Chapter 13 Bankruptcy Lawyer Las Vegas, NV

Financial hardships can be overwhelming, leaving many to ponder the viability of bankruptcy as a solution. The notion of bankruptcy often comes with misconceptions and undue stigma. However, Chapter 13 bankruptcy, known as the wage earner's plan, presents a pathway to financial stability that too many overlook due to fear of judgment. At Resolve Law Group, we're dedicated to demystifying bankruptcy, showing how it can be a strategic step towards regaining financial control. Let's explore how Chapter 13 bankruptcy in Las Vegas, NV, can be the lifeline you've been searching for. bankruptcy lawyer knows that many people struggle financially to keep up with their living expenses and debts. There might come a time in a person's life when they are considering filing for bankruptcy. Many people have false ideas about what bankruptcy is, and may view this resource as a failure. But in actuality, filing for bankruptcy can be what ultimately gets you back onto the path of financial stability. However, too many people are afraid that filing for bankruptcy will make them look bad, so they don't utilize something that could make a difference. Our team at Resolve Law Group is here to tell you that bankruptcy can be immensely beneficial, and is worth thinking about if your earnings do not meet your debt expectations, and you don't see a change in your situation happening soon.
Chapter 13 bankruptcy lawyer Las Vegas, NV

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A Closer Look at Chapter 13 Bankruptcy

Bankruptcy is a legal framework designed to offer individuals and businesses a chance to handle insurmountable debts. Chapter 13 bankruptcy stands out for those with a steady income, allowing them to devise a repayment plan that reflects their financial capacity. This plan, spanning 3-5 years, enables you to manage and eventually discharge your debts, setting the stage for a new financial beginning.

There are a total of six bankruptcy chapters to choose from. Each has been established in such a way so that it uniquely suits what an individual or company is going through. That being said, some bankruptcy chapters are more beneficial for individuals, and others may be more helpful for businesses. Some bankruptcy chapters let you use your assets to liquidate and then pay back your debts. And other chapters may let you keep your belongings, but you have to partake in a repayment plan for a few years. One of the most common bankruptcy chapters applied for is Chapter 13 bankruptcy. Sometimes called a wage earner’s plan, this bankruptcy chapter is for those who have regular income. Essentially, it means you will have to commit to a repayment plan based on what you can afford. Whatever debts are left over afterwards may be discharged by the court at the end of the repayment period.

Fulfilling A Repayment Plan

The duration of a repayment plan under Chapter 13 bankruptcy is typically 3-5 years. After these plans get approved, the debtor and their creditors are bound to certain provisions. Filers have to fulfill the payment until the plan is complete, and then creditors are not allowed to pursue collection actions. As your Las Vegas Chapter 13 bankruptcy lawyer forewarns, if payments were to be missed, this can result in a dismissed bankruptcy case or having it changed to Chapter 7 bankruptcy. Payments must be made within 30 days of submitting a petition. It is important that a debtor understands what will be expected of them before filing for bankruptcy, so they can succeed from the start. Please contact us for further assistance.

The Resolve Law Group Advantage: Navigating Your Chapter 13 Bankruptcy

Filing for Chapter 13 bankruptcy in Las Vegas, NV, requires careful navigation, where expert guidance is indispensable. Resolve Law Group brings a wealth of experience, ensuring that your journey through bankruptcy is informed, compliant, and as smooth as possible. Our team specializes in crafting personalized repayment plans, advocating for your interests, and safeguarding your assets throughout the process.

At Resolve Law Group, we understand the financial hardships that people go through. In today’s times, it seems that monetary struggles are more common than ever before. If you want help regarding a potential bankruptcy case, please contact a Las Vegas Chapter 13 bankruptcy lawyer as soon as you can. You can find the relief you are looking for at our law firm. We will begin by scheduling you a consultation to learn more about your circumstances. Our team is ready to come to your aid today.

Your Path to Financial Recovery with Resolve Law Group

At Resolve Law Group, we understand the weight of the decision to file for bankruptcy. Our approach is rooted in compassion, professionalism, and a deep commitment to your financial well-being. By choosing us, you gain more than legal representation; you gain partners dedicated to your recovery. From the initial consultation to the final discharge of your debts, we're with you at every step, providing clarity, support, and the expertise you need to navigate this challenging time.

