Nevada Chapter 7 Bankruptcy Attorneys

 Chapter 7 Bankruptcy Overview

Chapter 7 Bankruptcy allows people struggling with debt to discharge many unsecured, non-priority debts without any repayment.  Therefore, you will be assigned a bankruptcy trustee who will oversee your case. They will make sure that your petition is accurate and that you didn’t fraudulently incur debts with the intention of discharging them in bankruptcy.

A Chapter 7 Bankruptcy typically lasts 4-6 months. During that time, you will be protected from foreclosure, repossession, and garnishment due to the Automatic Stay of Protection. The Stay goes into effect once your petition is filed. It lasts until your case is discharged or dismissed.

Advantages and Disadvantages of Filing Chapter 7 in Henderson, NV

The most obvious advantage of Chapter 7 Bankruptcy is that you don’t have to pay your creditors for your debts to be discharged. You will also be protected from collection from your creditors by the Automatic Stay of Protection for the duration of your case. Chapter 7 Bankruptcy is a relatively short and simple process, as far as legal procedures go. The 4-6 months pales in comparison to the 3-5 years that a Chapter 13 Bankruptcy lasts.

Chapter 7 Bankruptcy in Nevada doesn’t come without its disadvantages. Your credit may take a hit after you file, and you may have difficulty opening new lines of credit after you’ve filed. You will need to wait 2 years before you qualify for a home loan. The bankruptcy will remain on your credit for 10 years from your date of filing.

Medical Debt and Chapter 7 Bankruptcy

Medical debt is the top reason that people in Las Vegas and throughout Nevada end up filing bankruptcy. It is common that American medical bills can be outrageously expensive, even with insurance coverage. Illness and injury can also cause a person to have to take time off work, creating an even larger problem. Additionally, they may need to take out credit cards and other loans to provide for basic needs during this time.

If you file bankruptcy on medical debt, you should be aware that your doctor may decline seeing you after you have filed. Also, they will need to be listed as one of your creditors, as you don’t get to pick and choose which creditors will be included in your bankruptcy. Plus, your doctor will likely resume visits if you pay the debt balance after your case is discharged.

Choosing the Right Attorney for your Nevada Bankruptcy Filing.

If you aren’t in an emergency situation, you should take the opportunity to speak to multiple bankruptcy attorneys before hiring one. Some bankruptcy firms may charge for consultations, but ours offers them at no cost to you. In a consultation, you will need to give the attorney a representation of your situation as fully and accurately as possible. Additionally, they can identify things like potential obstacles in your case and barriers to filing.

For most Chapter 7 filers, cost is obviously a concern when choosing an attorney. As tempting as it can be to go with the lowest cost attorney, it may end up costing you in the long run. Be sure to read reviews, and look out for attorneys who only practice bankruptcy when the economy is bad.

Our firm has an innovative program called Zero Down Bankruptcy. This is a payment option that allows you to pay for your Chapter 7 Bankruptcy in affordable installments after your case is filed. Payments are credit reported to boost your credit score. Your payment plan will be at a 0% interest rate.

Frequently Asked Questions About Filing Bankruptcy in Nevada

Our Henderson Bankruptcy Lawyers discuss some of the most frequently asked questions regarding filing chapter 7 bankruptcy in Nevada.  Contact our Henderson Debt Relief Team today for a free consultation.  Plus, find out how filing Chapter 7 bankruptcy may give you the “Fresh Start” that you are seeking.  Also, the experience of thousands of successful bankruptcy filings and payment plans for every budget make Henderson Bankruptcy Attorneys one of the most popular debt relief choices in Henderson and Las Vegas, Nevada.

ANSWER:

You will need to take an online credit counseling course before your petition is filed. Plus, you may also need to have your bank accounts at or under a certain amount, depending on which state you file in. Then, you or your attorney will file your bankruptcy petition.

You will then need to attend your 341 Meeting of Creditors. Also, within 60 days of that hearing, you must complete a second credit counseling course. These courses typically take 45-60 minutes. Therefore, you shouldn’t wait until the final hour to take your courses just in case you have technical difficulties. Sixty days after your 341 Meeting of Creditors, your case is eligible for discharge. Thus, it may take the court a few extra days or weeks to process your paperwork.

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ANSWER:

Your attorney will file your bankruptcy petition on your behalf. If you choose to pursue your Chapter 7 pro se, or without an attorney, you will have to file your case yourself. Some jurisdictions don’t allow pro se filers to file electronically, and they may have to file their petition at a courthouse.

CONTACT AN EXPERIENCED HENDERSON BANKRUPTCY ATTORNEY

ANSWER:

Debts for secured assets that you wish to keep will not be discharged in a Chapter 7 bankruptcy in Nevada. Neither will student loans, child support, and alimony. Also, some money judgments arising out of civil and criminal prosecutions won’t be dischargeable in Chapter 7. Plus, some debts will be discharged, such as medical bills and past-due utilities. However, those creditors may refuse to provide you service after the bankruptcy unless you pay the balance.

