Frequently Asked Questions
Below is a breakdown of our attorney fees.
Basic Chapter 7: $764 attorney fee + $335 filing fee
Over Median Income Chapter 7: $1,164 attorney fee +$335 filing fee
Corporate Chapter 7: $1664 attorney fee + $335 filing fee
Chapter 13: $999 attorney fee + $310 filing fee. Additional fees are paid through the chapter 13 repayment plan (typically 16 hours of work)
Chapter 11: $10,000 attorney fee + $1,717 filing fee
$500 Down Payment Plan Option:: $500 down to file the case, remaining fees to be paid in 6 installments over a 3 month period for an extra $350.
Emergency Filing option: If you don’t have time to wait for one of our regular filing dates (typically due to a pending foreclosure sale or garnishment), we can file your case any day of the week, including the day you first come in to the office for consultation. We normally file every Thursday morning. To file any other time of the week on an emergency basis we charge an additional $250. Read More
I do hear this question occasionally, and I know I’m prickly but I am always slightly insulted by it, but I understand where my clients are coming from and why they ask this question.
First, as of the writing of this post, we currently do no TV, Radio, Phone-book, or Billboard advertising whereas my two main competitors are pervasive with expensive and persistent TV ads, billboards, radio commercials, and full-page phone book ads everywhere you look. I’m speculating, but it wouldn’t surprise me if their advertising costs exceed their payroll costs. In other words, in order for them to earn the same profits as us, they have to charge much more.
Secondly, there are currently only two attorneys in the state of Nevada that file more cases than I do. In both cases, they have only one attorney in the office. On the other hand, we have 4 attorneys in the office. Do the math. This means that if you go to one of my two competitors you will get less attorney-time. In fact, this calculates mathematically to less than 1/4th the time. As a result, if you choose one of my competitors, legal assistants will be doing the work on your case and answering your questions, as opposed to attorneys. Read More
When you file bankruptcy in Las Vegas, in theory you surrender everything you own to the bankruptcy trustee. However, the state legislature has decided that there are certain assets that a person should be able to keep even if they are filing bankruptcy. These are called “exemptions.”
In Nevada, you may exempt $15,000 for a car; $12,000 for clothes, household furniture and goods; $5,000 for a wedding ring or other jewelry; $10,000 for work tools, machinery or inventory of a sole proprietorship, $1,000 “wildcard” for anything you choose, $550,000 for a house; $500,000 for a qualified retirement account. In Nevada even some types of stocks are exempt, as well as life insurance proceeds.
So in summary, most often a person who files bankruptcy will lose nothing, unless they have valuable assets that are not exempt. If you are concerned about a particular asset you have, please come in for a consultation. Read More
In short, it will take between 2 and 3 years for your credit score to fully recover if you stay perfect on your payment history, based on the FICO scoring model. Statistically you will reach a 650 FICO score at the 2-year mark, and a 720 score (which is excellent credit) at the 3-year mark if you stay perfect. 720 is about as high as you can get while the bankruptcy still appears as a negative item on your credit report.
Many of my clients respond to this, “I thought it would take 7 to 10 years to recover?”
In response to this reaction, let’s lay out a distinction.
The period of time that the Las Vegas bankruptcy appears on your credit as a negative item is 10 years for a chapter 7 case, and 7 years for a chapter 13 case. This should be distinguished from the time that it takes for your credit score to recover. In other words, you can recover your credit score to a 720 FICO score after 3 years, but still have the bankruptcy appear on your credit report as a negative item for the next 7 years. So don’t confuse the time it takes for your credit score to recover with the time that the bankruptcy actually appears on your credit report.
You can expect to be able to purchase a home at a decent interest rate about 2 years after your bankruptfy. Loan officers that I often talk to (and the mortgage lending guidelines) consider the 2-year mark as good rule of thumb for purchasing a home after bankruptcy. In my opinion it is probably better to wait three years because your credit will continue to improve between the second and third year after bankruptcy in Las Vegas. Read More