Understanding Chapter 13 Bankruptcy

Chapter 13 bankruptcy, also known as a "wage earner's plan," differs significantly from Chapter 7 bankruptcy. In Chapter 7, most of the debtor's assets are liquidated to pay off creditors, and the debtor receives a discharge of most unsecured debts. Chapter 13, on the other hand, allows individuals with a regular income to retain their property and create a repayment plan that spans three to five years.

Key Aspects Of A Chapter 13 Bankruptcy Lawyer's Role

The importance of hiring a skilled Chapter 13 bankruptcy lawyer cannot be overstated. These attorneys are well-versed in the nuances of bankruptcy law and can provide essential guidance throughout the entire process. Here are some key aspects of their role:

Evaluation of Eligibility: 

Not everyone qualifies for Chapter 13 bankruptcy. A knowledgeable attorney will assess your financial situation to determine if this is the right option for you. They will help you understand the requirements and ensure that you meet them.

Formulating a Repayment Plan:

The heart of Chapter 13 bankruptcy is the repayment plan. Your attorney will work with you to develop a plan that reflects your income, expenses, and debts. This plan must be submitted to the court for approval, and it's crucial that it meets the legal requirements.

Legal Counsel and Advocacy:

Throughout the bankruptcy process, a Las Vegas lawyer will act as your advocate. They will represent your interests in court, negotiate with creditors, and ensure that you are treated fairly under the law.

Protection from Creditors: 

Once you file for Chapter 13 bankruptcy, an automatic stay goes into effect. This legal injunction prohibits creditors from pursuing collection actions against you, including phone calls, letters, lawsuits, and wage garnishments. Your attorney will make sure creditors adhere to this stay.

Meeting of Creditors: 

Your lawyer will accompany you to the meeting of creditors, also known as the 341 meeting. This is a critical step in the bankruptcy process where creditors can ask questions about your finances. Your attorney will help you prepare and ensure that you are ready for this meeting.

Modification of the Plan: 

If your circumstances change during the repayment period, your attorney can help you seek modifications to your plan. This flexibility is a significant advantage of Chapter 13 bankruptcy, and an experienced lawyer can help you take advantage of it.

Education and Guidance: 

Bankruptcy can be a complex and emotionally charged process. A skilled Chapter 13 bankruptcy lawyer will educate you about your rights and responsibilities, as well as provide emotional support to help you navigate the challenges.

A Las Vegas Chapter 13 bankruptcy lawyer is important for individuals seeking relief from overwhelming debt. If you are facing financial hardship and considering Chapter 13 bankruptcy, don't hesitate to consult with a qualified attorney to explore your options and embark on the path to financial recovery.

Las Vegas Chapter 13 Bankruptcy Infographic

Key Aspects Of A Chapter 13 Bankruptcy Lawyer's Role Infographic

The Basics Of Chapter 13 Bankruptcy

If you are seeking a fresh financial start and have a large amount of debt burdening you, it may be time to turn to a skilled Las Vegas, NV chapter 13 bankruptcy lawyer for guidance. Our team of experienced Chapter 13 bankruptcy lawyers is here to guide you through the process and help you regain control of your financial future. At Resolve Law Group, we understand that facing overwhelming debt can be a stressful and challenging experience. That's why we are committed to providing personalized and compassionate legal representation to clients in Las Vegas who are considering Chapter 13 bankruptcy as a solution to their financial troubles.

Advantages Of Filing For Chapter 13 Bankruptcy

Chapter 13 bankruptcy, also known as the "wage earner's plan," is a viable option for individuals who have a regular income but are struggling to keep up with their debts. It allows you to reorganize your finances and create a manageable repayment plan, typically spanning three to five years. This form of bankruptcy can be helpful if you wish to protect your assets, such as a home, against foreclosure and want to avoid other consequences.

When you receive legal help from our Las Vegas Chapter 13 bankruptcy lawyers, you can expect to receive high-quality legal services from professionals who have a deep understanding of the bankruptcy process. We will work closely with you to evaluate your financial situation, determine your eligibility for Chapter 13, and develop a customized repayment plan that fits your budget. Our goal is to provide you with a clear path to financial stability and peace of mind.

