Frequently Asked Bankruptcy Questions
Here are some of the common questions that we hear from our clients.
Will Bankruptcy stop a foreclosure?
YES, but you will have to get current on your payments if you want to keep your home if you file a Chapter 7 Bankruptcy. If you file a Chapter 13 Bankruptcy, the past due payments may be built in to your payment plan.
Will Bankruptcy stop a pending or potential lawsuit?
YES, but the other parties may request relief from the automatic stay that stems from the filing for Bankruptcy. If the lawsuit is for money owed, and this debt is dischargeable, then it may be included with the Bankruptcy.
Can I keep my home after filing Bankruptcy?
YES. In most situations, you can keep your primary residence in a Chapter 7 Bankruptcy. You will have to be current on your payments if you want to keep your home if you file a Chapter 7 Bankruptcy. If you file a Chapter 13 Bankruptcy, the past due payments may be built in to your payment plan. If you owe more than the home is worth you can give the home back to the lender and include the debt/deficiency with your Bankruptcy.
Can I keep my car after filing Bankruptcy?
YES. For filing Bankruptcy in Nevada, you can keep one car with less than $15,000 in equity. You will have to get current on your payments if you want to keep your car if you file a Chapter 7 Bankruptcy. If you file a Chapter 13 Bankruptcy, the past due payments may be built in to your payment plan. However, if you owe more than the car is worth, or if you do not want to keep the car, you can also give the car back to the lender and include the debt with your Bankruptcy.
What assets may I keep if I file a Chapter 7 Bankruptcy?
For a Nevada Bankruptcy, you will usually be able to keep all of your property (including your house and vehicle as long as you are current with your payments and able to continue to make these payments). You can keep all property which the law says is ”exempt” from creditors. For a Bankruptcy in Nevada, the list of exempt property includes, among other things, a decent portion of equity in your home, up to $500,000 in qualified retirement accounts, $15,000 in equity in your car, all Social Security benefits, and many other assets.
What assets may I keep if I file a Chapter 13 Bankruptcy?
You may be able to keep all of your assets, provided you are able to afford paying for them under your Chapter 13 payment plan.
Will I still receive telephone calls from my creditors and collection companies?
The telephone calls from the bill collectors should stop once your creditors and collection companies learn of the Bankruptcy filing of if they are contacted by your Bankruptcy Attorney. They should instead contact the Bankruptcy Trustee or your Bankruptcy Lawyer to discuss the debt. If they continue, the creditor/collection agent may be subject to penalties.
Will Bankruptcy stop a garnishment?
What about child support and alimony?
Child support and alimony are not dischargeable in Bankruptcy.
Must my spouse also file Bankruptcy if I do?
NO. You may file separately if you desire.
Can I discharge back taxes in Bankruptcy?
MAYBE. It depends on your particular situation. Please contact our office to arrange a consultation.
Do I have to list all of my creditors with my Bankruptcy filing?
YES. All of your creditors have to be listed on your filing. However, you may elect to repay or reaffirm any debt after you receive your discharge.