PARADISE, NEVADA DEBT RELIEF (FAQ)
Frequently Asked Questions (FAQ) Regarding Bankruptcy in Paradise, Nevada.
(FAQ) Frequently asked questions come up all the time regarding bankruptcy filing in Nevada. Below are several frequently asked questions (FAQ) with answers from our Las Vegas bankruptcy attorney. If you have additional questions, contact our office at (702) 605-3306 and set up a free consultation with our Paradise bankruptcy law firm.
It is crucial that you have the right advice and the best resources available to you before your file for bankruptcy or take any other debt relief actions. How will you best protect your assets? Also, how will you best relieve the daily burden of debt? Plus, how will you recover from debt and get to a place of financial well being?
In particular, Paradise Debt Relief Attorneys know how to help you deal with debt and get your financial future back on track.
What is Bankruptcy?
Bankruptcy is a declaration that a person or organization is unable to pay creditors a debt. In addition, a debtor is a person that owes money (a borrower). When a debtor files bankruptcy in Nevada, he or she does so in order to get protection from creditors. Also, a discharge allows all or part of their debts to be forgiven.
Additionally, bankruptcy protection is intended to help debtors get back on their feet by eliminating or reorganizing debt. Giving a fresh financial start allows a person to be able to have the means to make monthly payments since they are rid of debt. Also, it doesn’t matter to the bankruptcy court why or how a person got into debt and needs to declare bankruptcy. That is to say, bankruptcy laws have been established to protect the rights of lenders and debtors.
What Are The Different Types of Bankruptcy?
Who is Eligible to File for Bankruptcy in Paradise?
Pretty much anyone can file for bankruptcy protection. A bankruptcy discharge may only be granted every 8 years. So you may not file if you have had a bankruptcy filed within this time frame. Also, Chapter 7 bankruptcy requires a debtor to pass a means test to determine eligibility for that particular protection.
An attorney at our law firm can not only help you determine the best Chapter to file for your situation, but also how to determine your qualification for different bankruptcy filings.
What is Secured Debt? What is Unsecured Debt?
It’s important for an attorney to evaluate your debts. Secured debts have some kind of collateral attached, such as a house or car. Unsecured debts are not. An example of unsecured debt is credit card debt, or medical bills.
Even though both kinds of debt are dischargeable in bankruptcy, it does matter if you want to keep the house or car (the secured debt collateral).
What Types of Debt Can Not Be Eliminated Through Bankruptcy?
Debts that you may not forgive, eliminate, or discharge through bankruptcy include:
- Some tax debts
- Child support
- Spousal maintenance
- Alimony or domestic support obligations
- Debts resulting from fraud
- Criminal fines
How Long Will a Bankruptcy Stay on My Record?
This is a very popular (FAQ). A bankruptcy is a public record. In addition, a bankruptcy will stay on a credit report for 10 years. That does not mean, however, that you can’t rebuild your credit. You can! In fact, even after a bankruptcy, positive credit activity drives up your credit score.
Most people have wrecked their credit by remaining in debt and not paying bills. Bankruptcy at least wipes out the debt and allows a person to start making headway on establishing good credit again.
Can Student Loans be Eliminated in a Bankruptcy?
Most people cannot discharge any student loan debt in a bankruptcy. Unless it can be proven the student loan debt causes major hardship, it can not be forgiven. Hardship is defined by an extremely high burden caused by the debt. There may be other options for you. Call our law firm for a FREE consultation to discuss your student loan debt. Sometimes a bankruptcy can help to facilitate the process of repaying student loans.