Las Vegas Chapter 7 Bankruptcy Cases
Chapter 7 bankruptcy allows individuals who do not have enough income to pay their debts to get a fresh start. Through the Chapter 7 bankruptcy process, you can eliminate unsecured debts in about four to six months. However, there are several things that you need to consider before filing Chapter 7 in Las Vegas.
Chapter 7 Cases are Liquidation Bankruptcies
Filing Chapter 7 can be an affordable, efficient way to get out of debt. However, some individuals could lose property when they file Chapter 7. A Chapter 7 trustee reviews your property to decide if any property can be sold to repay your unsecured creditors.
Bankruptcy exemptions protect specific amounts of equity in property from being used to repay creditors. Before filing Chapter 7, our bankruptcy lawyers carefully analyze the bankruptcy exemptions and your property to determine whether any property could be at risk in Chapter 7. We explain the risks, and you decide how to proceed.
The good news is that most Chapter 7 cases filed in Nevada are no-asset cases. The debtors keep all their property while getting the fresh start they need to recover from a financial crisis.
Do You Meet the Income Requirements for a Nevada Chapter 7 Case?
Chapter 7 bankruptcy cases are intended for people who cannot afford to repay their debts. Therefore, you must meet strict income requirements to qualify for a bankruptcy discharge (debt forgiveness) in Chapter 7.
The Chapter 7 Means Test calculates your average monthly income for the six months before filing your bankruptcy petition. That figure is multiplied by 12 to calculate your median income. If your median income is below the Nevada median income for the size of your household, you should qualify for a bankruptcy discharge under Chapter 7.
However, if your median income is above the Nevada median income, you must calculate your disposable income. Disposable income is your monthly income less allowable deductions and living expenses. If the disposable income is negative or below a certain amount, you may still qualify for a Chapter 7 bankruptcy discharge.
Our Chapter 7 bankruptcy lawyers have significant experience in calculating the Means Test. We understand how to maximize your deductions when calculating disposable income to give you the best chance of qualifying for a Chapter 7 bankruptcy discharge.
Why Should You Work With Experienced Nevada Chapter 7 Bankruptcy Lawyers?
Working with an experienced Chapter 7 bankruptcy lawyer is the best way to ensure that the Means Test is calculated correctly. It also means that you have an attorney who has a deep understanding of bankruptcy exemptions to analyze your risk of losing property.
In addition to the above, working with one of the Chapter 7 bankruptcy lawyers at our firm means that you have the support, guidance, and legal advice of an attorney who cares about your future.
At Your Vegas Lawyers, we are passionate about assisting people who need help with debt problems. Our goal is to help you get out of debt quickly while protecting your property and making the Chapter 7 bankruptcy process as easy and stress-free as possible.
You do not need to worry about debts, creditor harassment, wage garnishments, and debt collection lawsuits another day. You can get rid of those debts and move forward into a debt-free future. Let our legal team help you take the first step on the road to financial recovery through a Chapter 7 bankruptcy case.
Call Our Las Vegas Chapter 7 Bankruptcy Attorneys for More Information
At Your Vegas Lawyers, LLC, we believe that everyone deserves a fresh start after a financial hardship. Our Nevada Chapter 7 lawyers work with you to get rid of the debts you cannot pay so that you can focus on your future without the crushing burden of debt problems.
Contact our office today to schedule your free consultation with an experienced Chapter 7 bankruptcy lawyer in Las Vegas.