Las Vegas Chapter 7 Bankruptcy Lawyers

Expert Guidance for Chapter 7 Bankruptcy in Nevada

If you are buried under heaps of debt and are tired of dealing with harassing creditors, our Las Vegas Chapter 7 attorneys can help. Filing for Chapter 7 in Nevada can relieve you of the obligation to pay back certain unsecured debts, like credit card debt, medical expenses, and payday loans.

The decision to file is not one that should be taken lightly. At Hurtik Law & Associates, our bankruptcy attorneys have over 50 years of collective experience. During your initial consultation, we can evaluate your situation, answer your questions about the filing process, and help you make an informed decision about how to proceed.

Is debt ruining your life? Call our firm at (702) 479-5322 to find out how to regain control.
Talk to a Chapter 7 attorney in Las Vegas today! Se habla Español.

Preparing for Chapter 7 Bankruptcy

The simplest and most common type of bankruptcy is Chapter 7. Before filing, make sure you have the proper documentation.

What You'll Need to Complete Chapter 7 Bankruptcy Forms:

• Paycheck Stubs (last 6 months)
• Bank Statements (last 6 months)
• Names of Your Creditors and How Much You Owe Them
• Loan Documents (mortgage, car loans, etc.)
• Tax Returns (last 2 years)
• List of All Property & Values
• Current investment and retirement statements
• Credit Card, Collections, Other Billing, etc.
• Current Credit Report
• Credit Counseling Certificate

What is the Chapter 7 Bankruptcy Process in Nevada?

The Chapter 7 process begins with the debtor filing a petition with the court, stating that he or she is unable to pay their obligations. Included with the request is a statement detailing the individual’s assets, debts, and recent financial history.

After filing, a bankruptcy trustee will be assigned to your case. Any assets that are considered “non-exempt” will be sold by a trustee. The proceeds from the liquidation of these assets will go toward paying back creditors. At the end of the process, if there are any remaining unsecured debts, they will be discharged. That means creditors will not be permitted to attempt to collect the debts you owe.

Are You Eligible for Chapter 7 Bankruptcy?

Several factors are taken into account to determine whether or not an individual has enough disposable income to repay their debts. Those who pass the means test are eligible to file for Chapter 7. If you should fail the means test, meaning you have enough disposable income to repay your debts, you may still have the option to file for bankruptcy through Chapter 13. With Chapter 7, the bankruptcy trustee appointed to administer your case will sell any nonexempt property and distribute the proceeds to creditors.

Contact us or call (702) 479-5322 for a consultation.

What is a Means Test?

The means test was established in 2005 and is designed to weed out applicants who have the financial ability to repay their debts under Chapter 13 bankruptcy (repayment plan).

The means test examines several aspects of a person’s financial records, including:

• Income
• Expenses
• Unsecured debt
• Secured debt
• Family size

How Do You Pass a Chapter 7 Means Test?

There are two parts to the means test to determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy. The first part of the means test checks your household income to determine if it is below or above the state’s median income. For this portion of the test, you will need to show proof of your income over the last six months before applying for bankruptcy.

For the second part of the means test, you will need to show proof of your expenses over the last six months. You will need to show proof of rent, clothing expenses, and other necessary bills. That will help the bankruptcy court determine how much disposable income you have left every year. If you’re below the median income, you will then pass the means test and can file for Chapter 7 bankruptcy. However, if you are over the state average income, Chapter 13 may be your only option.

What Happens If I Fail the Means Test?

Just because you fail the means test doesn’t mean all hope is lost. If you don’t want to file for Chapter 13 bankruptcy you can hold off another six months (if possible) to file for bankruptcy then. The six-month calculator doesn’t always factor in how your income is changing in the near future. If you want to file for Chapter 7 bankruptcy but you are worried about the means test, you should speak to our team at Hurtik Law & Associates. We can guide you through the process to help you achieve financial freedom.

Call (702) 479-5322 or complete a form to contact us.

Attending Credit Counseling

When filing for bankruptcy, you are required to take pre credit counseling and a post credit counseling course. The pre credit counseling course is to be completed prior to your bankruptcy filing, we will advise when to take it. If you have trouble with this, you may also speak with one of our experienced lawyers and we will make sure you have all the necessary information to take your course.

The post credit counseling course is to be taken after you file for bankruptcy. It helps you understand your financial future and guides you on how to avoid bankruptcy in the future. Note: your Chapter 7 discharge will not go through until you complete this course.

Can I Keep My House and Car?

Under Chapter 7 bankruptcy, you are allowed to keep property that is necessary for your everyday life in order to help you get back on your feet. Everything else may be subject to liquidation in order to pay off your debts. Some examples of exempt property (what you can keep) include:

• Vehicle (up to a certain value)
• Necessary clothing
• Necessary household goods and furniture
• Household appliances
• Pensions
• Public benefits
• Personal injury damages

If you have questions about what may be exempt vs non-exempt in your situation, contact an attorney to discuss your concerns.

Contact Our Las Vegas Chapter 7 Bankruptcy Attorney Today

Do not wait another day to reach out to our Las Vegas Chapter 7 bankruptcy attorneys at Hurtik Law & Associates. If bankruptcy is the right option for you and your family, we can guide you through the complex filing process.

Contact (702) 479-5322 today to schedule a consultation with our Chapter 7 attorneys in Las Vegas. We are ready to guide you! Services available in Spanish.