Las Vegas Bankruptcy Attorney

Bankruptcy is a legal process under federal law that helps individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court. It provides a fresh financial start by either discharging certain debts completely or creating a manageable repayment plan.

A Chapter 7 Bankruptcy Case will ordinarily take only 4 - 6 months. 

A Chapter 13 Bankruptcy Case will take 3 to 5 years.

The Riggs Law firm will be able to determine which chapter of bankruptcy you qualify for. No matter what chapter you file under you will receive the benefit of the automatic stay which stops all collection efforts against you. This will allow you to move forward with your finances and receive a fresh start.

The two most common types for individuals are Chapter 7 and Chapter 13. Chapter 7, known as liquidation bankruptcy, eliminates most unsecured debts in 3-4 months. Chapter 13 is a reorganization bankruptcy where you repay debts through a 3-5 year payment plan while keeping your assets. Chapter 7 is best for those with limited income and few assets, while Chapter 13 is ideal for those with regular income who want to catch up on mortgage or car payments.

Whether chapter 7, 11, or 13 makes the most sense depends on several factors. Most individuals prefer to file chapter 7 as it only takes a few months to complete. On the other hand, chapters 11 and 13 offer the ability to restructure debt and get caught up. At the Riggs Law Firm we can walk you through the pros and cons of each chapter and help you choose the one that makes the most sense for you.

Although it is true that your credit report will reflect the fact that you filed for bankruptcy, in many cases those who are filing already have serious credit problems and their credit report may actually improve after a fairly short period of time. In fact, we will help you rebuild your credit after bankruptcy. In many circumstances your credit will actually improve your credit score and enable you to make major purchases sooner than without bankruptcy. At the Riggs Law Firm can help you determine if you qualify, or if another option would actually work better for you.

Bankruptcy is neither good nor bad. Interestingly enough, our Founding Fathers made sure that the ability to go bankrupt was protected in the U.S. Constitution. With today's economic climate, many people are turning to bankruptcy to solve their financial problems. Though there has been a stigma against filing for bankruptcy, it might be the most beneficial decision for you. The question you should be asking is, is bankruptcy right for me? There are a number of instant advantages that follow this step, such as relief from debt collector harassment and a boost to your credit score. Find out both the positives and negatives of filing for bankruptcy by contacting our office today .

No. Nevada has exemption laws that protect essential property. Most people filing Chapter 7 keep their home, car, retirement accounts, and personal belongings. Nevada allows a homestead exemption of up to $605,000 (as of 2024), protecting equity in your primary residence. You can also protect retirement accounts, household goods, jewelry up to certain amounts, and one vehicle per person up to $15,000 in equity. At the Riggs Law Firm we will help you protect your assets.

A basic chapter 7 is $2,000.00 and a basic chapter 13 case is $5,000.00. The Riggs Law Firm accepts payments plans. Please note that there are many factors that will affect the cost in your case. Contact our office today, to get the true cost for your case.