Debt Relief

Question 1

What does full service debt relief mean?

Accepted Answer

“Full service debt relief” doesn’t just mean we pull your credit reports and take care of the paperwork – most law firms do that. At PandA Law Firm, full service means we discuss ALL debt relief options, including bankruptcy and debt settlement, and we do what’s best for our client. Additionally, full service means that we help you rebuild your credit score after your case is discharged, for no additional fee. Did you know most of our clients have 650-680 credit scores a few months after their discharge or debt settlement? And 700-800 FICOs in about 1-2 years? If you have debt, give us a call for a free* consultation and experience the PandA difference!

Question 2

Can anyone settle their debt?

Accepted Answer

Yes, all unsecured debt can be settled.  This includes credit cards, collection accounts, medical debts, payday loans, and personal loans.  In fact, there are even some student loans that can be settled.  Choosing the right attorney can save you tens of thousands of dollars, dozens of hours on the phone arguing with collectors, and bring you peace of mind.  At PandA, we’ve negotiated tens of thousands of accounts, and have saved our clients more than $100,000,000 in the process.  If you’re not sure if bankruptcy is right for you, call PandA to discuss your debt settlement options.

Question 3

Can anyone file for bankruptcy?

Accepted Answer

Despite being one of the best legal remedies available for people who are struggling with financial hardship, there are many misconceptions associated with bankruptcy. Believing these myths can cause extensive harm to people facing problems like wage garnishments, bank account levies, utility shutoffs, foreclosure, etc. One of the most common misconceptions surrounding bankruptcy is that it is only for individuals with limited sources of income and that people earning too much money cannot file for bankruptcy. Well, nothing could be farther from the truth. Contact PandA Law Firm to learn more.

Question 4

How do I qualify for bankruptcy?

Accepted Answer

A consumer can file for bankruptcy under any of the different numbers of bankruptcy chapters available under the US Bankruptcy Code. Chapter 7 and Chapter 13 Bankruptcies are the most common types of consumer bankruptcies. The qualifying criteria for each is different, as are the pros and cons associated with them. Hence, it is important to not only find out which chapter you are eligible to file under, but also what benefits you will get under that particular chapter.

Question 5

Will I lose my house/car/furniture or other assets if I file bankruptcy?

Accepted Answer

What happens to your home, belongings, and property depends on your individual situation, the state you live in, and whether you file Chapter 7 or Chapter 13 Bankruptcy. In Nevada, we have laws that protect most cars, houses, and even retirement accounts; subject to certain exemption limits. In most cases, you can keep these even if you file a Chapter 7. (This is why we ALWAYS recommend talking to an attorney before you tap a retirement account to pay your debt!). Because each case is different, please call PandA Law Firm for a free consultation.  Our attorneys will be happy to give you the specific exemption rules that apply to your case.

Question 6

How long will it take for my credit to recover after bankruptcy?

Accepted Answer

Filing for bankruptcy will impact your credit. That’s why PandA Law includes a free credit restoration service after your bankruptcy is discharged!  When they follow our credit repair guide, most of our clients see a 680 credit score in as little as 6 months, and a 720 in about 2 years! Additionally, you can get credit cards 3 months after discharge, a car loan 6 months after, and even a home loan 1-2 years after your bankruptcy. Yes, your filing will be on your credit report for 7-10 years, but banks know it’s a “fresh start.” They are willing to lend money again because you don’t have any more unsecured debt, and following PandA’s guide shows them you’re working to rebuild.

Question 7

What’s the difference between Chapter 7 and Chapter 13 bankruptcy?

Accepted Answer

Chapter 7 is the most common type of bankruptcy. Chapter 7 is a liquidation bankruptcy that wipes out most of your general unsecured debts, such as credit cards and medical bills, in as little as four to six months without the need to pay back balances through a repayment plan. In order to qualify for Chapter 7, you must qualify under income limits that vary by state.

Current bankruptcy laws have made it more difficult for some debtors to file Chapter 7 Bankruptcy and instead require them to repay a portion of their debts through Chapter 13. Chapter 13 is a reorganization bankruptcy designed for debtors with regular income who can pay back at least a portion of their debts through a repayment plan. Many debtors choose to file for Chapter 13 because it offers many benefits that Chapter 7 does not.

