Bankruptcy Attorney in Las Vegas Providing Extensive Experience
We have successfully represented over 2,000 Bankruptcy clients throughout the Las Vegas, NV area. We proudly represent individuals and small business by protecting your property and eliminating your debt. We will explain your Bankruptcy options under Chapter 7 or Chapter 13. Our office provides Bankruptcy experience in a calm and compassionate environment.
Chapter 13 and Chapter 7 Bankruptcy Expert in Nevada
We understand you probably have questions and fears about what you can expect throughout bankruptcy. Many times these fears are greatly exaggerated or unfounded. We aim to put your mind at ease about your legal options.
Las Vegas bankruptcy lawyer Rodney K. Okano will explain your options so you can feel comfortable about the decision that you make. We work with you to customize an effective course of action to meet your particular needs.
We can work with you through various forms of bankruptcy, including, but not limited to:
We can help you with the actions to take when dealing with the possibility of bankruptcy, including:
As the top firm providing bankruptcy services in Las Vegas, NV, we can guide you through the difficult factors of bankruptcy, such as:
- Life After Bankruptcy
- Credit Card Debts & Medical Bills
- Bankruptcy & Divorce
- The Bankruptcy Process
- Knowing the Timing of Filing for Bankruptcy
- Bankruptcy Options
- Bankruptcy Payment
- Bankruptcy Planning
- Bankruptcy Myths
- Bankruptcy Exemptions (“Keep After Bankruptcy”)
- What to Consider When Choosing a Bankruptcy Attorney
Las Vegas Chapter 7 Bankruptcy Lawyer
Bankruptcy under Chapter 7 is a process in which most forms of consumer debt are completely eliminated. There are no payments in a Chapter 7 Bankruptcy, however, you must qualify based on your income and expenses. With proper planning, most people keep all of their property, including their home and car.
Millions of individuals and married couples have filed for Chapter 7 bankruptcy to put an end to creditor harassment and have obtained a financial fresh start. You can eliminate:
- Credit Card Debt
- Payday Loans
- Deficiencies on Foreclosures and Repossessed Vehicles
- Certain Income Taxes
- Medical Bills
Certain debts are not eliminated in a Chapter 7. Examples of non-dischargeable debts are recent income taxes, alimony, child support, educational loans, debts incurred by fraud, judgments for injuries due to driving under the influence.
Las Vegas Chapter 7 Bankruptcy Attorney
You may retain your home and vehicles in a Bankruptcy, however, if such property is subject to financing, then you must continue to make the payments and may be required to reaffirm the debt on the vehicle. The Okano Injury Law will guide you through the entire process.
Chapter 7 Bankruptcy and Consumer Debt in Clark County, Nevada
Filing for Chapter 7 Bankruptcy in the State of Nevada allows for generous protection of property. Residents of the State of Nevada (2 years or more) are permitted to keep up to $550,000 in equity in their personal residence (dependent on the length of ownership and other qualifications).
Las Vegas, Nevada Residents may also protect one vehicle up to $15,000 in equity. A married couple may protect two vehicles, up to $15,000 each or $30,000 on one vehicle.
People who file for a Chapter 7 in Las Vegas, Nevada may also protect their 401(k) retirement accounts and most protect all of their household furnishings.
Call to speak with a Bankruptcy Lawyer
To schedule a free consultation with an experienced Chapter 7 Bankruptcy Lawyer in Las Vegas at the Okano Injury Law, call (702) 566-3600. We have handled more than a thousand cases and are ready to put our specialized experience in Chapter 7 Bankruptcy to work for you.
Las Vegas Chapter 13 Bankruptcy Lawyer
Chapter 13 Bankruptcy is a process where a plan is proposed to pay general unsecured creditors based on your ability. Regardless of the amount paid, so long as you pay what the law says you can afford, all of the general unsecured debt is eliminated. Many people file for Chapter 13 Bankruptcy because they have the ability to pay some, but not all of their debt. A Chapter 13 Bankruptcy has additional benefits that are not provided for under Chapter 7.
Eliminate 2nd and 3rd Home Mortgage with a Chapter 13 Bankruptcy
Chapter 13 Bankruptcy can “strip-off” and eliminate your 2nd and 3rd mortgage from your home. If the value of your home is less than what you owe on your 1st mortgage, you may be eligible to eliminate your 2nd and 3rd mortgages and/or home equity loans. This option may save you tens of thousands of dollars and may save you the trouble of a loan modification. Visit our 2nd and 3rd mortgage page to learn more.
