Bankruptcy Filing Services
What is Chapter 13 & How Does it Work?
A Chapter 13 plan is not merely a legal formality—it’s a personalized strategy tailored to your financial situation, allowing you to manage your debts over three to five years under court supervision. This approach ensures fair repayment terms without interest, contrasting sharply with Chapter 7, which involves asset liquidation. Particularly in Las Vegas, where the economic dynamics can be volatile, this plan offers a stable path to financial recovery.
In this plan, all your payments are consolidated into one monthly sum to the Bankruptcy Trustee, simplifying your financial commitments and helping maintain a stable financial status. This method is generally more protective of your credit score than liquidation options.
Is This Path Right For You?
Filing for Chapter 13 bankruptcy offers a pathway to regain financial stability by structuring debt in a manageable way. It’s ideal if you’re facing overwhelming debts, creditor harassment, or the risk of losing essential assets.
What Chapter 13 Offers
Home and Vehicle Protection: This bankruptcy route provides a legal way to catch up on overdue payments while keeping your property in Las Vegas.
Debt Collector Challenges: It halts wage garnishments and creditor harassment, giving you peace of mind and protecting you from lawsuits.
Complex Debt Solutions: Ideal for managing secured debts like home and car loans over a manageable period and for eliminating secondary mortgages when your home’s value falls below the first mortgage.
Co-debtor Protection: Protects co-signers on personal debts from creditor actions, ensuring that creditors leave your co-debtor alone as long as you keep up with your plan payments.
Means Test Requirement: If your income is above the Nevada state median, this form of bankruptcy might be your only option. Especially, if you have certain non-dischargeable debts like unpaid income taxes, student loans, or child support, which can be paid back over time without interest.
What to Expect During the Process
The journey typically lasts between three to five years, depending on your tailored payment plan. Your main responsibilities will include making the monthly payments and attending a few simple administrative hearings. Freedom Law Firm will guide you through every step, ensuring a smooth and stress-free process. After contact us, we can get the process started and start protecting you right away regarding many of your debts, including a foreclosure of your home.
Cost of Filing in Nevada
The filing fee is $313, with attorney fees varying based on case complexity (typically, a bankruptcy attorney’s fee ends up being a very small percentage compared to the total amount of debt you are able to eliminate). These costs are integrated into your payment plan, making the process affordable without compromising on the quality of your representation. Our firm is committed to providing value far exceeding the fees we charge.
Frequently Asked Questions
When you file for Chapter 13 bankruptcy, you enter into a court-approved repayment plan that considers your unique financial situation. This plan consolidates your debts into a single monthly payment calculated based on your income and debts, allowing you to manage your finances more effectively while repaying creditors over a set period.
A Chapter 13 bankruptcy filing in Las Vegas typically spans three to five years. The exact duration depends on your income level compared to the Nevada state median—those earning less may complete their plan in three years, while those earning more might need five years to fulfill their repayment obligations.
Initial impact on your credit is inevitable, but this option can ultimately lead to improved financial health.
Chapter 13 bankruptcy often allows you to keep significant assets, such as your home and car. The plan is designed to prevent the liquidation of these assets, enabling you to continue living in your home and using your vehicle as you make payments under the terms of the bankruptcy plan.
This approach could be a suitable choice if you’re facing significant debt but wish to avoid liquidating your assets. This plan is particularly beneficial for individuals with a steady income who can afford to repay a portion of their debts over time, allowing for financial recovery while retaining essential assets.
If your income is too high to qualify for Chapter 7 bankruptcy and you’re facing serious threats such as foreclosure or vehicle repossession, you may qualify for this filing. This plan is intended to provide relief by restructuring your debt into manageable payments.
Yes, Freedom Law Firm offers free initial consultations to discuss your financial situation and explore your options. These consultations can be conducted over the phone or via Zoom, providing you with convenient access to legal advice.
Purchasing a car with cash during the plan is possible. However, if your repayment plan requires that all disposable income be paid to the trustee, funds like bonus checks or tax refunds should not be used without the trustee’s approval. Always consult with your bankruptcy attorney before making significant financial decisions during this period.
Yes, filing for Chapter 13 bankruptcy can stop foreclosure proceedings. By law, once you file, all collection activities, including foreclosure, must cease. This provides you the opportunity to catch up on missed mortgage payments through your repayment plan.
Ready to start your journey to financial freedom? Contact Freedom Law Firm today at or fill out our online form to schedule your free virtual consultation. Let us help you regain control and move forward with confidence.