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Las Vegas Chapter 13 Bankruptcy Attorney

 Chapter 13 bankruptcy is a particular type of consumer bankruptcy that allows a debtor to reorganize debts and to develop a repayment plan over a period of three to five years in which the debtor will repay creditors. Given the way Chapter 13 bankruptcy works, it is known as a type of “reorganization” bankruptcy as opposed to a “liquidation bankruptcy. To be clear, in a Chapter 13 case, the debtor’s assets are not liquidated to repay creditors as they are in a Chapter 13 case.

Many debtors file for Chapter 13 bankruptcy because it allows them to retain property while reorganizing debt, and it can allow a debtor to avoid foreclosure on a home. At the same time, some debtors file for Chapter 13 bankruptcy because they are not eligible to file for Chapter 7 bankruptcy. If you have questions about your situation, an experienced Las Vegas Chapter 13 bankruptcy attorney can help.

Avoiding Foreclosure with Chapter 13 Bankruptcy

One of the major benefits or tools of Chapter 13 bankruptcy is the automatic stay. While the automatic stay applies in all consumer bankruptcy cases, it is particularly useful in Chapter 13 cases because it can allow a debtor to avoid foreclosure on a home.

The automatic stay prevents any creditor from taking additional action to collect a debt as soon as you file for bankruptcy, from filing a lawsuit against you to initiating foreclosure proceedings. Given that Chapter 13 bankruptcy allows debtors to reorganize or restructure their debts, Chapter 13 bankruptcy can allow an individual to avoid foreclosure.

Exemptions in Nevada Chapter 13 Bankruptcy Cases

Bankruptcy exemptions are important in both Chapter 13 and Chapter 7 cases. In Chapter 7 cases, exemptions determine which property a debtor can keep (or which property will not be liquidated). In a Chapter 13 case, exemptions are used to determine how much a debtor must repay unsecured creditors in the reorganization plan. If you are filing for bankruptcy in Nevada, you will need to use Nevada’s bankruptcy exemptions as opposed to federal exemptions. Examples of property that can be exempt in a Nevada bankruptcy case include but are not limited to the following:

  • Homestead exemption (up to $605,000 in equity in your home);
  • Books, art, and other related personal property of up to $5,000;
  • Household goods, including furniture, electronics, and clothing of up to $12,000;
  • Up to $15,000 of equity in a motor vehicle;
  • Social Security benefits;
  • Unemployment compensation;
  • Public pensions or public retirement benefits;
  • Up to $1,000,000 in ERISA-qualified pension;
  • Up to 75 percent of your wages, or 50 times the federal minimum wage—whichever is higher;
  • Tools of your profession or trade of anywhere from up to $4,500 to $10,000, depending upon the types of tools and supplies your job requires; and
  • Up to $10,000 of personal property in a “wildcard” exemption. 

Contact a Chapter 13 Bankruptcy Attorney for Assistance

If you are considering personal bankruptcy and have questions about whether Chapter 7 or Chapter 13 bankruptcy is right for you, it is important to discuss your situation with an experienced Las Vegas Chapter 13 bankruptcy lawyer. Contact Ghandi Deeter Blackham Law Offices today to learn more about how we can assist with your case.

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