An individual with a regular, predictable income can file for Chapter 13 bankruptcy. Chapter 13 is designed to allow the bankrupt to keep their property and file a plan to repay their debts over a three to five year time span. The bankruptcy code allows someone owed a debt to engage a Las Vegas Nevada creditor rights attorney to question the debtor, review his or her financial affairs and to be heard in matters that have an affect on the creditor. Over and above this, the creditor is allowed to challenge the eventual discharge from bankruptcy.
There are a number of things a creditor rights attorney will do for a client:
- Review the debtor’s statement of financial affairs: Anyone that has filed for Chapter 13 is granted two weeks to prepare and file their reorganization plan along with supporting details including a comprehensive list of their assets and liabilities. Part of the reorganization plan includes a statement of net as well as disposable income.
- Creditors meeting: There is a tendency for creditors to simply shrug their shoulders and close the books on the debt. This is the wrong thing to do; your attorney can attend the meeting of creditors, review the debtor’s income, historic bank statements and support of expenses. The creditor has every right to question the debtor.
- Statement of claim: Always file a statement of claim in the debtor’s property. The claim must be able to substantiate the amount of money that is required to bring the account to a current status. If this statement is not filed, the creditor may be barred from presenting a claim at a later date.
In cases where it appears that the debtor has sufficient resources to pay the debt or the claim is quite complex, it is always a good idea to hire a skilled Las Vegas Nevada creditor rights attorney.
When someone owes you money and they file for bankruptcy all is not lost. This is the time to engage the professional services of a Las Vegas Nevada creditor rights attorney. You are invited to discuss the circumstances surrounding your case with the Law Office of Hayes & Welsh.