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ANSWER:

If your assets including your house and car have more equity than your state’s exemptions, you may want to avoid Chapter 7. The trustee may take these assets and sell them, any excess over the exemption being contributed to your bankruptcy debts. Chapter 13 is available to those who don’t meet their state’s exemptions. Those looking to buy a house soon should not file Chapter 7, as you won’t be able to get a home loan for at least 2 years post-bankruptcy.

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ANSWER:

At your 341 Meeting of Creditors, the trustee will ask you questions about your petition and financial situation. Plus, your creditors will be notified of the 341 Meeting of Creditors, and may choose to attend.  Also, they would also have the right to ask questions about your case, and may object to the debts owed to them being discharged in the bankruptcy. Additionally, your Nevada bankruptcy attorney will attend the hearing with you and guide you through the process.  Our Nevada debt relief firm is here to help you with your needs.

CONTACT AN EXPERIENCED HENDERSON BANKRUPTCY ATTORNEY

ANSWER:

The filing fee for a Chapter 7 Bankruptcy is $335. You may be able to petition the court either to pay the fee in installments, or have the fee waived. However, the court is unlikely to grant such a motion if you are paying an attorney to represent you. Attorney’s fees will likely be higher than the filing fee, and will vary based on location, case complexity, and your attorney’s experience and reputation.

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ANSWER:

From start to finish, a Chapter 7 Bankruptcy in Nevada typically lasts about 4-6 months. Also, the timeline usually goes as follows: first, you will submit documents to your attorney, who will draft your petition. You will review and sign the petition with your attorney, who will then file the petition for you. In 10-15 days, you will receive a letter from your trustee assigning your court date and most likely requesting more documents.  Additionally, your 341 Hearing will be held about 30-45 days after your case is filed. Your case will be eligible for discharge 60 days after your 341 Hearing.  Contact our Henderson Chapter 7 bankruptcy attorney for further assistance.

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ANSWER:

When a debt is unsecured, it means that the debt is not attached to a physical property, such as a house or car. Common unsecured debts include credit cards, medical bills, and personal loans.

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ANSWER:

You will be able to keep your car in a Chapter 7 if the equity you have in the vehicle doesn’t exceed the applicable exemption for your case. Exemptions will vary by state, and may be higher or apply to two vehicles if the filer is married. You should speak to an attorney if you are concerned that your vehicle is over your state’s exemption.

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ANSWER:

If you have a wage garnishment, you will need to provide your bankruptcy case number to your employer to stop the garnishment. If you rent your residence and are breaking the lease in your bankruptcy, your landlord will be notified. Your spouse will know about your bankruptcy, as well as any co-signers on your debts.

CONTACT AN EXPERIENCED HENDERSON BANKRUPTCY ATTORNEY

Chapter 7 Bankruptcy Attorney in Henderson

Nevada’s Best Chapter 7 Bankruptcy Lawyer

chart: chapter 7 bankruptcy filings in Las Vegas in 2016-2017Chapter 7 bankruptcy is the type of bankruptcy that virtually wipes the slate clean of unsecured debt including: (credit cards, medical debt, non-secured personal loans and lines of credit, amounts owed on leases, amounts owed after vehicle repossessions and more). Keep in mind, an individual or couple must qualify for chapter 7 to get chapter 7 relief. Our bankruptcy attorneys in Las Vegas and Henderson are experienced professionals who will determine, not only if you are a candidate for chapter 7 debt relief, but also, given your current state of affairs, how it would effect you.

You are not asked to make payments in a chapter 7 bankruptcy.  Instead, your debts are completely alleviated and wiped away in the filing.  Additionally in your chapter 7 bankruptcy, you are able to hang on to much of your property. These are some of the many reasons that chapter 7 bankruptcy is the most used chapter of bankruptcy in Nevada.

Chapter 7 Bankruptcy Exemptions

The ability to keep your possessions in a bankruptcy is called an exemption and in this case, an exemption is a good thing.  Exemptions are made for various types of items that you need for your survival, like food, housing, clothing, transportation etc. However, it does vary case to case. 

Therefore, bankruptcy exemptions in a chapter 7 is definitely something that you should explore.  Your Henderson bankruptcy attorney can explain to you in detail what things you are able to keep and what things may have to go  when considering declaring bankruptcy.  Our experienced debt relief expert knows the how to make the most of your bankruptcy exemptions.

Typically, a chapter 7 bankruptcy filing in Nevada takes on average about 5 to 7 months.  Every case is unique. Some complete faster.  In some cases it may take longer.  Either way, our Nevada bankruptcy attorney will be with you every step of the way as you file for bankruptcy protection in Clark County, Nevada.

What are the differences between a No Asset Chapter 7 and an Asset Chapter 7?

A No Asset Chapter 7 case means that the trustee has abandoned all assets and will not be taking any of your assets to sell to pay creditors. An Asset Chapter 7 case means that the trustee is holding open the case so that he/she may sell some of your assets. The trustee will usually set up an auction to sell your property. Remember: The trustee can only sell something over the exemption amount. Some of your assets are protected by the aforementioned  exemptions.