Cure Past Due Home Mortgage and Automobile Payments
Chapter 13 Bankruptcy is effective in handling past due home and/or automobile payments. While unlike 2nd and 3rd mortgages, the Bankruptcy Law does not allow for the removal or alteration of the 1st Mortgage. However, to save your home from foreclosure, our attorney will formulate a plan for you to make manageable payments on the past due portions over the course of 3 to 5 years. Furthermore, we will propose the repayment at zero percent (0%) interest.
Pay the Value of Your Vehicle not the Amount Owed
If you financed your vehicle, the chances are that you are upside down on it, that is you owe more than it is worth. Chapter 13 Bankruptcy may allow you to pay the fair market value of your vehicle regardless of how much is owed. If you purchased your vehicle over 910 days prior to filing for Chapter 13, this option may save you thousands of dollars.
Keep Property That You May Lose in a Chapter 7 Bankruptcy
Chapter 13 Bankruptcy serves as an option for people to file for Bankruptcy and retain property that they would lose in a Chapter 7 bankruptcy. A plan will be formulated to manageably pay the value of such property over the course of 3 to 5 years.
Small Business Bankruptcy Help in Nevada
If you own a small business in Southern Nevada and are struggling with financial debt, the Okano Injury Law can help in all cases of small business bankruptcy. Based in Las Vegas, we represent individuals and small-business owners in bankruptcy.
With the recent downturn in the economy, many business owners are in financial distress. Through a Chapter 7 bankruptcy, you can limit your exposure to adverse creditor actions and put yourself in a better financial position.
Experienced Small Business Bankruptcy Attorney
If you are struggling with debt and thinking about Bankruptcy, the Attorney you choose is important. You want an Attorney with the knowledge to handle your case effectively and efficiently. You want an Attorney that is dedicated to your protection and accessible to answer your questions and make clear the bankruptcy myths that people have.
At our Law Office, we offer experienced and personalized legal service to help business owners through difficult financial times. We have helped more than a thousand clients in small business bankruptcy, divorce & bankruptcy, and debt relief matters. Throughout the course of each case, our Attorney and staff are accessible to clients to explain the process of Bankruptcy, return calls promptly and provide the personalized legal service they require.
If you are a business owner in financial distress and need a fresh start, we encourage you to contact our Law Office in Las Vegas, Nevada. We offer a free consultation to answer your questions and explain the process of bankruptcy. We can help you determine if small business bankruptcy is right for you and provide the quality legal representation you require.
Elderly Bankruptcy Lawyer
Bankruptcy Representation & Asset Protection for the Elderly in Nevada
Experiencing elderly bankruptcy is something that nobody should go through alone. Facing the constant harassment and threats from creditors is no way to live out your golden years. In reality, this is a time where you should be eliminating your second & third mortgages. While you may feel like it is your duty to tough it out and find a way to pay your debts; have your lenders and creditors done their duty to treat you properly? The days where you can make a handshake agreement with the president of your local bank are long gone.
Whether you have incurred your elderly debt helping your adult children or you have simply fallen on hard times, the time has come to focus on doing what is best for you. Filing for elderly bankruptcy can put an end to creditor harassment and allow you to live out your remaining years without the worries of debt.
Can They Garnish Your Social Security Benefits?
No. Creditors cannot garnish your social security payments, but they can come after your bank accounts. This is another reason why it is important to have a skilled attorney protecting your rights.
Single Parent Bankruptcy
Nevada Payday Loan Help & Single Parent Bankruptcy Representation
The most important thing is to be pro-active when going through single parent bankruptcy. Your debt problems are not going to go away by simply ignoring them. As you continue doing your best to provide for your children and improve your financial situation, it is in your best interest to seek the counsel of an experienced single parent bankruptcy attorney.
All Debts Are Not Created Equal
Even as you struggle with your financial situation, you may be not have high levels of the common debts associated with the need for bankruptcy such as credit card debt & medical bills. Many single or young mothers do not have access to credit cards and other conventional sources of credit. But you may be struggling as a result of a repossessed vehicle, the fees from a broken apartment lease, payday loan balances and other debts you have incurred.
