Q. What kinds of debts can be eliminated through bankruptcy?
A. Most kinds of debts can be eliminated through bankruptcy. It is easier to tell you the debts that can’t be eliminated. You can’t eliminate debts for alimony or child support, student loan debts (unless you can’t ever work), and debts related to criminal actions. If you have recently run up debt, you may not be eligible to eliminate that debt, and if you obtained credit as a result of a lie, you may not be eligible to get rid of that debt either. Some tax debts can be eliminated in bankruptcy, but many taxes will not go away. If you have debts financing the purchase of property, whether it is a mortgage, deed of trust, car loan, furniture or appliance contract, if you wish to keep the property, you usually have to pay the loan. However, there can be exceptions.
Q. What is the difference between Dorothy Bunce and other bankruptcy attorneys in Las Vegas?
A. Dorothy Bunce wants you to understand your choices so you can follow the path that will best suit your individual needs. You do not work with a paralegal; you work with an attorney who has more than 30 years of bankruptcy experience. When your bankruptcy is completed, she doesn’t just throw you out the door because she gives you the tools to repair and rebuild your credit. As a result, you can have a better future.
Q. What property will we lose if we file bankruptcy?
A. The only asset most bankruptcy clients lose is part of next year’s income tax refund. The property that any particular person might lose will depend on two things – 1) where you have lived in the past two years, which determines what law apply to you and 2) what property you have. Your home, your car, your retirement account, your furniture, your child support benefits are all protected by Nevada law from the bankruptcy court. However, you still must pay for the property or the lender can repossess or foreclose on it. So you can usually keep your car as long as you keep up the current payments on it.
Q. How long does bankruptcy take?
A. There are two types of bankruptcy programs and each has its own time frame. A Chapter 7, or regular bankruptcy, usually takes 3 ½ to 4 months to complete, once it is filed, assuming that there are no complications. A Chapter 13 Bankruptcy, also called a “wage earner’s plan,” can take between 3 to 5 years to complete. During the 3 to 5 years of the Chapter 13, you make payments each month to satisfy all your debts.
Q. Do I make too much money to file bankruptcy?
A. Our office finds that people often receive misleading information about whether they can file bankruptcy. In many instances, people with more income can qualify to file bankruptcy because they have high living expenses, such as a large mortgage payment. Since there is no harm in looking at the facts of your case, we would invite you to consult with Attorney Dorothy Bunce for specific advice.
Q. Besides Bankruptcy, what other ways can I eliminate my debts?
A. Creditors will settle a debt for less than the balance if they believe they will not be able to collect from you any other way. Creditors will not make you “deals” based on easy monthly payments, but they may settle for a lump sum of cash if your offer is presented at the right time.