Chapter 13 Bankruptcy Las Vegas

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Helping with Chapter 13 Bankruptcy in Las Vegas

Are you considering filing for Chapter 13 bankruptcy in Las Vegas? Contact DeLuca & Associates to ensure a painless process that will help you get back on your feet. We understand that this is a difficult time, which is why we’re here to help every step of the way. Celebrated as one of the most successful bankruptcy attorney in Las Vegas, we have represented over 20,000 clients spanning 22 years and will be with you through every step of the bankruptcy process.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is for individuals with a steady income whose secured and unsecured debt is under certain amounts of money owed. A debtor may file for this type of bankruptcy so long as the unsecured debt is $269,250 or less and the secured debt is $807,750 or less. After developing a repayment plan with an assigned trustee, the court will decide whether to allow the plan, make changes to the plan, or dictate an entirely new plan. The debt is usually paid off within three to five years.

We are here to make the exhausting process of bankruptcy as easy as possible for our clients. Some of our bankruptcy services include:

Handling all paperwork
Providing free credit reports
Your case overseen by a lawyer, not a legal assistant
No confusing stacks of forms to fill out

At DeLuca & Associates Bankruptcy Law we are not here to judge you. We are here to provide the services you need to turn your life around and move on from your prior monetary issues. Contact us today at (702) 707-7064 to request a consultation.

Chapter 13 Bankruptcy FAQs

If you’re in a financial crisis and don’t know where to turn, then you may be eligible for a chapter 13 bankruptcy filing. But it’s not an option available to everyone. There are several requirements that you must meet:

You can only file for chapter 13 bankruptcy as an individual, not as a business.
If you do own a business, you can file for business-related items pertaining to debt as an individual.
You cannot be a stockbroker or commodity broker as a professional and file for bankruptcy.
You are required to prove that you have enough income to make payments on specific debts that need to be paid in full as decided by a judge in a bankruptcy court.
Your secured debts cannot exceed $1,010,650 and your unsecured debts must not be beyond $336,900.
You must also be up-to-date on all of your income tax filings, including federal and state. You do have the option to get caught up on your taxes and postpone bankruptcy filings if needed.

At a glance, there are a few things to expect in a Chapter 13 bankruptcy:

An inventory of your income and debts – To achieve a good result in your case, you need to report your debts, assets, and income. This information needs to be complete and accurate. Expect to spend time gathering and documenting this information.
Hearings and meetings – There will be at least two hearing dates for your case – a meeting of the creditors and a confirmation hearing. Our lawyers can represent you at these hearings.
Payments – In a Chapter 13 filing, you must make periodic payments for a while. Let our lawyers help you create a repayment plan that is practical and beneficial.

A Chapter 13 filing takes three or five years to complete. If your income is less than the state median, it takes three years to complete your repayment plan. If your income is over the state median, you will have a five-year repayment plan.

The process should never take more than five years to complete a Chapter 13 filing. If unsecured debts are paid in full, it may take less than three years (11 U.S.C. § 1322(d)³).

If you’ve filed for Chapter 13 bankruptcy, you can expect your credit score to be affected in a few different ways, including:

Visibility of the bankruptcy on your credit report for seven to 10 years
A short-term worsening of your credit score shortly after filing
Possible credit score improvement, depending on repayment of debts and other factors

Although it’s never good for a person’s credit score to file bankruptcy, doing so may alleviate some financial constraints and even allow you to improve your score over time. When you file for Chapter 13 bankruptcy, you should expect your score to drop. This is normal, but there are ways you can bring the score back up. For example, paying off all debts that you are able to repay and ensuring that you do not accumulate any more debt can boost your score.

Chapter 7 bankruptcy is a liquidation bankruptcy designed to wipe out your general unsecured debts, such as medical bills and credit cards. You must have little to no disposable income to qualify for this type of bankruptcy. Otherwise, you may be forced to file for Chapter 13 bankruptcy.

Chapter 13 is bankruptcy a reorganization bankruptcy, as opposed to liquidation. Therefore, it is designed for debtors, typically those with regular income, who have the ability to pay back at least some portion of their debts. Those who make too much money to qualify for Chapter 7 bankruptcy, may have to file a Chapter 13 case instead.

Whether you’re trying to tie up your debts or simply looking to get rid of your second mortgage, filing for Chapter 13 bankruptcy will have you pinching pennies. You might think it’s easier to forgo hiring a lawyer and save where you can, but you could be digging yourself into a deeper financial hole. Chapter 13 bankruptcies are complicated and difficult to file. For this reason, most people hire an attorney to lay all of the interlocking aspects of a Chapter 13 bankruptcy on the table. Read our outline of the complex processes an attorney would be best qualified to handle.