Achieve Financial Freedom Through Chapter 7 Bankruptcy!
In seeking peace of mind amidst your financial challenges, you might consider seeking help from an experienced Las Vegas chapter 7 bankruptcy lawyer. Having a Las Vegas chapter 7 bankruptcy lawyer will help you discharge your debts. This will allow you to stop paying your creditors and eventually have a fresh start.
Chapter 7 bankruptcy, also known as the ‘liquidation chapter,’ is for individuals or businesses who can’t fix their money problems. In Las Vegas, Nevada, a trustee chosen by the court sells off stuff that isn’t protected to pay back what’s owed to creditors. This helps ease the debt and lets the person or company keep most of what they own.
When someone files for Chapter 7 bankruptcy, creditors and debt collectors can’t bother them for money anymore. But it’s worth noting that not all debts, like child support, alimony, taxes, and student loans, can be wiped away by bankruptcy.
Quick Summary:
- Chapter 7 bankruptcy, also known as the ‘liquidation chapter,’ offers relief to individuals or businesses struggling with financial difficulties in Las Vegas, Nevada.
- Filing for Chapter 7 bankruptcy enables individuals to discharge debts like medical bills and credit card debts, while Nevada laws protect certain assets from creditors.
- The Chapter 7 Bankruptcy Means Test assesses income and expenses to determine eligibility for bankruptcy filing, with exceptions for specific circumstances like disabled veterans.
- Individuals or couples in Nevada can file for Chapter 7 bankruptcy, but certain conditions apply, such as residency requirements and compliance with credit counseling courses.
What is Chapter 7 Bankruptcy?
Chapter 7 involves a court-appointed trustee liquidating the debtor’s non-exempt property to pay off creditors. Once Chapter 7 bankruptcy is filed, creditors and collection agencies are prohibited from seeking payment.
When you file for Chapter 7 bankruptcy, a trustee appointed by the court takes charge of your financial situation. They:
- Check what money and belongings you have;
- Decide which things you can keep and which you need to sell to pay off your debts.
Debts that often get wiped out in bankruptcy are things like medical bills, credit card debts, and court orders you haven’t paid. But there are some debts, like child support, taxes, and student loans, that bankruptcy doesn’t erase.
Once your debts are wiped out through Chapter 7 bankruptcy, they’re gone for good. And usually, your creditors can’t:
- Take you to court for the money you owed;
- Take money from your paycheck or bank account;
- Keep sending you mean letters; or
- Keep calling you non-stop.
Even if your creditors don’t get much or any money from your bankruptcy, they legally have to accept their loss.
What is the Chapter 7 Bankruptcy Process?
The Chapter 7 bankruptcy process starts when you fill out a form and tell the court you can’t pay what you owe. You’ll list what you own, what you owe, and your recent money history.
Once you’ve filed, a trustee will handle your case. They’ll sell anything you own that isn’t protected to pay back what you owe. Whatever’s left after paying creditors is called “discharged.” That means those debts are wiped out, and creditors can’t bother you for them anymore.
The Chapter 7 bankruptcy process in Las Vegas, Nevada can be summarized as follows:
- Credit Counseling Course: Before filing for Chapter 7 bankruptcy in Las Vegas, you have to take a required course about managing money and debts.
- Nevada Bankruptcy Means Test: You need to pass a test called the Nevada Bankruptcy Means Test to qualify for bankruptcy.
- Filing Bankruptcy Forms: You have to fill out some forms that show all your money, things you owe, and how much you make.
- Asset Protection: In Nevada, there are laws that let you keep some of your stuff safe when you file for bankruptcy. These laws stop creditors from taking everything you own.
- Debt Discharge: When you file for bankruptcy, some debts, like medical bills and credit card debts, can be wiped out. But things like child support, taxes, and student loans stay even after bankruptcy.
What is Chapter 7 Bankruptcy Means Test?
The Chapter 7 Bankruptcy Means Test in Nevada decides if someone can file for Chapter 7 bankruptcy. Here’s how it works:
- Income Check: First, they compare how much money you make each month to the average for a household your size in Nevada. If you make less than the average, you can usually file for Chapter 7.
- Expenses Consideration: If you make more than the average, they look at if you have any necessary expenses, like for health, that can be subtracted.
- Money Left: After taking out these allowed expenses from your income, they figure out how much money you have left over. If your total income over the next 60 months is less than $7,475, you can pass the test and file for Chapter 7 bankruptcy.
- Exceptions: Some people don’t have to take the means test. For example, if most of your debts aren’t regular consumer debts, or if you’re a disabled veteran who got into debt while on active duty or doing homeland defense work.
Exceptions to Chapter 7 Bankruptcy Eligibility in Nevada
Typical people who file for Chapter 7 bankruptcy in Nevada are individuals or couples. But you can’t file if:
- Your bankruptcy case was thrown out in the last 180 days because you didn’t show up in court or do what they told you to do.
- You chose to end a past bankruptcy case after creditors asked the court to take their property that you owe money on.
- In the last 180 days, you didn’t take a credit counseling course that’s approved. (However, if there’s an urgent situation or you can’t get counseling, you might still be able to file for bankruptcy without it.)
Call our Las Vegas Chapter 7 Bankruptcy Lawyer Now!
It’s crucial to get help from an experienced Las Vegas Chapter 7 Bankruptcy Lawyer. Bankruptcy can be confusing, making people unsure about filing. But don’t let that stop you. You deserve a lawyer who understands your situation and can give you the right help!
At Riggi Law Firm, we deliver on our promises. We offer practical, budget-friendly, and customized legal help tailored to your requirements. With over three decades of expertise, you can trust us to handle your case competently. Our legal team ranks in the top 2% of attorneys across the country. If you’re considering filing for Chapter 7 bankruptcy, reach out to us for a complimentary initial consultation today!