Will Bankruptcy stop a wage garnishment?
YES.
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Will Bankruptcy stop a foreclosure?
YES. A home is an asset usually secured by a mortage. Bankruptcy will stop a foreclosure. If you stop making current payments, a creditor will be successful in obtaining permission from the Court to institute a new foreclosure proceeding. Assuming you can make your monthly payments after you file a Bankruptcy, you can catch up your arrearages under Bankruptcy and avoid foreclosure of your home.
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Can I keep my car after Bankruptcy?
YES. If your car is security for a loan, you will be expected to keep your payments current. In some cases, your attorney can renegotiate your debt so that you can become current, and you might be able to get more favorable repayment terms.
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Will my employer find out about my Bankruptcy?
NO. Under normal circumstances, unless your employer is a creditor, your employer will not know that you have filed bankruptcy.
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Can I keep my home and personal property?
YES. One of the main reasons for filing bankruptcy is to keep your home. Usually, if you are behind on your house payments, your Bankruptcy Plan will provide that you begin making your current monthly payments and not get any further behind. Addiotionally, Nevada law allows you to exempt or protect most of you property. Link To NRS21.090
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Can I stop the bill collectors from calling?
YES. One of the major benefits of filing for protection under Bankruptcy is that creditor actions are stopped. This means that debt collection efforts and foreclosure are halted immediately. The creditors must now deal only with your attorney.
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Who deals with the creditors and bill collectors during the Bankruptcy?
Your attorney and the Bankruptcy Trustee deal with your creditors for you.
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How can taxes be handled through Bankruptcy?
Taxes due the Internal Revenue Service, as well as other state income taxes may be dischargeable if they are old enough and represent taxes for ordinary income. The primary relevant factors are the age of the taxes (determined by calculating from the date the returns were first DUE), the date of assessment of the taxes (determined by the taxing agency), the dates you filed your returns (IF they were filed) and whether you attempted to evade payment of the tax by fraud. Whether you can discharge these taxes depends on a combination of the above factors (and certain other miscellaneous factors) AND under what Chapter of bankruptcy you file.
Tax Dischargeability analysis is extremely tricky and the only way to correctly determine if taxes are dischargeable in your case is to obtain an official "literal" tax transcript (record of account) from the taxing agency and have it analyzed by a bankruptcy attorney or tax professional with specialized knowledge in this area. This transcript can be obtained from the Internal Revenue Service by calling 1-866-860-4259.
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What is the new Bankruptcy Reform Legislation?
The new Bankruptcy Reform Legislation was signed by the President on April 20, 2005. The credit card and banking lobby has been attempting this new law for the last eight years. They finally succeeded. The purpose of this legislation is to make it more difficult for the average person to file Bankruptcy. Congress apparently feels that people who face divorce, illness, loss of employment or some other financial problem, are somehow entirely responsible for their problems. Sadly, both Republicans and Democrats strongly supported this new law.
However, what it means to you is that more documentation is necessary in order to qualify to file. Additionally, more information is needed to prepare a successful Bankruptcy case. Our office has been working with both State and Federal Legislators to understand the new law so that we can continue to offer quality legal services and be certain that our Bankruptcy clients still get the help they need.
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