Bankruptcy Law
Sometimes life circumstances, such as emergencies, and unexpected medical and other expenses, can create a situation where your expenses now exceed your income or your ability to meet those expenses in the manner you previously did. In these situations, it is necessary to seek competent counsel to advise you of your rights and remedies. Many upstanding people have had to seek the protection and fresh start offered by filing for bankruptcy. The bankruptcy laws were enacted to help benefit ALL citizens; people like you, businesses and individuals, as well as the creditors.
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A fresh start
Depending on your own unique circumstances, bankruptcy may be the best and most honest decision to your financial issues. If you qualify to file and we look at your options, bankruptcy might be the correct solution. If so, bankruptcy can get you a financial fresh start. After filing, you can once again become a constructive and contributing part of the United States economy. Sometimes bankruptcy is right if your home goes into FORECLOSURE. Bankruptcy can stop a FORECLOSURE, and may be the right choice for you. |
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Asset Protection
Few think of someone going bankrupt as a person who is actually seeking asset protection. Asset protection is a component of most bankruptcy proceedings to some degree. Nevada and Federal Laws provide statutory exemptions that may help protect certain assets even when a person files bankruptcy. Often bankrupt debtors are able to keep many of their personal assets through a Homestead Exemption, Automobile Exemption, Tools of the Trade Exemption, Household Goods Exemption and several others. The law provides these Exemptions from Execution so that the Debtor has the tools to effectuate a FINANCIAL FRESH START. |
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Types of Bankruptcy Chapter 7 Chapter 7, also known as a liquidation bankruptcy, is for individuals whose debts equal or exceed their income, and who can no longer afford to pay all of those debts. In this type of bankruptcy, certain property of the debtor is sold, and qualified debts are discharged. This process typically takes 2 to 3 months. Chapter 13 Chapter 13, also known as reorganization, is for persons whose income exceeds their ordinary expenses, but who may have large outstanding debts, such as tax debts, or are facing foreclosure. In this type of a bankruptcy, some or all of a person’s debts are adjusted, or reorganized, to provide for repayment and enable the debtor to retain their property. This process typically takes 3 to 5 years. |
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Seek Legal Advice
Despite a common belief to the contrary, a debtor will not necessarily lose all of their possessions in a bankruptcy proceeding. Again, it is important to seek legal advice pertinent to your particular situation.
Despite a common belief to the contrary, a debtor will not necessarily lose all of their possessions in a bankruptcy proceeding. Again, it is important to seek legal advice pertinent to your particular situation.
Communicate with us for more detailed information. We will evaluate your personal situation and give you answers to your legal questions. I invite you to call and schedule a personal consultation. Together we can look at your situation, and your options. You can be informed and decide what is best for you.
Call me.
Bert Guerra, Esq.
Call me.
Bert Guerra, Esq.
775.336.4999