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A chapter 7 liquidation bankruptcy is designed to help a debtor hit the financial reset button. This process will eliminate most unsecured debts and many secured debts as well, allowing the debtor to emerge after bankruptcy without the financial burden and weight that accumulated debt can cause. The process usually takes under 6 months from start to finish, but can take longer depending on each persons individual scenario. In Nevada, the eligibility to be able to file for chapter 7 bankruptcy protection is determined by a means test which will take into account you income and your expenses.

 

Additionally Nevada has some of the most generous property exemptions in the country. These exemptions will allow you to keep real and personal property through a chapter 7 filing. For instance, if you own a home outright or are current on the payments and have equity in that home, the state of Nevada will allow you to keep up to the first $605,000 (current Jan 2021) in monies generated from a forced sale. What this means for most Nevadans is that you'll very likely be able to keep your home and still file for Chapter 7 bankruptcy protection. 

 

All this and more will be covered at a no obligation free consultation where we'll answer your questions and go over your individual situation to see if bankruptcy protection would be right for you. 

Chapter 7 Liquidation 

 

Chapter 13 Bankruptcy is designed to give an individual or a small business breathing room. Unlike a Chapter 7 bankruptcy, a chapter 13 does not seek to wipe out as much existing debt as possible, but rather to give the debtor a period of time where in they can make up any missed payments, defaulted loans, or mortgage payments in arrears. Chapter 13 creates a repayment plan that usually lasts 5 years. During this plan, and as long as the plan terms are met, there will be no collections actions against the debtor. Chapter 13 is also used as a fall back option for debtors who are unable to file for Chapter 7 protection. 

Commonly Chapter 13 is used to give homeowners time to make up missed payments and to bring a mortgage current, thereby avoiding foreclosure. 

 

Additionally, some debts, such as second or third mortgages, may possibly be eliminated or reduced in a chapter 13 filing. 

Just like a Chapter 7 filing, your individual situation needs to be  looked at to see if a Chapter 13 is a good proposition for you. Feel free to set up an free consultation with our office to discuss your situation and learn about the options available to you. 

Chapter 13 Reorganization 

 

Receiving a foreclosure notice does not mean that you've already lost your home. You as the home owner have many paths available to take.


Most foreclosures in Nevada are non-judicial. This means that upon missing 3 to 6 months of mortgage payments, the bank will record a Notice of Default with the county. When this happens, the homeowner will have 35 days to remedy the default or the bank will be allowed to proceed with the foreclosure sale. 

However you have options. You as the homeowner can request a mediation and force the bank to come to the table in front of a neutral arbitrator. The idea being that you can work with the bank to remedy the situation without a foreclosure. 

If you conclude you cannot keep the home, we can work with the lender to get them to accept a deed in lieu. This means the bank would accept the deed to the property and release you from the unpaid amount still owed on the home loan. 

More rare in Nevada is the judicial foreclosure. This is where the bank sues you to retake the property, and with a judgment, may foreclose. Even in a judicial foreclosure, you have options.

In addition to this, you have all the bankruptcy options as well as short sales, loan modifications, homeowner relief programs, pre-foreclosure equity sales and other options. Feel free to set up a no obligation consultation today to learn more. 

Foreclosure Defense 

 

 Foreclosure Mediation 

In response to the foreclosure crisis experienced in Nevada in 2008/2009, Nevada passed AB-149. In that bill, the Nevada assembly mandated that a mediation requirement be built into the foreclosure process. The mediation is not mandatory, however, should the homeowner of the distressed property decide to take advantage of mediation, the foreclosure process will stop until the mediation is complete. 

 

In mediation, the idea is that the lender and the homeowner come together to try and work out a solution that will keep the homeowner in the house and also satisfy the lender. Both sides will be represented by counsel. Additionally there will be a 3rd party neutral lawyer who will mediate and attempt to help both sides  reach common ground and settle the matter.

 

As lawyers for the homeowner, we'll fight to keep you in your home and We'll work with the lender to come to that solution. 

Mediation is just one tool in your arsenal. If both sides can not come to a meeting of the minds, there are other avenues that we can help you explore from short or equity sales, to deed in lieu, to chapter 13 bankruptcy, where the judge may force a modification to the loan and give you a chance to catch up on back payments. 

There are many options available, feel free to give us a call or set up an appointment for a free consultation. We'll answer your questions, inform you of your rights and let you know what you can do to save your home.

 

Real estate transactions involve complicated legal issues that must be handled carefully to protect all parties from risk and liability. If not dealt with properly, real estate disputes can prove both costly and time-consuming.

At Dresslove Law, we assist individuals and businesses with real property issues, helping them attain their desired goals. We have the knowledge and experience to pursue the results our clients expect. Dresslove  Law handles a wide range of real estate issues and we have experience;

Drafting, reviewing, negotiating, and enforcing both commercial and residential real estate purchase agreements through specific performance and breach of contract actions.   

Drafting, reviewing, and filing Deeds of Trust for all manor of real estate transactions. 

Filing and defending against declaratory relief through quiet title actions

Filing and defending against both commercial and residential foreclosure actions. 

Secured creditor protection in chapter 7, 11, and 13 bankruptcy proceedings. 

Give us a call today to set up a free consultation. 

Real Estate 

 

Modifying your loan can be done through a bankruptcy proceeding or on its own through negation with your lending institution. 

A loan modification is a change in the terms of the loan that can reflect a a new interest rate, additional time for satisfaction, lower monthly payments, and or a whole host of other changes that may help you keep your home, car, or business. Most lenders will work with us as it is commonly more beneficial for them if you're able to continue to service the loan.

You may still be able to modify your loan even if you've missed payments, have a home that is already scheduled for a foreclosure sale, or owe more than the home is worth.

In the case where you're unable to modify your home loan, there are other avenues that are available to you such as  homeowner relief programs, pre-foreclosure equity sales, bankruptcy and other options. Feel free to set up a no obligation consultation today to learn more. 

Loan Modifications 

Dresslove Law has experience representing both landlords and tenants with a variety of lease issues. We understand the complexities and nuances involved on both sides of the lease agreement and we'll help you navigate the process to get to the result you want. 

When it comes to Landlord representation, Dresslove Law has necessary experience with both formal and summery evictions to make sure the process is as efficient and thorough as possible. 

If you're being evicted, Dresslove Law can help as well. At the initial consultation, We'll walk you through the process and let you know what options you have. If retained, we'll take the reins, prepare and file your answer and represent you at trial. 

In many cases we're able to work with both parties to come to an amicable out of court settlement that gives the tenant a little more time to vacate and saves the landlord the time and expense of having to sue, than enforce an eviction judgment. 

Give Dresslove Law a call today to discuss your options. 

Landlord Tenant 

 

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specialized representation, individual attention

Las Vegas Office 

4326 W. Cheyenne Ave.

N. Las Vegas, NV 89032

(By appointment only) 

Las Vegas Office 

4326 W. Cheyenne Ave.

N. Las Vegas, NV 89032

(By appointment only) 

Henderson Office 

2260 Corporate Circle Ste 480

Henderson, NV 89074

(By appointment only) 

Real Estate

Loan Modification

Landlord Tenant

Foreclosure 

Ch13 Bankruptcy

Ch7 Bankruptcy

Practice Areas 

Phone: (702) 814-1000

Website: Dresslovelaw.com

Hours: Monday - Friday 9am to 5pm 

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