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Las Vegas Divorce Attorney > Blog > Bankruptcy Law > 5 Common Questions About Filing Personal Bankruptcy in Nevada

5 Common Questions About Filing Personal Bankruptcy in Nevada

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When you decide it is time to file bankruptcy in Nevada, there will undoubtedly be questions that you will have before filing. Thankfully, the questions are usually the same from person to person and can be easily answered. Some of the more common questions about bankruptcy include:

Do I Need To Hire A Las Vegas Bankruptcy Attorney?

It is true, you can file a bankruptcy petition on your own, but it is not recommended. The bankruptcy process involves a significant amount of paperwork and very demanding deadlines. Hiring a Las Vegas bankruptcy lawyer will ensure that everything is completed correctly and on time.

Will I Stop Being Harassed By My Bill Collectors?

As soon as your Las Vegas bankruptcy attorney files your petition for bankruptcy protection, your creditors must stop calling you. By hiring an attorney, they are instructed to speak with your lawyer only. This is one of the largest types of relief you will get from filing for bankruptcy.

Are There Different Types Of Bankruptcy?

Yes. This is another reason why hiring a Las Vegas bankruptcy lawyer is beneficial. The most common types of bankruptcy are Chapter 7 and Chapter 13. The type of bankruptcy that you file will depend on whether you own a home and your financial standings. Your attorney will explain to you each type of bankruptcy and recommend the right choice for your case.

How Long Will It Take To Complete A Bankruptcy?

When you file bankruptcy in Nevada the process can take as little as a few months to finish or as long as five years. This will depend on several factors. If you are filing for Chapter 7, the bankruptcy may complete in just a few months if the court dockets are not too full. A Chapter 13 bankruptcy is not completed until the repayment program is final. Once you have made the repayments as agreed to, the court will finalize the bankruptcy. This could be over the course of a few months or up to five years.

How Long Will A Bankruptcy Stay On My Credit Report?

Bankruptcies remain on your credit report for 10 years. This is standard and cannot be changed. However, the impact of that bankruptcy will start to disappear after about 18 months. If you continue to rebuild your credit and make on time payments, your credit score will continue to improve regardless of the bankruptcy.

To get serious about your finances and your future contact us by filling out the form on the right or call us at 702-878-1115.

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