Bankruptcy FAQs

It is true there are costs. But place these costs into the context of your current situation. How much do you pay per month for each bill you are trying to put a dent in? Is it $50 per month? Is it $100 per month? How many of those do you have to pay each month? Three? Four or more? That adds up pretty quickly. What if you could end those payment struggles and humiliating phone calls each month? What if you could force the creditors to take the best you have instead of them beat you down and demand more, more and more. What if you could pay what you can afford and make the debt go away permanently? What would you be willing to pay?

There are a few answers to this question because no two cases are identical. Different clients may benefit from different types of bankruptcies.

For clients who may be best served by a Chapter 7 bankruptcy, attorney fees may be as low as $1,500.00 or as high as $7,000.00 (we have served both types). Only an experienced bankruptcy attorney can tell you what your specific circumstances require. BUT DO NOT FEAR!! MOST CASES ARE AROUND $1,500.00!

Fees for a Chapter 13 bankruptcy are generally set by the Bankruptcy Court. Although the total fee for a Chapter 13 in Las Vegas is generally $4,800.00, most of the fee can be paid by the Trustee as part of your Chapter 13 Plan payment. We can generally get your Chapter 13 case started for as little as $1,000.00 down.

Fees for a Chapter 11 case vary based on the complexity of the case. At Spring Mountain Law, we can help with filings under Sub Chapter V (Small Business) or regular Chapter 11.

There are many factors that determine how much it will cost for you to file bankruptcy and ONLY an experienced attorney can assist you in determining what you should do. Click here to contact us for an appointment. Or call (702) 703-0100

In a basic Chapter 7 case you generally:

• Do not have much property and it is all protected by statute,
• No tax debts,
• No child support or alimony debts,
• Are current on your house payments or are surrendering your home in the bankruptcy,
• Current on your auto payment or can’t “cramdown” the loan on the bank;

• It is over quickly;
• Cheaper than Chapter 13

• You have little control, the trustee appointed to your case makes all the decisions after you file,
• You do not own anything any longer until the trustee abandons the estate,
• No way to work out child support, alimony debts or tax debts in bankruptcy,
• Cannot save a home from foreclosure,
• Cannot restructure car loans to reduce interest, to keep a car you must pay it off even if it breaks down later.

• You have a lot of control regarding creating the plan within the statutes;
• You CAN work out child support, alimony debts and taxes with creditors,
• You CAN save a home from foreclosure;
• You CAN restructure car loans to reduce interest, possibly reduce the principle on the car, convert and give the car back to the bank if it breaks down later;
• It is more realistic to your circumstances;
• It will put you on a budget to be able to save money once your plan is complete.

• Somewhat more expensive than Chapter 7.

There are many factors that determine what type of bankruptcy is best and ONLY an experienced attorney can assist you in determining what you should do. Click here to contact us for an appointment. Or call (702) 703-0100.

We want to help you, and although we will become friends, we hope to not see you again in our office to file another bankruptcy case!! At the kids’ soccer games, ok, but not in our office. We don’t want you to need bankruptcy help on a regular basis.

Of course, just like everyone else, if you can afford it. Generally, there is no limitation on your future ability to own or acquire land, homes or personal property (cars, furniture, etc.).

In fact, most people with income who keep their noses clean after filing bankruptcy can qualify for a home loan approximately three and half years after discharge of their bankruptcy in Chapter 7.

However, FHA will qualify you for a loan after 12 on-time monthly payments in a Chapter 13. That means you could potentially go from a collection calls to a mortgage preapproval in just over 12 months.

Equity in your home, which may even be a mobile home. This is called your “Homestead” valued at up to $550,000. Although the homestead exemption allowed under Nevada law allows for $550,000 of protected equity, in bankruptcy cases, federal law limits the amount of protected equity in the home if the home was purchased less than 1215 days prior to the claimed exemption. If the home was purchased more than 1215 days prior, then the full extent of Nevada’s homestead exemption is available.

Nevada Law allows you to exempt personal property including:

• Funeral service or burial plot funds held in trust
• Health aids
• Photographs and keepsakes
• 1 gun
• Mortgage impound accounts
• Criminal restitution
• Survivors’ wrongful death awards
• Refunds on income tax attributable to Nevada or federal Earned Income Credit
• Geological samples, paleontological remains, and catalogued and arranged ores, which are indicated in reference books
• Up to $5,000 of equity in art, books, jewelry and musical instruments
• Up to $12,000 of equity in furniture, appliances, household goods, electronics, clothing, yard and home equipment
• Up to $16,500 in awards for personal injury

The Nevada bankruptcy exemption for motor vehicles is up to $15,000 of equity, or unlimited equity in vehicles equipped for a disabled person. For example, someone who owns a vehicle worth $18,000 and owes $12,000 on it will have $6,000 worth of equity in the car.

There are many more items of property that you may keep and ONLY an experienced attorney can assist you in determining what is protected under state law. Click here to contact us for an appointment. Or call (702) 703-0100.

Only an attorney can help you understand your rights and limitations with your current creditors, and can give you bankruptcy advice on steps to take to re-establish your credit such as getting and using credit cards, applying for a new home mortgage, and financing a new car.

If a debt collector breaks the law then you may be able to recovery money from the collector even if you owe the debt.