Bankruptcy

The O’Mara Law Firm, P.C., is dedicated to providing the highest level of legal services possible to Reno/Sparks and the surrounding areas of Carson City, Fallon, Fernley, Minden and Incline Village.

The firm’s attorneys have extensive training in bankruptcy law and attend bankruptcy seminars on a regular bases to keep up with the ever changing laws.

The firm’s attorneys are well known throughout the bankruptcy community and understand that many in our community are in financial trouble.  The O’Mara Law Firm fees and costs are reasonable and in many cases, the firm can work with you to set up a payment plan.

For a small down-payment, you can retain The O’Mara Law Firm and refer your creditors who are harassing you at home and at work to us. We understand that hard times can affect everyone. Medical problems, unemployment, and divorce are situations that are often beyond your control which can leave you heavily in debt.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.

CHAPTER 7:  The most popular and common form of bankruptcy is a Chapter 7 bankruptcy.  Chapter 7 bankruptcy is generally used by debtors who lack sufficient income to cover their outstanding debts after taking care of their basic living expenses, and who have no hope of ever repaying their creditors. Chapter 7 bankruptcy is often used to eliminate debts such as credit card bills, payday loans, medical bills, repossessions, and personal loans.

This process allows you to start fresh and is normally completed within 3 ½ to 4 months after filing. Once a debt is discharged, it is eliminated and you never have to pay that debt again! Most debtors who file Chapter 7 bankruptcy can keep most of their exempt property.

If you have been become overwhelmed by becoming unemployed, been recently divorced or large medical bills have become a financial burden, then a Chapter 7 bankruptcy might help you rebuild your life without worrying that your wages will be garnished, your bank account attached, or your property seized. Once the bankruptcy is filed, your creditors can no longer call you at work or home, threaten you with legal action or harass you with claims that your children will have to pay for your debts.

The bankruptcy laws were designed to help you. Contact The O’Mara Law Firm today and begin to rebuild your financial lives!

CHAPTER 13:   A Chapter 13 bankruptcy is normally used by a debtor who does not qualify for a Chapter 7 bankruptcy.  A Chapter 13 bankruptcy allows you to reorganize a portion of your debts with a comfortable payment you can afford to pay. When you file a Chapter 13 bankruptcy you generally do not have to repay all your debts and your payments to your creditors will likely be reduced!

Once you file a Chapter 13 bankruptcy the Court appoints a trustee that will establish a reasonable monthly payment for you to pay each month for a period of three (3) to five (5) years.  The trustee will take your monthly payment and distribute the money to your creditors. Once you file a Chapter 13 bankruptcy, you will no longer have to deal with your creditors.

STOP FORCLOSURE OF YOUR HOME! In many cases, a Chapter 13 bankruptcy can also be used to stop home foreclosures.  In some cases, you may even be able to eliminate your second and third mortgages.  A Chapter 13 bankruptcy can also allow you to reduce your automobile, mobile home, and furniture payments.

REDUCE YOUR TAXES! In many cases, a Chapter 13 bankruptcy is often used to pay IRS taxes that would not be eliminated in a Chapter 7 bankruptcy.  Under a Chapter 13 payment plan, the interest and penalties on these taxes generally stop and you are allowed to pay the IRS with a monthly payment that you can afford to make. The IRS cannot garnish your bank account, attach your wages, call you at work, or put a lien on your property. In some cases, when the taxes are more than 3 years past due, you may be able to totally eliminate the taxes by filing bankruptcy.

Like all information in this website, this information is provided for informational purposes only and does not constitute legal advice.  This information is subject to the disclaimer.