Question 8

What are my debt relief options?

Accepted Answer

- Bankruptcy
- Debt Settlement
- Debt Consolidation
- Consumer Protection

Choose the best option for YOU, with PandA Law Firm on your side. We bring you immediate access to legal advice to eliminate your debt.

Question 9

What is consumer protection?

Accepted Answer

If you are no longer able to tolerate bill collectors trying to collect payments or you have incorrect and/or outdated information on your credit report, there are solutions:
- Credit Repair (FCRA)
- Harassment (FDCPA / TCPA)

We’ll be sure to compare the benefits of each when you come in for your consultation.

Question 10

Is Las Vegas debt settlement for me?

Accepted Answer

That’s a good question, and probably one you should ask your PandA Law Firm attorney during your free* consultation. The truth is that every person’s situation is different. But generically speaking, if you:
Don’t qualify for Chapter 7 bankruptcy. Or,
Don’t want to file bankruptcy.
AND
Have experience saving toward a goal. And,
Can see yourself able to save up to 50% of your total debt within 24 months.
Then debt settlement may be the right option. But you don’t have to worry! The lawyers at PandA Law Firm have experience with bankruptcy AND debt settlement. During your free* consultation, they’ll explain the benefits and differences between both services rather than try to force you in to one or the other like some other lawyers do. Don’t go to a lawyer that only does BK. Get all your options: Come to PandA!

Question 11

What is debt settlement?

Accepted Answer

Debt Settlement is a contract negotiation between a creditor (or debt-collector) and a debtor (or the debtor’s attorney). The goal of this negotiation is to convince the collector to take a small portion of the total balance as Payment-In-Full.  In addition, the paperwork that accompanies the settlement offer should ensure that the balance is marked down to zero, and no one can EVER try to collect on that account again.  Sometimes debt settlement is used to avoid bankruptcy, but in other cases financially savvy clients just want to get out of debt with as little out-of-pocket as possible.

Question 12

How does debt settlement work?

Accepted Answer

PandA Law Firm will handle all communications and negotiations with your creditors and debt collectors.  When we take your case, we’ll estimate your out-of-pocket settlement amounts.  Once we have that number, we’ll figure out a timeline that works for you, and execute settlements as you save enough money to make the  settlement payments. Sometimes, our clients have a little bit of money saved before they come in. This savings might be in a 401K, regular savings account, or inheritance.  They may even have enough to pay the balances in-full immediately instead of settling, but they’re smart enough to know that they want their money to work for them, not against them.  At PandA, we handle all types of settlement cases, and will build a plan that works for your situation.

Question 13

Should I consider debt settlement?

Accepted Answer

The short answer is yes. If you have unsecured debt, such as credit card debt, medical bills, payday loans and personal loans, you should consider debt settlement.  This is true regardless of whether or not you’re considering other debt-relief solutions like bankruptcy or debt consolidation.  The fact is, debt settlement is the ONLY way to get rid of your debt for less than you owe WITHOUT putting a bankruptcy on your credit score.  If you ARE considering bankruptcy, you should DEFINITELY consider debt settlement before filing.  In some cases, you’ll pay less in a debt settlement plan than you’ll have to pay the courts in your 3-5 year bankruptcy plan.  At PandA Law Firm, we handle debt settlement AND bankruptcy.  You can be sure that we’ll guide you toward the right solution for you.

Question 14

Is debt settlement legal?

Accepted Answer

Yes. In America, any party to a contract has the right to attempt to negotiate better terms at any time.  Credit card agreements, medical service agreements, and payday loans are contracts like any other.

Question 15

Can I settle my own debt?

Accepted Answer

Probably, but it can be tricky.  Choosing an attorney to handle your settlement case will ensure that you get the best settlement results and all the paperwork is in order.  Most collectors will try to add language to settlement contracts that negate the ENTIRE settlement.  In other words, you make what you think is a settlement payment, but really you still owe 100% of the balance.  Debt Collectors can be tricky, and only an experienced attorney can make sure your legal rights are protected both during the settlement, and in the future.  The debt collectors have lawyers, shouldn’t you?

Question 16

How do I know which law firm to hire for debt settlement?

