For many people seeking debt relief in Nevada, bankruptcy is the best option to immediately stop foreclosure, preserve assets, and get the debt relief you need.
As a consumer, every individual has rights under the federal Truth in Lending Act (TILA), which may entitle you to monetary damages and possibly the right to rescind, or unwind, a mortgage loan. Through rescission, a consumer may have the legal right to set aside a mortgage for violations of TILA, and collect damages.
Due to the foreclosure process in Nevada, however, homeowners seeking to stop a foreclosure must take legal action against their lender to stop the foreclosure. Filing bankruptcy turns the table, and forces the lender to take legal action against you...which, in turn, will make it easier for you to defend against mortgage foreclosure and repossession.
How Bankruptcy Can Help
Consumers facing a foreclosure or excessive credit card or business debt may be able to obtain immediate relief through the Bankruptcy Code. Chapters 7, 13 and 11 of the Bankruptcy Code provide consumers with the ability to either eliminate their debt entirely, or restructure their debt in an effort to save assets, including your home.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy stops a foreclosure proceeding and allows a debtor to repay some or all of his or her debt over a period of 3 to 5 years. Payment plans are based on your income and your ability to repay, not the amount of your debt. For most people, filing a Chapter 13 bankruptcy will put you in a better financial position 3 or 5 years from the day you file. At Roger P. Croteau & Associates, Ltd., we will explain how filing bankruptcy may be the best thing you can do for your financial future.
Some of the benefits created by filing for relief under Chapter 13 of the Bankruptcy Code include:
- You can keep some or even all of your property (often your home, car and investment property)
- Interest and late fees do not accrue in a chapter 13 payment plan, allowing you to recover from your debt at an accelerated rate
- Retirement accounts and 401(k) accounts are protected in bankruptcy
Many people qualify for a Chapter 13 bankruptcy and will benefit from the fresh start it creates.
Chapter 7 Bankruptcy
Chapter 7 of the Bankruptcy Code allows consumers and businesses to liquidate all of their debt and obtain a fresh financial start. Many assets can be protected in a Chapter 7 bankruptcy, including your home, your car and your retirement accounts. For an analysis of whether you or your business are a candidate for Chapter 7 bankruptcy, please
Corporate Liquidation and Chapter 7
Roger P. Croteau & Associates, Ltd. possess extensive experience in providing business advisory and crisis management services to companies and individuals in Chapter 7 of the Banruptcy Code. Chapter 7 provides businesses with the opportunity to liquidate their debt and move on to more profitable opportunities.
Most states have laws that protect consumers if they were victims of mortgage fraud or unfair practices in real estate transactions. Although bankruptcy is usually the better option to stop foreclosure, it may be possible to take legal action against a company for predatory lending inside of a bankruptcy case.