Your burden of financial difficulties and the continued onslaught from creditors can be resolved through bankruptcy. Our attorneys at Demetras Law are experienced with handling your questions and providing the necessary foundation for your bankruptcy. Here are some of the most frequent questions our office initially receives from our clients:

1. What is bankruptcy? 

Bankruptcy allows individuals or business (debtors) who owe debts to others (creditors) more money than they have the ability to pay to either work out a plan to repay the money over time or eliminate (discharge) the debt.

2. Should I file bankruptcy? 

This can be a very challenging question and one that should only be used as a last resort. Before filing bankruptcy, a consultation with our firm can address other financial solutions and we can help weigh all factors based on your specific financial situation. We may be able to help you find an alternative to bankruptcy. Contact Demetras Law when you need to find a lawyer to discuss your options for filing bankruptcy.

3. What chapter is best for me?

This question will depend on whether you are an individual filing or filing under a business entity. A Chapter 7 bankruptcy involves asset liquidation to pay off debt and can be done by an individual or business. When a business files a Chapter 7 bankruptcy, it is because they are going out of business. On the other hand, Chapter 11 bankruptcy, also called reorganization bankruptcy, allows a business to repay its debts through a repayment plan which can reduce the amounts owed for certain debts. Chapter 13 bankruptcy also allows the same protection, but for individuals.

4. What exemptions does Nevada have?

All states have distinct exemptions that attach to bankruptcy that allow an individual to “exempt,” or keep, certain kinds of property (e.g., jewelry, vehicles up to a certain amount, equity in a home up to a certain amount, etc.). Here is some information about Nevada bankruptcy exemptions. Nevada bankruptcy laws allow a homestead exemption which protects you as homeowner from creditors if your home is worth up to $550,000 worth of value or equity in your primary residence. A Nevada resident can also be protected up to $15,000 in value or equity in their primary vehicle. In addition, nearly all household goods, furniture, family heirlooms, clothing, personal jewelry and retirement accounts are exempt from creditors in bankruptcy.

Bankruptcy law in Nevada includes other exemptions that may be beneficial to you when looking for a fresh start from your financial difficulties. Contact local bankruptcy attorneys at Demetras Law to speak to an aggressive bankruptcy lawyer that can provide legal advice and help you with your case.