How Chapter 13 Bankruptcy Works

Chapter 13 bankruptcy, often referred to as a wage earner's plan, enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. At Resolve Law Group, we specialize in guiding our clients through the complexities of Chapter 13 bankruptcy in Las Vegas, NV, ensuring that they have the professional support they need every step of the way.

The Role of a Chapter 13 Bankruptcy Lawyer in Las Vegas, NV

Working with a Chapter 13 bankruptcy lawyer in Las Vegas, NV, is critical for navigating the bankruptcy process effectively. The attorneys at Resolve Law Group bring a wealth of knowledge and experience, ensuring that your repayment plan is feasible, your rights are protected, and any legal hurdles are handled proficiently. We work closely with our clients to assess their financial situation, develop a strategic repayment plan, and represent their interests in court.

The Process of Filing for Chapter 13 Bankruptcy

The process begins with filing a petition with the bankruptcy court serving the area where the debtor resides. Along with the petition, the debtor must also file schedules of assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of executory contracts and unexpired leases. One of the critical roles we play at Resolve Law Group is ensuring that all documentation is accurately prepared and submitted, reflecting our clients' financial situation honestly and completely.

Benefits of Chapter 13 Bankruptcy

Chapter 13 bankruptcy offers several benefits, including the ability to save your home from foreclosure, reschedule secured debts (other than a mortgage for your primary residence), and consolidate all payments into one plan without direct contact with creditors. Our team at Resolve Law Group is dedicated to helping our clients understand these benefits and how they can work to their advantage.

Speak To A Lawyer

In Las Vegas, Chapter 13 bankruptcy can be a lifeline for those struggling with debt. If you're facing financial hardship, our team of experienced and caring lawyers is here to guide you through the process with professionalism and compassion. Don't let debt control your life any longer. At our firm, we are your partners in financial recovery, and we're here to support you every step of the way. Contact us now to speak to a Las Vegas Chapter 13 bankruptcy lawyer and learn about your legal options to achieve debt relief.

Las Vegas Chapter 13 Bankruptcy Statistics

According to the American Bankruptcy Institute, 2024 bankruptcy numbers are up from last year. Bankruptcy filings including all chapters totaled 36,607, a 17% increase from the January 2023 total of 31,176. Individual filings increased 17% to 34,515 in January 2024 from the 29,448 filed in January 2023.
To learn if you could benefit from a Chapter 13 bankruptcy, contact our law firm to speak with one of our compassionate Chapter 13 bankruptcy lawyers.

Chapter 13 bankruptcy, also known as a wage earner's plan, enables individuals with regular income to develop a plan to repay all or part of their debts. In Nevada, as in other states, Chapter 13 bankruptcy is designed to help debtors reorganize their finances under the supervision of the court, while retaining their assets. Here's a general overview of how Chapter 13 bankruptcy works in Nevada, written for Resolve Law Group:

Eligibility: To qualify for Chapter 13 bankruptcy in Nevada, an individual must have a regular source of income and their total secured and unsecured debts must fall within certain limits. These limits are periodically adjusted for inflation. Additionally, individuals must have filed their federal and state income taxes for the four years prior to their bankruptcy filing.

Credit Counseling: Before filing for Chapter 13 bankruptcy, individuals must complete a credit counseling course from an approved agency within 180 days before the petition is filed. This requirement aims to ensure that debtors understand all of their options and the implications of bankruptcy.

Filing the Petition: The bankruptcy process officially begins when the debtor files a petition with the Nevada bankruptcy court. Along with the petition, the debtor must file schedules of assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs, and a schedule of executory contracts and unexpired leases.

Repayment Plan: One of the key features of Chapter 13 bankruptcy is the repayment plan. Within 14 days of filing the petition, the debtor must submit a proposed repayment plan to the court for approval. This plan details how the debtor intends to repay creditors over a period of three to five years. The length of the plan depends on the debtor's income relative to the median income of the state.

