Bankruptcy Law

Bankruptcy Law

Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. (From The U.S. Courts website…)

Bankruptcy is a legal process presided over by federal law. These laws were set up by the U.S. Congress for your protection. The U.S. Bankruptcy laws permit individuals and businesses to legally reduce, restructure or completely wipe out their debts, provided they meet specific requirements. The defining body of laws for the bankruptcy process can be found in Title 11 of the U.S. code, which delineates the federal statutes, the process and the courts that may oversee the legal procedures necessary to effect a bankruptcy. Bankruptcy cases are filed in United States Bankruptcy Court: not state court. That said, most of the specifics of your case and the possible exemptions and the exemption-limits depend upon Nevada State law.

There are a number of chapters of the Bankruptcy Code, but the three main ones are: Chapter 7, Chapter 11, and Chapter 13. Personal bankruptcies are most commonly filed under Chapter 7 and Chapter 13. Chapter 7 allows individuals to eliminate much of their debt by liquidating non-exempt property to repay creditors, and Chapter 13 permits people to keep most (usually all) of their property, but they must repay all or a portion of their debts over a set time period, most commonly three to five years.

Businesses may also file for bankruptcy under Chapter 7, however, if a company wants to remain in business, it must reorganize its debts and use business income to repay its creditors most commonly under Chapter 11.

Bankruptcy Law Definition

Bankruptcy law is a federal legal process for debtors seeking to eliminate or repay their debts. Bankruptcy’s governing federal statutory law is contained in Title 11 of the U.S. Code. It provides for a federal system of statutes and courts which permits debtors to place their financial affairs under the control of the bankruptcy court.

Bankruptcy court is the specialized federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, which are branches of the District Courts of the U.S., and each one’s territory covers several counties.


e-Mail Vanessa Childs Map to Office

I am Bankruptcy Attorney Vanessa Childs. Every day I meet good people struggling financially. I have dedicated my law practice to helping people find solutions to tough situations. It is my mission to help clients facing a debt crisis to get control of their finances and start on a path to a financially secure future. It is a very rewarding experience to meet with a client who is facing the loss of their car, home, or their family’s life style as they currently know it because it all about to fall apart; to hear about the stress, anxiety, the loss of sleep, yet we are able to make a legal plan to immediately and drastically improve their situation.

When you visit me, I will likely be able to reduce your anxiety so that you will walk out of my office with real hope and you’ll be looking forward to a tangible and fresh start. It is my experience that anyone is but one job loss or one unexpected medical emergency away from the need for a bankruptcy attorney. Being in debt doesn’t make you a bad person. Good people can fall victim to bad circumstances. I am here to help.

Knowledge is Power and we will share our knowledge with you when you have us partner with you in stopping further damage and harassment from mortgage lenders, banks, and other creditors while getting your financial life back in order.

Call our office to schedule an appointment with attorney Vanessa Childs. Our offices are open 9 am – 5 pm, Monday through Friday, and our service can reach us if you have a pressing after-hours matter.

Call (702) 666-0408


e-Mail Vanessa Childs Map to Office
I am Bankruptcy Attorney Vanessa Childs. Every day I meet good people struggling financially. I have dedicated my law practice to helping people find solutions to tough situations. It is my mission to help clients facing a debt crisis to get control of their finances and start on a path to a financially secure future. It is a very rewarding experience to meet with a client who is facing the loss of their car, home, or their family's life style as they currently know it because it all about to fall apart; to hear about the stress, anxiety, the loss of sleep, yet we are able to make a legal plan to immediately and drastically improve their situation. When you visit me, I will likely be able to reduce your anxiety so that you will walk out of my office with real hope and you'll be looking forward to a tangible and fresh start. It is my experience that anyone is but one job loss or one unexpected medical emergency away from the need for a bankruptcy attorney. Being in debt doesn’t make you a bad person. Good people can fall victim to bad circumstances. I am here to help. Knowledge is Power and we will share our knowledge with you when you have us partner with you in stopping further damage and harassment from mortgage lenders, banks, and other creditors while getting your financial life back in order.
Call our office to schedule an appointment with attorney Vanessa Childs. Our offices are open 9 am – 5 pm, Monday through Friday, and our service can reach us if you have a pressing after-hours matter. Call (702) 666-0408