Las Vegas Bankruptcy Attorney

At Randolph Law Firm in Las Vegas, bankruptcy attorney Taylor Randolph helps individuals and families throughout Nevada get debt relief that significantly improves their quality of life.

Our legal team understands how the burden of debt can adversely affect your relationships, your physical and mental health, and your career. If you feel overwhelmed with debt that you cannot afford to pay off despite your best efforts, bankruptcy may provide relief to you and your family. Bankruptcy protection is provided by federal law and is available to all citizens who need it and qualify for it.

Give our Las Vegas bankruptcy law firm a call today at 702-757-7777 to discuss your specific situation. Initial consultations are FREE. 

What Types of Debt Can Bankruptcy Eliminate?

One of the most common questions our clients ask is, “Can bankruptcy clear all debt?” Keep in mind, as you consider your options, that while it cannot clear away all of your debt, bankruptcy can help you create a fresh financial start as you look to the future.

It can help you wipe out:

  • Credit card debt
  • Medical debt, including hospital bills and doctor bills
  • Personal loans and lines of credit
  • Payday loans and other high-interest or predatory loans
  • Second mortgages and HELOCs, including those that a lender may be suing you over
  • Some tax debt

If you are getting threatened with foreclosure or vehicle repossession, bankruptcy may be a way to help you keep your home or vehicle, or it may be an excellent way to help you cut ties with an unaffordable house or car and move on to a better situation. Filing bankruptcy in Las Vegas may be able to help protect:

  • Your Home
  • Your Car
  • Your Furnishings
  • Your Wages

As a skilled bankruptcy lawyer, I can help you weigh your options for resolving debts and help you make informed decisions about what is best for you and your family.

What Types of Bankruptcy Are Available?

There are various types of bankruptcy in the United States, but the two main chapters of the U.S. Bankruptcy Code that most individuals and families file for protection under are Chapter 7 and Chapter 13. 

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy, also referred to as “liquidation bankruptcy” is most for individuals. Chapter 7 allows you to discharge most unsecured debts, such as credit card debt, medical bills, and personal loans. In exchange for debt discharge, the court appoints a trustee who sells your non-exempt assets to pay back creditors to the extent possible. However, Nevada has a generous exemption list that allows you to keep most of your belongings, including your home car, and household items.

What Is Chapter 13 Bankruptcy?

Known as the “wage earner’s bankruptcy”, Chapter 13 allows individuals with a regular income to create a repayment plan to repay their creditors, usually over a period of 3 to 5 years. Under Chapter 13, debtors keep their assets, but they must make monthly payments to a court-appointed trustee. The trustee distributes the funds to creditors according to the approved plan. This option allows debtors to catch up on missed payments and avoid foreclosure or repossession of their property.

Additional Options for Filing for Bankruptcy Protection

  • Chapter 11: This chapter is typically used for businesses to reorganize their debts and continue operating.
  • Chapter 12: This chapter is designed for family farmers and fishermen facing financial difficulties.

It’s crucial to consult with a qualified bankruptcy attorney in Nevada to determine the best course of action for your specific situation. At our bankruptcy law firm, we can advise you on which chapter of bankruptcy is right for you, help you navigate the complex legal process, and ensure you maximize your chances of a successful outcome.

Is Bankruptcy Right For You?

Many Nevada consumers have questions about whether bankruptcy is right for them. Bankruptcy may be a good option for you if you can answer “Yes” to one or more of these questions:

  • Are credit card or loan payments making it difficult for you to put food on the table?
  • Are you receiving frequent phone calls from collection agents?
  • Are you losing sleep or fighting with your spouse about money on a regular basis?
  • Are you behind on mortgage payments or being threatened with foreclosure?
  • Are you being threatened with repossession of a car or truck?
  • Do you have to choose which bills to pay each month?
  • Are you working two or three jobs, or working overtime, yet you are still unable to make ends meet?

We can help you assess your financial situation and weigh the pros and cons of bankruptcy during a free consultation.

Contact Las Vegas Bankruptcy Attorney Taylor Randolph for Advice

Our bankruptcy law firm can advise you regarding your debt relief options and help you file for bankruptcy in Las Vegas if you choose to do so. Contact us to learn more.

FAQs About Bankruptcy in Las Vegas

How Will Bankruptcy Affect My Credit?

Filing for bankruptcy will certainly have a negative impact on your credit score. A Chapter 7 bankruptcy can stay on your credit report for up to 10 years, while a Chapter 13 bankruptcy remains for 7 years. However, it’s important to remember that bankruptcy isn’t the end of the road for your credit. Here’s what you can expect:

  • Initial Drop: Your credit score will likely see a significant decrease initially.
  • Gradual Improvement: Over time, as you responsibly manage your finances and build a positive credit history with on-time payments, your score will gradually improve.

Filing for bankruptcy can actually be a step towards a healthier financial future. By eliminating overwhelming debt, you can free up resources to rebuild your credit score through responsible credit card use and timely payments on loans.

Can I Still Get a Mortgage After Filing for Bankruptcy in Las Vegas?

Yes, it is possible to get a mortgage after filing for bankruptcy in Las Vegas, but the waiting period and loan terms will depend on the type of bankruptcy you filed and how long it’s been since the discharge.

  • Chapter 7: Generally, lenders recommend waiting at least 2 years after your Chapter 7 discharge to apply for a mortgage. With a strong credit history post-bankruptcy, you may qualify for a loan with a higher interest rate. 
  • Chapter 13: The waiting period for a mortgage after Chapter 13 discharge can be shorter, sometimes as little as 1 year, especially if you’ve successfully completed your repayment plan.

Tips for Getting a Mortgage After Bankruptcy:

  • Maintain a good credit score after bankruptcy.
  • Save for a substantial down payment.
  • Explain your financial situation to a mortgage lender upfront.
  • Consider working with a lender specializing in post-bankruptcy mortgages.

Will I Lose My Home if I File for Bankruptcy?

No, filing for Chapter 7 bankruptcy in Nevada doesn’t guarantee you’ll lose your home. Nevada has a generous homestead exemption that protects a significant portion of your home equity from creditors. This means that even if you have to sell assets to repay creditors, your primary residence is likely safe.

However, it’s important to consult with a bankruptcy attorney to determine the exact amount of equity exempt in your specific case. There are situations where you might have more equity than the exemption protects, or if you have a second mortgage or lien on your property, which bankruptcy may not eliminate.

Will Bankruptcy Get Rid of My Tax Debt?

Generally, bankruptcy does not eliminate most federal or state tax debt. However, there are some limited exceptions depending on the circumstances. An experienced bankruptcy attorney can advise you on the dischargeability of your specific tax debt in Nevada.

How Long Does Bankruptcy Take?

The timeframe for bankruptcy can vary depending on the chapter you file and the complexity of your case.

  • Chapter 7: This process can be completed relatively quickly, typically within 3-6 months.
  • Chapter 13: This chapter involves a court-approved repayment plan, so the process usually takes longer, lasting 3 to 5 years.

It’s important to note that this is a general timeframe, and the actual time may differ depending on your situation. Consulting with a bankruptcy attorney can give you a more accurate estimate for your specific case.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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