Automatic Stay: Filing for bankruptcy automatically stops most collection actions against the debtor and the debtor's property. This automatic stay remains in effect until the bankruptcy case is concluded, the plan is completed, or the court lifts the stay.

Plan Confirmation: The bankruptcy court must confirm the debtor's repayment plan for it to become effective. The court will hold a confirmation hearing where creditors can object to the plan. A plan usually needs to be fair, feasible, and in compliance with bankruptcy law to be confirmed.

Making Payments: Once the plan is confirmed, the debtor begins making payments to a court-appointed bankruptcy trustee, who then distributes the funds to creditors according to the plan's terms. During this period, debtors must make regular payments and are prohibited from incurring significant new debt without consulting the trustee.

Discharge: After completing the repayment plan, most remaining unsecured debts are discharged, meaning the debtor is no longer legally required to pay them. However, certain debts such as student loans, certain taxes, and domestic support obligations are not dischargeable in bankruptcy.

Nevada-Specific Considerations: In Nevada, state-specific exemptions can affect the bankruptcy process. These exemptions allow debtors to keep certain property out of the bankruptcy estate, based on Nevada law. It's important for debtors to understand these exemptions and how they apply to their case.

For individuals in Nevada considering Chapter 13 bankruptcy, it's crucial to consult with a knowledgeable bankruptcy attorney who can provide guidance tailored to their specific situation. Resolve Law Group specializes in helping clients navigate the complexities of bankruptcy, ensuring that they understand their rights and options throughout the process.

Chapter 13 Bankruptcy FAQs

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, also known as a wage earner's plan, allows individuals with a regular income to reorganize their debts and make manageable payments to creditors over a three to five-year period. Unlike Chapter 7 bankruptcy, which involves liquidating assets to pay off debts, Chapter 13 focuses on debt repayment and financial rehabilitation. This option is particularly beneficial for those looking to avoid foreclosure on their homes, make up missed car or mortgage payments, pay back taxes, and stop interest from accruing on tax debt.

How Does Chapter 13 Bankruptcy Affect My Credit Score?

Filing for Chapter 13 bankruptcy will have a significant impact on your credit score, typically causing it to drop. However, the effect is temporary, and the bankruptcy will remain on your credit report for seven years from the filing date. Despite the initial impact, Chapter 13 can provide a pathway to financial recovery and stability. Over time, as you make regular payments through your repayment plan, you can begin to rebuild your credit. Consistent, on-time payments can demonstrate to creditors your commitment to responsible financial management.

Can I Keep My House and Car if I File for Chapter 13 Bankruptcy?

Yes, filing for Chapter 13 bankruptcy often allows individuals to keep their house and car, provided they continue to make their regular payments on these assets through their repayment plan. Chapter 13 can stop foreclosure proceedings and may allow you to catch up on missed payments for your mortgage or car loan over time. This aspect of Chapter 13 is particularly appealing for those seeking to protect their primary residence or essential vehicle from being seized and sold off by creditors.

Who is Eligible for Chapter 13 Bankruptcy?

To be eligible for Chapter 13 bankruptcy, individuals must have a regular income and their total secured and unsecured debts must not exceed certain limits set by bankruptcy law. Specifically, unsecured debts (like credit card debt and medical bills) must be less than $419,275, and secured debts (such as mortgages and car loans) must be less than $1,257,850 (these amounts are subject to adjustments for inflation). Additionally, filers must not have had a bankruptcy petition dismissed in the previous 180 days due to their willful failure to appear before the court or comply with court orders.

How Do I Begin the Process of Filing for Chapter 13 Bankruptcy?

The process of filing for Chapter 13 bankruptcy begins with consulting a qualified bankruptcy attorney to discuss your financial situation and determine if Chapter 13 is the right option for you. Following this, you'll need to compile detailed documentation of your income, debts, assets, and expenses. Your attorney will then help you prepare and file a petition with the bankruptcy court, along with your proposed repayment plan. This plan will outline how you intend to pay off your debts over the next three to five years. After filing, you'll attend a meeting with your creditors and a court hearing to confirm your repayment plan.

Resolve Law Group - Las Vegas Chapter 13 Bankruptcy Law Firm

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Lake Balboa, CA 91406

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