Accepted Answer

1. Make sure it’s a law firm.  Some debt settlement companies claim to be attorneys, but aren’t. – Look up any attorney you meet with at www.nvbar.org.
2. Make sure the attorney handles ALL ASPECTS of Debt Relief. – If a law firm doesn’t handle bankruptcy AND debt settlement, they’ll probably advise you that the one they sell is your best option.  When your only tool is a hammer…
3. Check the attorney’s reputation on the BBB website.
4. Ask to see a portfolio of some of the firm’s executed settlements.
5. Other than the fee for the attorney’s service, no reputable settlement firm should “hold your money in trust” or tell you to make payments to them and they’ll pay your creditors – It’s your money, you should be holding on to it until settlements are executed.
6. Beware of monthly fees. – If a firm wants to charge you $50 or $100/month as a maintenance fee as long as you’re a client, what incentive do they have to finish your file?  You should know ALL attorney’s fees up-front, before you EVER pay a dime.  It should be a fixed number that doesn’t change based on time / results.

Question 17

Can all debts be taken care of with debt settlement?

Accepted Answer

In most cases, credit card bills, medical debts, payday loans and second mortgages (HELOCS) qualify for some level of debt settlement.  If you have other types of debt (student loans, tax debt, mortgages) a good debt relief firm may be able to provide you with options to take care of those, too.

Question 18

What's the cost of using a lawyer for debt settlement?

Accepted Answer

At PandA Law Firm, your initial debt relief consultation is free*.  During your appointment, your attorney will listen to your case and build a customized plan to get you out of debt, and will discuss any associated fees at that time.  To be certain though, our attorneys can usually work out payment plans on their retainers and can start working on your case with as little as $200 down.

Question 19

Why would any creditor accept a debt settlement?

Accepted Answer

It’s a balance sheet thing.  When a debt is settled, it moves out of the “Accounts Receivable” column and splits into two parts; the “Income” column and the “Loss” column.  Companies use those “losses” to offset other items (including any payment on your debt) and reap the benefits of creative accounting.  This is sort of like donating an old couch to charity: The couch is worthless to you, but it’s $200 to the charity.  You get to deduct that $200 off your income when you prepare your taxes.  In addition, when attorneys who also practice bankruptcy law negotiate  settlements, creditors fear that you might be a candidate for bankruptcy; they may get no money at all if you file. Creditors jump to settle debts when PandA negotiates because they know we’re also a bankruptcy firm.

Question 20

How long does debt settlement take?

Accepted Answer

The duration of a debt settlement varies from situation to situation, however most PandA Law Firm debt settlement cases are completed in as little as 6-24 months.

Question 21

What is bankruptcy?

Accepted Answer

Many people struggle to make ends meet. You may be living month to month, or from paycheck to paycheck, without ever feeling financially secure. Maybe you’re already behind on your bills and debt collectors are harassing you day and night. Whether your debts grew gradually over time, or an unexpected event like job-loss or illness brought on debts that are out of control, the nation’s bankruptcy laws exist to give people a chance at a fresh start. They can give you the breathing room you need to get a handle on your finances.

Question 22

How soon can bankruptcy provide relief?

Accepted Answer

As soon as you file bankruptcy, your creditors are barred from contacting you or taking action against you or your assets.This means that the bill collector calls STOP, and any FORECLOSURE or REPOSSESSION is halted immediately. Not only does filing bankruptcy get rid of your debt, it can give you time to decide what to do with your home and vehicle. If that’s something you’re interested in, your attorney at PandA Law Firm can help with a loan modification, too.

Question 23

Why should I choose PandA Law Firm for my bankruptcy?

Accepted Answer

There are several law firms in town that can handle your bankruptcy, so why should you choose PandA Law Firm? Customer Service. At PandA, our firm’s partners meet with you to discuss your options. They won’t pass you off to a paralegal, or rush out the door after spending five minutes telling you why you should file. Rather, they’ll work with you until you understand your options.

More importantly, our attorneys prepare all required documents and represent you at any hearings that take place. You get to know your attorney, and they get to know you. Our attorney-handled bankruptcies are different than most “discount bankruptcy” firms that process you through using paralegals or send someone you’ve never met to represent you at your hearings.

