What is a 341 Hearing in Nevada?

341 Hearing in Nevada Freedom Law

When you file for Chapter 7 or Chapter 13 bankruptcy, your attendance is mandatory in a 341 hearing as stipulated in Section 341 of the Bankruptcy Code.  It should be clear that this is not a court hearing but a meeting between you and your creditors, run by your bankruptcy trustee.   What Happens During the 341 […]

Bankruptcy in Nevada: compare chapter 7 and 13 bankruptcy.

If your personal financial position becomes too difficult to manage and you accumulate more debt than you can possibly pay off, you may want to start looking into consulting with Chapter 7 and Chapter 13 bankruptcy lawyers in Nevada. Bankruptcy presents one of the most efficient strategies to get out of debt. The majority of […]

Chapter 7 Bankruptcy in Nevada

Chapter 7 bankruptcy Chapter 7, also known as the ‘liquidation chapter,’ is utilized by individuals, partnerships, or businesses that have little possibility of improving their financial status. In Chapter 7, the debtor’s estate is liquidated under the rules of the Bankruptcy Code. Liquidation is the process through which the debtor’s nonexempt property is sold for […]

Advantages and Disadvantages of Chapter 7 Bankruptcy

Chapter 7 bankruptcy Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. The trustee sells the assets and pays you, the debtor, any amount exempted. (source; nevadabankruptcy.com/chapter7.html) Upsides of Filing Chapter 7 bankruptcy Individuals are protected from creditors as soon as the […]

What Is The Difference Between The Chapter 7, 11, and 13 Bankruptcies?

chapter 7, 11, and 13 bankruptcies

What is chapter 7:   In a chapter 7 bankruptcy, the bankruptcy trustee collects and sells the debtor’s nonexempt assets to repay creditors. An individual, a partnership. corporation, or another business entity may qualify for chapter 7. A chapter 7 case begins with the debtor filing a petition with the bankruptcy court. In addition to […]

What is the income limit for Chapter 7 in Nevada?

median income Chapter 7 Nevada

The current median income in the State of Nevada. In Part 2 of Bankruptcy Form 122A-1 and Part 2 of Bankruptcy Form 122C-1, debtors are directed to fill in the median income for their state and size of household.  In order to determine eligibility for Chapter 7, Nevada uses a “means test.” The means test […]

Should I Tell Creditors That I Plan to File for Bankruptcy in Las Vegas?

harassment-phone-las-vegas

Having an overwhelming debt, an account going into collections, or having a lawsuit filed against you can be stressful.  Our Las Vegas bankruptcy and consumer protection attorneys at Freedom Law Firm are here to help. Over the past twenty years, we have helped thousands of people get out of debt.  When deciding whether to tell […]

How soon after bankruptcy can I get a credit card?

A bankruptcy filing may significantly impact your credit score and can result in a prolonged credit re-building process.  With that said, it is possible and can be a good idea to apply for a credit card after bankruptcy. In most cases, you will only be eligible for secured credit cards or credit cards explicitly created for […]

What documents should you gather in case of filing for bankruptcy?

Filing for bankruptcy is a challenging process.  Regardless of whether you’re filing for Chapter 7 or Chapter 13, you’ll have to prepare all the necessary documents beforehand. Here’s a closer look at what essential documents you need to gather if you’re filing bankruptcy: Tax Returns In case of Chapter 7 or Chapter 13 bankruptcy, you’ll have […]

Bankruptcy For Small Business Owners in Las Vegas.

Bankruptcy for small business in Las Vegas

Bankruptcy For Small Business Owners in Nevada: What Happens To My Personal and Business Assets in Bankruptcy? Bankruptcy for Sole Proprietors in Las Vegas.  A sole proprietorship is an unincorporated business structure owned and run by one individual with no distinction between the business and the owner. Sole proprietors may consider bankruptcy if they struggle […]