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Learn a few bankruptcy terms below. Learn more about Nevada asset protection, Nevada corporation asset protection and asset trust protection Nevada. Contact us to be your asset protection attorney Nevada for Las Vegas asset protection, asset protection in a Nevada corporation and Las Vegas asset protection. Call us today for a great asset protection lawyer Nevada.

BANKRUPTCY TERMS:

Automatic Stay - Precludes and halts all collection activities from creditors and even the IRS. You can even get seized property back from the IRS in a chapter 13.

Assets - Assets are generally anything of value. For example: property, real estate, cash, notes, stocks, bonds, accounts receivables and securities.

Chapter 7 Bankruptcy - Straight bankruptcy- may be voluntary or involuntary. This is the most common form of bankruptcy filed by people in debt, in order to eliminate their debt to obtain a “fresh start”. Chapter 7 bankruptcy is most often used to eliminate credit card debts, pay day loans and medical bills.

Chapter 13 Bankruptcy- Simply put, is the reorganization of consumer debt with a new payment schedule. It is often filed to stop home foreclosures, stop repossessions and to pay IRS taxes over a 60 month period.

Creditor - A person or entity to whom money is due, or one who has extended credit and has a vested interest in getting paid.

Discharge - To release from debt after fulfilling ones obligations.

Exemption - Assets that cannot be touched by creditors during bankruptcy proceedings.

Insolvent - Unable to pay ones debts.

Secured Debt - debt that is backed by collateral. For example: mortgage or car loan.

Trustee - Person appointed to oversee the completion of a bankruptcy filing.

Unsecured Debt - debt that is not backed by collateral. For example: credit card debts, pay day loans and medical bills.

Voluntary Bankruptcy - This is when the debtor takes the initiative to file bankruptcy on their own.