Question 24

What can bankruptcy do for me?

Accepted Answer

Bankruptcy offers a fresh start for consumers dealing with a wide variety of financial issues, including, but not limited to, the following:
Credit Card Debt – Most credit cards are unsecured, and as unsecured debts, they are dischargeable by the Bankruptcy Court.
Medical Debt – Doctor bills, hospital bills, and other medical bills are also examples of unsecured debt, and as such may be discharged by the Bankruptcy Court.
Tax Debt – Federal income tax is eligible for a discharge in bankruptcy, so long as it meets certain criteria. For instance, it must be related to a tax return that was filed at least two years ago and that had a filing deadline more than three years ago, including extensions. If the government secures a tax lien on your property before you file for bankruptcy, you may not be able to receive a discharge.
Home Foreclosures – As a secured debt, a mortgage is not dischargeable in a Chapter 7 Bankruptcy unless you also surrender the home. However, Chapter 13 Bankruptcy allows you to catch up on delinquent payments, stop a foreclosure and maybe remove a second/junior lien.
Judgments – If a creditor has gone to court on an unpaid debt and obtained a judgment against you, that judgment may be dischargeable by the Bankruptcy Court, particularly if the underlying debt was unsecured. Judgments based on civil torts, such as intentional torts or drunk driving, are generally not dischargeable. Obtaining a discharge is easier if the judgment creditor has not attached a lien to your property to satisfy the judgment.
Wage Garnishments – If a creditor has instituted a wage garnishment to collect on a debt, the automatic stay invoked by a bankruptcy filing will stop the garnishment immediately. If the underlying debt is unsecured, it may be discharged by the court.

Question 25

What is my role in the bankruptcy proceeding?

Accepted Answer

Almost all consumer bankruptcies are voluntary, meaning that they are initiated by the debtor who files a petition with the Bankruptcy Court, usually under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code.

If you are filing under Chapter 7, you will also need to file several supporting documents, including a schedule of your assets and liabilities, a schedule of your current income and expenditures, a statement of your financial affairs, and other similar records, as well as a certificate showing that you have received credit counseling and similar documentation. We will prepare and submit the necessary filings, but will need your help in making sure all the facts are correct as they pertain to your situation.
If you are filing under Chapter 13, you will need to attend a creditors’ meeting, sign off on a payment plan to the bankruptcy court and make the required payments to the trustee.

Question 26

Can I get a credit card after bankruptcy?

Accepted Answer

Yes. By following PandA’s credit rebuild guidance: within only a few months you can obtain a major credit card; within six months you can obtain a car loan; and, within 1-5 years you can obtain a home loan. Also, by following our guide, within 18-24 months after the bankruptcy discharge, your FICO should be 700+!

Question 27

Can I buy a home with a bankruptcy on my record?

Accepted Answer

Yes. A bankruptcy on your record will not prohibit you from buying a home, but it may affect the interest rate you can get from a lender willing to finance your mortgage. With PandA’s credit rebuild plan, you could qualify for a new home loan within 1-5 years after the bankruptcy!

Question 28

Can I keep my car if I file bankruptcy?

Accepted Answer

In most cases, yes. In fact, you may have several options available. You may be able to protect a certain amount of equity in your car as a Chapter 7 exempt asset. You may also either affirm the debt and keep it out of bankruptcy, or you may redeem the car by buying it from the lender at its fair market value. In some cases, it makes better sense not to keep the car. Go over your options with an experienced bankruptcy attorney to decide what is best in your particular situation.

Question 29

Can I keep my home if I file bankruptcy?

Accepted Answer

If filing Chapter 7, you can protect a certain amount of equity in your home from the liquidation process, which may prevent its sale. You can also keep your home if you file Chapter 13, which does not require any selling off of assets. Chapter 13 can also be used to prevent foreclosure on your home.

Question 30

What is the Means Test?

Accepted Answer

If your household income is above the state median in your area, you may be ineligible to file for Chapter 7. A means test will calculate your current monthly income and expenses to determine if you qualify. If you are ineligible to file Chapter 7, you may still obtain relief with Chapter 13 and the means text can clarify what the plan payment will likely be in the Chapter 13.

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