Winnemucca Bankruptcy Lawyers Counsel Debtors in Distress

Helping Nevada residents find debt relief

When mounting debt becomes overwhelming and creditors are threatening collection actions, it is time to consider your legal options. Many people are reluctant to file for bankruptcy out of fear that it will ruin their financial stability for life. But the reality is that bankruptcy is designed to give forgiveness and a fresh start to debtors who have experienced money troubles due to unfortunate circumstances. At Miller Law, Inc. in Winnemucca, Nevada, our attorneys can help you pursue bankruptcy or another effective remedy to obtain debt relief and put your finances back on track.

Attorneys experienced in debt analysis

We are seasoned debt relief attorneys who know that each case requires careful and personal evaluation. Once we start representing you, we will fully analyze your financial situation, including debts, income and expenses, to determine if bankruptcy will advance your immediate and long-term interests. We will explain the effects of bankruptcy on your family, business, homeownership and access to credit. If bankruptcy is the right choice, we will evaluate which type of bankruptcy suits your situation best, and will provide detailed information about the process and the likely outcome. You can feel confident that you will have a knowledgeable guide on your path to recovery from debt. 

What happens when you file for bankruptcy?

One of the most powerful features of bankruptcy is the automatic stay that takes effect upon filing your petition. This means creditors must immediately stop collection letters and phone calls regarding most types of debt. The stay also prevents such collection measures as foreclosures, repossessions, attachments and wage garnishments. The stay remains in effect throughout the bankruptcy case unless it is lifted or modified by the court for good cause. This gives you breathing room to get back on your feet financially without worrying about losing your property. 

Your bankruptcy options

The U.S. Bankruptcy Code offers different type of debt relief for businesses and individuals. Each has different eligibility requirements and different advantages and drawbacks. The basic forms of bankruptcy for individuals are these:

• Chapter 7 — For individuals and their spouses who have relatively low incomes, Chapter 7 allows a full discharge of nonexempt debts while letting them keep much or all of their property. Chapter 7 is also the fastest form of bankruptcy, taking only a few months.
• Chapter 13 — This remedy is ideal for individuals with steady incomes and the ability to devote some of their income to debt repayment. Chapter 13 allows for paying off part of one’s unsecured debts under a court-ordered installment plan lasting three or five years. It can also be used to prevent home foreclosure.
• Chapter 11 — Although principally used by business organizations, Chapter 11 can be used by some individuals to reorganize debt. It can be pursued by people who don’t qualify for other forms of bankruptcy relief due to their income or debt levels.

Each form of bankruptcy might have certain benefits and drawbacks in your specific case, and we will fully explain each option so you can proceed with confidence.

What a bankruptcy discharge means

Whichever path of bankruptcy you take, the ultimate objective is to gain forgiveness from debt. A Chapter 7 provides full discharge of many types of debt. Although it is possible that some of your property may be sold off to satisfy creditors, in reality most debtors can use statutory exemptions to keep most or all of their property. Likewise, exemptions can be used to protect certain property in a Chapter 11 or Chapter 13 action. Once these reorganization and repayment plans are complete, the remaining unsecured debts are discharged, although secured debts remain in force. 

A bankruptcy stays on your credit report for a certain length of time from the time you file: 10 years for Chapter 7 or Chapter 11 and seven years for Chapter 13. However, you can start rebuilding credit immediately after a Chapter 7 discharge and can do so even while a Chapter 11 or 13 is in progress.

Negotiators of debt relief options

Bankruptcy may not be your only option. Our experienced attorneys often negotiate with creditors to devise out-of-court solutions, such as debt consolidation, loan refinancing and debt settlement. Creditors often are willing to negotiate reasonable modifications to keep a debtor solvent, since the alternative – the debtor going bankrupt – may leave them unable to collect anything. Frequently, we can persuade creditors to accept monthly installments over long time periods and/or at reduced interest. 

Contact experienced Nevada bankruptcy attorneys

At Miller Law, Inc. in Winnemucca, our attorneys offer comprehensive guidance throughout the bankruptcy process. Take your first steps toward debt relief today. Call us at 775-364-3599 or contact us online to schedule an initial consultation.