"I’m with you through the whole bankruptcy process. I don’t send a different lawyer to your Creditors’ Meeting at the last minute. I’ll be right there next to you" - James E. Smith
Chapter 7 Bankruptcy
Chapter 7 Requirements
- You must be a six-month Nevada resident to file a Nevada Chapter 7 Bankruptcy.
- 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. - 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)
- You must obtain credit counseling
- 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)
- You must attend a creditor’s meeting at the Bankruptcy Court. Your bankruptcy attorney attends with you.
- 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
James E. Smith Has Decades of Experience With Bankruptcy
What are the advantages of Chapter 7 Bankruptcy?
- Husband and Wife may file jointly, or separately, using the same bankruptcy attorney.
- Corporations are also eligible to file a Nevada Chapter 7 Bankruptcy in certain instances. Call me at 702.562.4209 and ask.
- 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.
- 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.
Highly Experienced 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.
IN A FREE TEN-MINUTE CONSULTATION, WE CAN DETERMINE TOGETHER IF I CAN HELP YOU WITH YOUR LEGAL ISSUE
Chapter 13 Bankruptcy
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.
What are the 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.
Have a question about Chapter 13 Bankruptcy ask James E. Smith
Benefits of Mediation and Arbitration
Did you know? Nevada has a mandatory arbitration program for claims under $50,000. This is non-binding arbitration as the Court cannot make people waive their right to a jury trial. You can do a de novo trial if your case goes on an appeal from the arbitrator.
Nevada also has a mediation program that is not as active as its arbitration program. Many contracts, agreements, and insurance policies now have clauses requiring that the parties go to mediation and/or arbitration to settle any dispute rather than just going out and filing a lawsuit.
Besides not having to wait for a trial, you might consider arbitration in a civil case when you wish to preserve the relationship with the other person or business after the case is over.
Mediation and arbitration provide relaxed rules of civil procedure and evidence while allowing discovery, and either a mediation agreement or a decision by the arbitrator. Mediation does not require a trip to the courthouse, and many mediations and arbitration matters can be handled via teleconferencing or other communications equipment.
Cases I arbitrate and meditate regularly
- Breach of contract: business, employment, insurance, real estate, covenants not to compete, business dissolutions.
- Divorce, domestic partnerships, pre-nuptial, post-nuptial, separation, custody, cohabitation agreements.
- Personal injury, products liability, intentional torts, discrimination, business torts, defamation, civil rights.
- High/Low arbitrations, binding arbitrations, and other scope-limited ADR proceedings and evaluations of cases and issues.
- Collaborative divorce or collaborative business dissolution working in a team of interdisciplinary professionals to try to sort out a negotiated outcome while spending resources on support sources for the parties rather than protracted litigation.
Get Help Today – James E. Smith Las Vegas Attorney
Chapter 11 Bankruptcy
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 the company with an extended period of time to pay back delinquent and current taxes
- Unsecured debt may be lessened
