Debtor Protection Practice Areas 

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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.

 

Today, your credit score is more important than ever. Having poor, or even just fair credit can mean not getting the home you want at a price you can afford, or the reliable car you need. In some cases it can mean the difference between getting the job you want as well. More then ever before, your credit score can influence how you're able to live your life. 

At Dresslove Law, we focus on 2 types of credit repair. The first being repair after bankruptcy, and the second being correction of incorrect, misleading, or negative information. 

After a bankruptcy filing, your credit will take a big hit, however it's not the end of the world for you, not even close. We'll walk you through the process of rebuilding your credit and bringing you back to the score you need to help you get back on your feet. Many lending institutions have various options for you to utilize to start building positive credit immediately after your bankruptcy discharge. Many clients are able to regain a better score then before they filed for bankruptcy within just a year. 

In addition to post bankruptcy credit rebuilding, we also work with the various reporting agencies to correct inaccurate credit files. We have experience correcting accounts after identity theft and we can have incorrect data removed and fraudulent accounts deleted. 

If you've been trying to correct your credit report but seem to be getting nowhere with the different agencies, give our office a call today to schedule a free consultation to hear about what options are available to you. 

Credit Repair 

 

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 

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