as a wage earner chapter,
although it is available to individuals and married couples with regular income from any source, not just
wages. If you have nonexempt property you want to keep which would be subject to sale under Chapter
7, have a regular income that will allow for both living expenses and making monthly payments, want to
strip a second mortgage, or just want to catch up on missed bills, Chapter 13 may be the option for you.
Chapter 13 deals with the financially distressed individual, who wants to pay back a portion if not all of
his or her debts.
We will propose a repayment plan to the Court, whereby creditors are paid over an extended period of
repayment period creditors are prohibited from starting or continuing collection efforts. In no case may
a plan provide for payments over a five (5) year period and a plan providing for payments over more
than three years must be for cause and approved by the court. Filing Chapter 13 bankruptcy in Las
Vegas will help protect your assets from foreclosure and repossession. It will also discharge your
unsecured debts just like Chapter 7 bankruptcy. In Chapter 13 bankruptcy, you are required to make a
monthly plan payment, whereas in a Chapter 7, after you attend the meeting of creditors and your
discharge is approved by the Trustee, you will be issued an Order of discharge which typically takes 3-4
months to achieve after filing the initial petition.
The LGBT Law Center of Las Vegas will evaluate your entire financial picture and guide you through
the Bankruptcy process, so that you keep the maximum assets under the law and achieve the fresh start
that you deserve. Call and make an appointment with one of our attorneys today.
Chapter 13 of the United States Bankruptcy Code is often referred to as a wage earner chapter,
although it is available to individuals and married couples with regular income from any source, not just
wages. If you have nonexempt property you want to keep which would be subject to sale under Chapter
7, have a regular income that will allow for both living expenses and making monthly payments, want to
strip a second mortgage, or just want to catch up on missed bills, Chapter 13 may be the option for you.
Chapter 13 deals with the financially distressed individual, who wants to pay back a portion if not all of
his or her debts.
We will propose a repayment plan to the Court, whereby creditors are paid over an extended period of
repayment period creditors are prohibited from starting or continuing collection efforts. In no case may
a plan provide for payments over a five (5) year period and a plan providing for payments over more
than three years must be for cause and approved by the court. Filing Chapter 13 bankruptcy in Las
Vegas will help protect your assets from foreclosure and repossession. It will also discharge your
unsecured debts just like Chapter 7 bankruptcy. In Chapter 13 bankruptcy, you are required to make a
monthly plan payment, whereas in a Chapter 7, after you attend the meeting of creditors and your
discharge is approved by the Trustee, you will be issued an Order of discharge which typically takes 3-4
months to achieve after filing the initial petition.
The LGBT Law Center of Las Vegas will evaluate your entire financial picture and guide you through
the Bankruptcy process, so that you keep the maximum assets under the law and achieve the fresh start
that you deserve. Call and make an appointment with one of our attorneys today.
| SERVICES OF ADEQUATE LEGAL COUNSEL. PLEASE CONTACT US WITH ANY QUESTIONS YOU MIGHT HAVE REGARDING FILING A CHAPTER 13 BANKRUPTCY |
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