Chapter 7 Bankruptcy Attorneys in Las Vegas
Call (702) 323-5750 for a Free Consultation!
If you are buried under heaps of debt and are tired of dealing with harassing creditors, our Las Vegas Chapter 7 bankruptcy lawyers can help. Filing for Chapter 7 can relieve you of the obligation to pay back certain unsecured debts, like credit card debt, medical expenses, and payday loans.
The decision to file for bankruptcy is not one that should be taken lightly. At Hurtik Law & Associates, our bankruptcy attorneys have over 50 years of collective experience. During your free initial consultation, we can evaluate your situation, answer your questions about the filing process, and help you make an informed decision about how to proceed.
Is debt ruining your life? Call (702) 323-5750 now to find out how to regain control.
Chapter 7 Bankruptcy Basics
Bankruptcy is a legal proceeding that many people resort to when they are unable to repay their outstanding debts. The simplest and most common type of bankruptcy is Chapter 7. Before filing for bankruptcy in Las Vegas, make sure you have the proper documentation.
Be sure to have:
- Any source of income
- Bank Statements
- Loan Documents
- Tax Returns
- Names of Your Creditors and How Much You Owe Them
- List of All Property
The Bankruptcy Process in Las Vegas
The process begins with the debtor filing a petition with the court, stating that he or she is unable to pay their obligations. Included with the request is a statement detailing the individual’s assets, debts, and recent financial history.
After filing, a bankruptcy trustee will be assigned to your case. Any assets that are considered “non-exempt” will be sold by a trustee. The proceeds from the liquidation of these assets will go toward paying back creditors. At the end of the process, if there are any remaining unsecured debts, they will be discharged. That means creditors will not be permitted to attempt to collect the debts you owe.
Attending Credit Counseling
With Chapter 7, you are required to take credit counsel and a bankruptcy course. Credit counseling is required 6 months before you file. It will help you determine if bankruptcy is the best option for you or not. If you have trouble with this, you may also speak with one of our experienced Las Vegas Chapter 7 lawyers during a free consultation.
The bankruptcy course is to be taken after you file for bankruptcy. It helps you understand your financial future and guides you on how to avoid bankruptcy in the future. Note: your Chapter 7 discharge will not go through until your complete these course.
Qualifying for Chapter 7 Bankruptcy in Las Vegas
In a Chapter 7 bankruptcy, the bankruptcy trustee appointed to administer your case will sell any nonexempt property and distribute the proceeds to creditors. Several factors are taken into account to determine whether or not an individual has enough disposable income to repay their debts.
The means test examines several aspects of a person’s financial records, including:
- Unsecured debt
- Secured debt
- Family size
Those who pass the means test are eligible to file for Chapter 7 bankruptcy. If you should fail the means test, meaning you have enough disposable income to repay your debts, you may still have the option to file for bankruptcy through Chapter 13.
What Property Can I Keep in Ch 7?
Under Chapter 7 bankruptcy, you are allowed to keep property that is necessary for your everyday life in order to help you get back on your feet. Everything else may be subject to liquidation in order to pay off your debts.
Some examples of exempt property (what you can keep) include:
- Vehicle (up to a certain value)
- Necessary clothing
- Necessary household goods and furniture
- Household appliances
- Public benefits
- Personal injury damages
If you have questions about what may be exempt vs non-exempt in your situation, contact an attorney to discuss your concerns.
Eliminate Your Debt – Simplify Your Life
Do not wait another day to reach out to our Las Vegas Chapter 7 bankruptcy attorneys at Hurtik Law & Associates. If bankruptcy is the right option for you and your family, we can guide you through the complex filing process.
Contact (702) 323-5750 today to schedule a free consultation with our experienced bankruptcy lawyers.