A Chapter 7 bankruptcy proceeding is a legal proceeding that results in the discharge of certain debts. Qualifying debts are wiped clean. Your creditors can no longer try to collect on the debts. Essentially, you have a fresh start.

Filing for Chapter 7 bankruptcy in Las Vegas, NV means declaring your assets and debts to the court. It means stating that you’re unable to pay your obligations. The court looks at your financial situation and decides if they agree that you can’t pay your debts.

The court looks at the assets that you have, and the court determines what assets you get to keep. In the end, you get the fresh start that you deserve. You may get to keep some assets that are most important to you like your home or your car.

When you file for Chapter 7 bankruptcy, you stop creditors in their tracks. As soon as you file, creditors must stop collection attempts. That means no more garnishments, foreclosures or even pending lawsuits. You don’t have to worry about harassing letters or inconvenient phone calls.

As soon as you file, your debts become a part of the legal proceeding. The bankruptcy proceeding becomes the only place that your creditors can talk about your debts. You have peace of mind because your bankruptcy lawyers handle the processes on your behalf.

In the State of Nevada, there are exemptions that you can claim in bankruptcy. Even if you have outstanding debts that you’re unable to pay, you can still keep certain assets. Perhaps the most important asset that you might qualify to keep is your home. You may keep your home up to a particular value. If your spouse also files for bankruptcy, the value of the home that you may keep stays the same. Nevada’s home exemption value is quite high compared to other jurisdictions.

To keep your home during bankruptcy, it’s critical to prepare a homestead declaration before you file. If you’re considering filing for bankruptcy, it’s essential that you understand how to preserve your home by filing the homestead declaration correctly. Our bankruptcy attorneys can help you go about making this declaration.

Another important exemption is your motor vehicle. Just like your home, you can exempt a vehicle from bankruptcy up to a certain value. There’s no value limit if you’re disabled and the vehicle is special equipment.

Other personal property may be exempted like your clothes, household appliances, and health aides. You may also exempt certain tax refunds and payments that you receive as restitution for a crime committed by someone else. Even personal injury payments can be an exemption to your bankruptcy.

When you work with our experienced legal professionals, we make sure that you understand each category of exemptions that may be available to you. We want to help you take full advantage of all of the exemptions that you may qualify for under the law.

It’s important not to make assumptions about what you have to give up to file for a Chapter 7 bankruptcy. We can work with you, carefully and methodically, to help you use the bankruptcy laws to your advantage. You can begin again with the things that matter to you the most like your home, vehicle, personal items, and more.

Chapter 7 bankruptcy is a means-test bankruptcy. You’re eligible to file for Chapter 7 bankruptcy in Nevada if your income is below the median income in the state for a family of your size. Even if your income is above the median income in the state, you still qualify for Chapter 7 bankruptcy if your disposable income after expenses is so low that you can’t make meaningful payments on your debt. To qualify, you may not have received a Chapter 7 bankruptcy discharge within the last eight years.

Our team can help you evaluate your income to determine if you are eligible to file for a Chapter 7 bankruptcy. If you don’t qualify, we can help you explore other types of bankruptcy proceedings that can help get you back on your feet.

The team at Half Price Lawyers will help you file for Chapter 7 bankruptcy by preparing the correct paperwork in the right court, as well as helping you provide notice to all of your creditors. There’s a lot of paperwork to complete, and we must be thorough during the process.

The court appoints a bankruptcy trustee. The trustee evaluates your assets and your debts. They sell your non-exempt assets and distribute the proceeds to creditors according to the rules. The trustee oversees the process. The court approves the bankruptcy and finalizes the discharge of your debts.

Step One – Compare Your Current Income to the Median Income in Nevada

Is your income equal to or below the median income in Nevada? If your income is equal to or below the median income in the state, you meet the first qualification criteria for Chapter 7 bankruptcy. It’s the median income that sets the standard rather than an average or a mean income. In other words, 50 percent of Nevada residents meet this qualification based on their income.

The median income depends on your family size. If you have children, the median income level is higher for the purposes of determining whether you qualify for Chapter 7 bankruptcy. For example, as of this writing, the median income for one person in Nevada is $49,170. If you’re a single person and you make $49,170 per year or less, you meet this qualification. For a couple, the median income threshold is $62,204. For a family of four, the median income is $77,397.

Even if your income is above the median income in Nevada, it’s still possible to qualify to file Chapter 7 bankruptcy. If your expenses are so high that you can’t make significant payments on your debts, you can still be eligible to file Chapter 7. The question is whether you can pay a substantial amount of your debts during the next five years. If you can, the bankruptcy trustee is going to recommend that you do a Chapter 13 bankruptcy instead of Chapter 7.

To examine your income and allowed expenses, you complete form 122A-2. The form asks you to list certain expenses like your health care, housing and utility costs, vehicle ownership, education, child care, and more. Once you enter all of your information, you complete a calculation to determine whether you qualify. If you have too much disposable income after your expenses, the courts presume that you’re filing for bankruptcy for improper reasons. If you have too little income left after your allowable expenses, you qualify to file for Chapter 7.

Step Three – Have You Had a Previously Discharged Bankruptcy Within the Waiting Period?

You can only file for Chapter 7 once every eight years. If you’ve received a Chapter 7 bankruptcy discharge within the past eight years, you’re ineligible to file again.

You must also wait six years after you file a Chapter 13. If you’ve never filed for bankruptcy before or if you’re past the waiting period, you qualify to file for Chapter 7 bankruptcy as long as you meet the other qualifications.

Step Four – Have You Had a Previously Dismissed Bankruptcy Within 180 Days?

You qualify to file for Chapter 7 bankruptcy if you haven’t had a bankruptcy dismissed within 180 days. The court may dismiss a bankruptcy without discharging debts if you don’t follow a court order or if they think that you’re trying to abuse the bankruptcy system.

Doing certain things, like selling assets to friends and relatives below market value or running up debts for high-ticket items that you know you can’t pay off, are red flags to bankruptcy trustees. If the court dismisses a bankruptcy, you must wait 180 days before trying again.

There are particular things to keep in mind if you’re considering filing for bankruptcy as a corporation or an LLC. If you’re a corporation or LLC, a Chapter 7 bankruptcy doesn’t just wipe out your debts.

Instead, the bankruptcy trustee liquidates your assets to distribute the funds to your creditors. If you’re considering bankruptcy as a corporation or LLC, it’s important to meet with an experienced bankruptcy attorney to ensure that you understand the law and the implications of your decision.

If you don’t qualify to file for a Chapter 7 bankruptcy, there are still other ways that you can find relief for your debts. You might be eligible for a Chapter 13 filing that can meet your needs. You may also engage in debt settlement negotiations.

If you’re facing insurmountable debts, there are multiple ways to address the problem. Our bankruptcy attorneys can help you understand the pros and cons of each course of action so that you can decide what’s best for you. No matter what your situation, we can help you address your debts, find relief and move forward.

If you’re considering filing for bankruptcy, there are several ways that our bankruptcy lawyers can help. First, we examine your debts to see if a Chapter 7 filing is in your best interests. We help you determine if you qualify for a Chapter 7 case. If you decide to go forward, we handle all aspects of your filing on your behalf. We can help you structure your bankruptcy in a way that represents your best interests.

If you need a fresh financial start, we invite you to come meet with us. Let’s talk about whether a Chapter 7 bankruptcy can help you. There’s no cost to call, and we want to help you understand your rights. Call us today for an immediate consultation about your case. Let’s work together to get you on the road to a fresh start.