Whether your debt is from conventional sources or not, you need to be proactive in improving your situation. You can rely on us to guide you through every step of the process of single parent bankruptcy, making sure that you get the best possible result that provides you with the fresh start you need.
Life After Bankruptcy
If you have been listening to the myths that exist about life after bankruptcy, you may be envisioning yourself with a poor credit rating, home foreclosure, or living in destitution without a car. These fears are unfounded and are not based on the true facts of living after Chapter 7 or Chapter 13 bankruptcy. You can usually keep your car during bankruptcy and most bankruptcy filers are able to stay in their homes.
At the Law Offices of Rodney K. Okano, we are a full-service Las Vegas bankruptcy law firm that serves clients throughout southern Nevada. We offer experienced and accessible representation, working closely with our clients before, during and after bankruptcy.
Struggling with debt? It is important to be proactive as your debt problems will not go away by ignoring them. Knowing all of your options toward loan modification is essential before you file for any type of bankruptcy.
Are You a Senior Citizen?
Social Security payments cannot be garnished like wages, so if Social Security is your primary source of income you may not need to file for bankruptcy. However, the peace of mind that comes with having debt problems resolved can be very beneficial as you continue to live out your golden years.
Helping You Every Step of the Way to Ensure a Smooth Transition into Life After Bankruptcy
To learn more about how our firm can help you put your debt problems behind you so you can enjoy life after bankruptcy, contact us today for a free initial consultation with a skilled bankruptcy lawyer.
Credit Card Debts & Medical Bills
Millions of Americans are crippled by credit card debts & medical bills. Especially for single parents, paying only the minimum payment will make only the slightest dent in the principal balance. You can make your minimum payment for years and make little or no progress. This situation is only made worse by the unfair fees and default interest rates imposed by the credit card companies.
How Filing for Bankruptcy Can Help You With Credit Card Debts & Medical Bills
Bankruptcy can free you from the shackles of debt. If you have an unmanageable debt load and are falling farther and farther behind each month, Bankruptcy may be the solution to your never ending cycle of debt. Filing for bankruptcy can completely wipe out many forms of debt, including credit card debts and medical bills. You may even be able to eliminate Income Tax debts, under certain qualifications.
Bankruptcy & Divorce
Should You File for Bankruptcy Before or After Your Divorce?
This depends entirely on the specifics of your situation of your bankruptcy and divorce. For many couples, it is beneficial to file for bankruptcy while still married in order to file a joint petition and save money on filing fees. But if you are trying to qualify for Chapter 7 — which is income based and has no payment plan — you may have too high a joint income to qualify together.
While a married person may file an individual bankruptcy, all of the income and assets of the non-filing spouse must be declared on the bankruptcy filing and may be subject to seizure by the Bankruptcy Estate.
At the Law Offices of Rodney K. Okano in Las Vegas, we work closely with men and women throughout southern Nevada who are considering bankruptcy and divorce. We can guide you through the process from A to Z, making sure you understand the full effect your pending divorce can have on your bankruptcy filing.
How long does the bankruptcy process take? The answer to this question depends on the form of bankruptcy process you file for. If you are able to meet the income requirements for the no-payment Chapter 7 bankruptcy, the discharge of your debt is likely to occur within 100 days of your initial filing, with your filing putting an immediate stop to creditor harassment.
If you file for Chapter 13 bankruptcy, your bankruptcy process will include a three to five-year bankruptcy payment plan. After the payment plan is complete, your debt will be discharged. As with Chapter 7, creditor harassment will stop as soon as you file.
Ensure a Smooth Bankruptcy Process with a Free Consultation
Timing of Filing for Bankruptcy
Timing of Filing is Important, But How Long Does Bankruptcy Take?
If you are filing for Chapter 7, the process usually lasts around 100 days. Chapter 13 bankruptcies — which involve a payment plan — usually last three to five years. Both forms of bankruptcy will provide immediate relief from creditor harassment and threats of wage garnishment.
Timing of filing for bankruptcy is important. If filing for Chapter 7 — which will involve reviewing your past six months of income — it may make sense to file later if you have just lost a job. That will allow for a higher percentage of the six month period to show no or low income, increasing the likelihood that you will qualify for this no-payment form of bankruptcy.
