Las Vegas Bankruptcy Attorney
When deciding whether or not bankruptcy is right for you, understanding the bankruptcy process is important. It begins with taking the Means Test to determine if you qualify for Chapter 7, the liquidation of non-exempt assets to pay creditors. If you are eligible for Chapter 7, you will need to file a petition for Chapter 13, which is the restructuring of creditor payment plans. A Las Vegas bankruptcy lawyer can administer the test, and guide you through the rest of the process.
Before you can file your bankruptcy petition, you will need to complete a credit counseling class. These classes are usually given over the phone or online. Once the class is completed, your petition can be filed. If you have filed for Chapter 7, you will need to appear in court for a meeting with your creditors. After the hearing, your non-exempt assets will be sold by a bankruptcy trustee, and any proceeds will be used to pay your creditors. Any remaining debts will be discharged. In a Chapter 13, your proposed creditor payment plan, which is submitted along with your petition, will be reviewed by the court at a hearing. If the court approves the plan, it will go into effect. Any payments required in the plan will be sent to the Chapter 13 trustee for disbursement to your creditors. In both situations, your case will be concluded once you have taken another class on financial management.
Bankruptcy Lawyer Serving Las Vegas
Lawyers at Advanced Litigation Services are highly skilled in bankruptcy law and have helped many clients through the bankruptcy process. We will prepare your petition, a document that averages between 30 and 40 pages in length. An attorney from our firm will also be present at your creditor meeting to aggressively defend your rights if you are filing for Chapter 7, or at your hearing in Chapter 13 cases.
There are many benefits to bankruptcy that you should consider when deciding how to remedy your debt situation, such as a court-issued automatic stay that will stop:
- Creditor phone calls and collection actions
- Foreclosure, repossession and wage garnishment
Our legal team can answer all of your bankruptcy questions, and help you re-establish your financial viability.