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702-562-4209

Bankruptcy Attorney

Las Vegas Nevada

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bankruptcy attorney

I have been a bankruptcy attorney in Las Vegas for the past 20+ years. When you come to me, you won’t get shuffled from lawyer to lawyer and find yourself at bankruptcy court for your creditors’ meeting on your own. I show up for you.

Call me now at 702-562-4209 to set an appointment for a free consultation during which we’ll strategize the best course of action for you. 

Chapter 7 Requirements

1) You must be a six-month Nevada resident to file a Nevada Chapter 7 Bankruptcy.
2) Complete a “Statement of Current Monthly Income and Means Test Calculation.” I’ll provide you with one.

The results of the calculation will determine whether you can file a Chapter 7 or must file a Chapter 13.
If any of your income remains after paying your normal, allowed living expenses (ask me about that), you might be instructed to file a Chapter 13 instead of a Chapter 7 Bankruptcy.

3) You must have no equity in property or belongings over and above that allowed by exemptions as per Nevada law (see EXEMPTIONS in the column on the right)
4) You must obtain credit counseling
5) You must complete a certified instructional course in financial management from a non-profit counseling agency before your bankruptcy will be discharged. (see FINANCIAL MANAGEMENT COURSE in the column to the right)
6) You must attend a creditor’s meeting at the Bankruptcy Court. Your bankruptcy attorney attends with you.
7) The Trustee wants you to provide 4 years of income tax returns, 6 months of income for wages, unemployment or self-employment and 6 months of checking and savings account information and a copy of your driver’s license and social security card.

Required Chapter 7 Counseling:

  • Financial Counseling
  • Financial Management Course

This course might be waived for military personnel, disabled and incompetent people

 

Advantages of a Chapter 7 Bankruptcy

bankruptcy  Husband and Wife may file jointly, or separately, using the same bankruptcy attorney.

bankruptcy lawyer  Corporations are also eligible to file a Nevada Chapter 7 Bankruptcy in certain instances. Call me at 702.562.4209 and ask.

bankruptcy attorney  In a Chapter 7 Bankruptcy filing, all of your debts get “wiped out” allowing you a fresh start. It’s why you sometimes hear it referred to as the “Fresh Start” Bankruptcy.

nevada bankruptcy attorney The very day you file your Nevada Chapter 7 Bankruptcy, an injunction is issued by the court. The injunction prevents ALL of your creditors from contacting you and harassing you. From that point forward, all creditors are legally required by law to stop all efforts to collect directly from you. They must contact your bankruptcy attorney with any questions they might have, not you.

EXEMPTIONS: In a Nevada Chapter 7 Bankruptcy, you also get to keep the following exempt property:

  • $550,000 equity in your house
  • $10,000 equity in household furniture
  • $15,000 equity in a vehicle
  • IRAs and 401Ks up to $500,000 total
  • Life insurance
  • Tools of the trade
  • Family heirlooms
  • Libraries
  • $16,150 for personal injury awards
  • “Wild Card” exemption of $1,000 on anything.

 

 

Chapter 13 Requirements

1) Repay debt over a 3 to 5 year period of time

2) Not have enough current income to cover all monthly obligations.

3) Provide the Nevada Bankruptcy Court with a “Statement of Financial Affairs.”

4) Provide the Nevada Bankruptcy Court with a “Statement of Current Monthly Income” (means test).

5) Provide the Nevada Bankruptcy Court with copies of all payment advices (pay stubs) or other evidence of payment or income received by the debtor from an employer within 60 days before filing a Nevada Chapter 13 Bankruptcy.

6) Provide the Nevada Bankruptcy Court with a Chapter 13 plan which includes:

method of payment (payroll deduction) plan arrangement percentage to unsecured creditors

7) The Trustee wants you to provide 4 years of income tax returns, 6 months of income for wages, unemployment or self-employment and 6 months of checking and savings account information and a copy of your driver’s license and social security card.

Advantages of a Chapter 13 Bankruptcy

Filing a Chapter 13 bankruptcy is advantageous to individuals who own a considerable amount of non-exempt property. A Nevada Chapter 13 Bankruptcy will be discharged once the agreed-upon payment plan is completed.

This type of bankruptcy is not available to corporations — only Chapter 7 and Chapter 11 filings are available to them..

  • Removes the pressure of hard-driving creditors
  • Not as harsh on your credit as a Chapter 7
  • Allows you to get a repossessed vehicle back
  • Allows you to make payment arrangements on a delinquent mortgage and keep the house
  • Allows you to make payment arrangements on a delinquent tax bill.
  • Allows you to keep non-exempt property

Required Chapter 13 Counseling:

  • Financial Counseling
  • Financial Management Course

This course might be waived for military personnel, disabled and incompetent people

NOTE: A Chapter 13 debtor pays back at least some of the creditors over a 3-5 year plan. This is mainly used by people who owe taxes, are behind on mortgage payments, have had their car repossessed or who own a lot of non-exempt property.

Chapter 11 Requirements

A Nevada Chapter 11 Bankruptcy is essentially a reorganization plan for corporations who cannot meet their financial obligations temporarily and who need to make payment arrangements with creditors.

1) Provide the Nevada Bankruptcy Court with a list of all creditors

2) A separate list of the creditors holding the 20 largest unsecured claims

3) Provide the Nevada Bankruptcy Court with a Chapter 11 plan which includes:

method of payment (payroll deduction) plan arrangement percentage to unsecured creditors

 

Advantages of a Chapter 11 Bankruptcy

This type of bankruptcy is mostly filed by businesses, but individuals also may file a Nevada Chapter 11 Bankruptcy. Just call and ask me about it, 702.562.4209. 
  • Keep creditors at bay
  • Continue to operate the business
  • Might preserve business value
  • Allows for termination of unprofitable leases or contracts
  • Provides company with an extended period of time to pay back deliquent and current taxes
  • Unsecured debt may be lessened

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