In most instances, it is a good idea to be as pro-active as possible when pursuing bankruptcy. In the past, especially due to outstanding credit card debts and medical bills, clients have wiped out their 401k and other accounts in order to stay afloat, only to end up filing for bankruptcy at a later date. If they had scheduled their timing of filing for bankruptcy earlier, they could have achieved a fresh start without losing their life savings.
Nevada Individual Bankruptcy & Joint Filing Representation
You may select from a couple of bankruptcy options depending on your situation. Do you have to file jointly? No, you do not have to file bankruptcy jointly, but you do have the option. One married spouse can file for bankruptcy individually. However, as a general rule it is almost always better for a husband and wife to file together in order to take full advantage of all available bankruptcy options and exemptions. For instance, if one spouse files there will be one set of exemptions while the assets of both spouses will be eligible for liquidation. This could result in home foreclosure, losing more property to liquidation than would occur if both spouses file.
Knowledgeable Bankruptcy Options Assistance
At the Law Offices of Rodney K. Okano in Las Vegas, we can help you explore your bankruptcy options and work diligently to achieve a result that protects your best interests.
Bankruptcy Payment Options
Payment Plans Available
At the Law Offices of Rodney K. Okano in Las Vegas, we make bankruptcy payments easy and affordable because we understand the struggles facing people in debt. We offer our clients throughout southern Nevada affordable bankruptcy services. We realize that many bankruptcy payment options should be available to stop creditor harassment or to prevent auto repossession.
We offer installment plans to our clients. This will allow us to begin putting together your case while you gather the funds necessary to move forward with the Chapter 7 or Chapter 13 bankruptcy process.
Are You Still Making Credit Card Payments?
If you have decided to file for bankruptcy, in most cases, it would make sense to stop paying on debt that will be wiped out as part of your bankruptcy. That will allow you to apply that money toward the fees associated with your bankruptcy.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
If you think you may be filing for Bankruptcy at some time in the future, protect your rights by consulting with an experienced lawyer about your bankruptcy planning. The importance of taking the appropriate actions prior to filing for Bankruptcy can not be overstated.
The following basic guidelines should be followed prior to consulting with an experienced Bankruptcy Attorney. The guidelines are not a substitute for consulting with an Attorney, but rather, the guidelines are provided to instruct you on what to do while waiting to speak with an Attorney. Only after a complete assessment of your entire situation can any useful advice be given.
Bankruptcy Planning: Need to Know Information
If you are thinking about filing for bankruptcy in Nevada, here are a few things you must know:
- Do not transfer property out of your name prior to consulting with an Attorney.
- Do not run up your credit card bills unnecessarily in an attempt to game the system.
- Do not liquidate your 401(k) retirement account.
- Do consult with an attorney who can help you determine if Bankruptcy is an appropriate solution for your particular debt challenges, and ensure you have the correct information on common bankruptcy myths.
- Do consult with an attorney as soon as possible. Taking appropriate steps prior to filing for Bankruptcy may improve your chances of success and prevent auto repossession.
- Do take the time to understand the difference between Chapter 7 and Chapter 13 bankruptcy. We offer a free consultation to determine which option is best for you.
- Do retain an Attorney if you decide to file for Bankruptcy. You want a knowledgeable professional that understands the law and knows how to handle your case properly and educate you on bankruptcy planning.
Do Not Delay — Immediate Action Is Your Best Option
One of the mistakes that many people make is waiting too long to prepare their bankruptcy planning. They are so afraid of hurting their credit that they take months or years to address a problem that needs immediate attention. While Bankruptcy is not the right solution for everyone, it may be the best solution for you if you are struggling to pay your monthly bills.
If you think about it, making late payments month after month is not the best way to rebuilt credit. Continuing to make late payments is counter to financial recovery. By preparing your bankruptcy planning now, you can create a manageable debt load, reduce your debt to income ratio, pay your debts on time, and start to rebuild your credit rating sooner rather than later.
Common Bankruptcy Myths
While bankruptcy may be the best option you have, there are many unfounded bankruptcy myths that can lead to unneeded worry and stress.
You Can Still File for Bankruptcy
When the bankruptcy code was significantly overhauled in 2005, many people were led to believe they could not longer file for bankruptcy — this is not true. While you may have to file for Chapter 13 rather than Chapter 7 due to income or other factors, we can still help you file for bankruptcy.
Take the first step in regaining control over your finances by calling our office today.
