Bankruptcy FAQs
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Bankruptcy FAQs

Finances can cause major stress in every part of your life. When things go wrong, it can feel like there’s no end in sight. Green Valley Law Group has helped clients throughout Nevada get back on track. Our firm is committed to finding the best possible solution for you and your situation. Below is a list of frequently asked questions for your convenience. To learn more, schedule a consultation at our Henderson office at 702-901-6128 today. You can also email us.

Q: What form of bankruptcy is best for me?

A: There are many different types of bankruptcy and it all depends on your specific situation. Chapter 7 is where you sell off your assets in order to repay creditors. Chapter 11 is typically used for businesses that want to reorganize their debts and hopefully become profitable in the future. Chapter 13 allows you to keep your belongings and come up with a repayment plan over a certain period of time.

Q: Will filing for bankruptcy stop debt collectors from calling me?

A: After you file, there is an automatic stay put into place. This means that creditors will stop their collection efforts. This also includes those facing foreclosure or repossession of property.

Q: What is a 341 hearing, and do I need to attend?

A: After you file for bankruptcy, creditors have the chance to object to the discharge of your debts. You are required to attend a 341 hearing where everyone gathers in the same place. You then must answer their questions regarding your current financial situation. Don’t panic; the goal is to make sure you are all on the same page. We can help you through this process.

Q: Will everyone know I filed for bankruptcy?

A: It does become public record, which means that anyone has access to this information. When you apply for a loan in the future, they will also be able to see this. It’s important to remember that it only stays on your credit report for seven to 10 years, depending on which form of bankruptcy you file for.