Bankruptcy and Good Credit are Compatible
As consumers become more educated and concerned about their credit scores, people have come to believe that bankruptcy will ruin their credit rating. In fact, filing for bankruptcy can actually improve your credit score over time. While it will hurt you initially and remain on your record for seven to ten years, it will begin to help your credit rating as a result of ending your legal obligation to repay the debts in question.
Your Employer Will Not Be Notified
Many people worry about their reputation at work taking a hit if their employer finds out about bankruptcy. Bankruptcy filings are public record and your employer could find out about your bankruptcy if they specifically choose to look for it. But chances are your employer will not take the time to specifically single you out and do a search for your bankruptcy filing. If you are a small business looking to file for bankruptcy, you need not worry about this.
Bankruptcy Exemptions – What You Can Keep After Bankruptcy
Exemptions for people who have lived in Nevada for at least 2 years
You will almost certainly be able to keep your car, in addition to the following exemptions if you have lived in Nevada for at least two years:
- Homestead up to $550,000 (subject to limitations)
- Retirement accounts up to $500,000
- Motor vehicle up to $15,000
- Household goods and furnishings up to $12,000
- Tools of the trade/business inventory up to $10,000
- Art and jewelry up to $5,000
- “Wild Card” up to $1,000
If you file jointly with your spouse, you will have two sets of exemptions.
Nevada Asset Protection & Bankruptcy Exemptions
The State of Nevada is more generous than most other states when it comes to bankruptcy exemptions. To find out what will you be able to keep during and after your bankruptcy contact our office today. Rodkey K. Okano can provide you the information you need to take advantage of all the exemptions you can get.
What to Consider when Choosing a Bankruptcy Attorney
The choices can be overwhelming when you are considering bankruptcy and need to contact a bankruptcy attorney. A simple Google search provides seemingly endless results, but how do you know which bankruptcy attorneys are worth contacting? In many instances, referrals are a great way to find a reputable lawyer, but most people want to keep their bankruptcy as private as possible. Asking friends and colleagues for a referral is typically not an attractive option.
Luckily, there are some important factors that you should look for when seeking a bankruptcy attorney. Exploring these factors requires only a little bit of legwork, but it could make a world of difference in finding a lawyer that you can trust. Some of the most important criteria are explored below.
Is the Person or Entity Truly a Lawyer?
There is an unimaginable number of debt consolidation companies that claim they can save you from filing for bankruptcy. These entities do not work as your advocate to help you decide whether bankruptcy is indeed the appropriate solution for your financial troubles. Instead, many debt consolidation companies charge substantial fees without eliminating or reducing any of your debt. It is in their interest to always have you avoid bankruptcy, but often times, bankruptcy is the appropriate answer.
Is the Bankruptcy Attorney Experienced?
The amount of experience is paramount in what you should considering when choosing a bankruptcy attorney. Would you rather have a mechanic that has fixed 50 cars or 5,000? Just like anything in life, you can’t teach experience. With something important as your decision as whether to file bankruptcy – and who will guide you through it – it is crucial to find someone comfortable and experienced in handling bankruptcy cases. You don’t want to be an inexperienced attorney’s guinea pig.
A Focus on Bankruptcy
Much like experience, you want your attorney to have a heavy focus on bankruptcy. When looking at the lawyer’s website, does bankruptcy seem to be a primary area of focus? If personal bankruptcy help seems to be an afterthought, then you should probably keep looking. You want someone who demonstrates dedication to helping people through their financial problems.
Finding the right bankruptcy attorney can make a world of difference. A little extra work now can pay dividends with your financial future. Ensure that your lawyer has ample experience in personal bankruptcy and single parent bankruptcy and has a heavy focus on that area of practice. The consultation should make a good impression – if it doesn’t, keep looking.
The Final Test
Now that you have your candidates, it is time to reach out and have the lawyers sell themselves. Many attorneys allow you to contact them by phone or a form on their website. While a busy lawyer may not be available immediately, they should be able to promptly return your call and set up a consultation. This doesn’t mean the man or woman is your attorney, it allows the lawyer to hear your story and determine whether or not they can help you. Of equal importance, it allows you to decide whether that person should be your lawyer.
The attorney should demonstrate confidence, knowledge and professionalism. It is also important that the lawyer listens closely to you when you speak. The bankruptcy attorney should be someone who you could envision yourself working with and trusting.