Las Vegas Chapter 7 Bankruptcy Lawyers
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If you are buried under heaps of debt and are tired of dealing with harassing creditors, our Las Vegas Chapter 7 attorneys 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 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.
Chapter 7 Bankruptcy Basics
The simplest and most common type of bankruptcy is Chapter 7. Before filing, make sure you have the proper documentation.
What You'll Need to Complete Chapter 7 Forms:
- Paycheck Stubs (last 6 months)
- Bank Statements (last 6 months)
- Names of Your Creditors and How Much You Owe Them
- Loan Documents (mortgage, car loans, etc.)
- Tax Returns (last 2 years)
- List of All Property & Values
- Current investment and retirement statements
- Credit Card, Collections, Other Billing, etc.
- Current Credit Report
- Credit Counseling Certificate
What is the Process?
The Chapter 7 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
When filing for bankruptcy, you are required to take pre credit counseling and a post credit counseling course. The pre credit counseling course is to be completed prior to your bankruptcy filing, we will advise when to take it. If you have trouble with this, you may also speak with one of our experienced lawyers and we will make sure you have all the necessary information to take your course.
The post credit counseling 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 you complete this course.
Qualifying for Chapter 7 Bankruptcy
Several factors are taken into account to determine whether or not an individual has enough disposable income to repay their debts. Those who pass the means test are eligible to file for Chapter 7. 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. With Chapter 7, the bankruptcy trustee appointed to administer your case will sell any nonexempt property and distribute the proceeds to creditors.
The means test examines several aspects of a person’s financial records, including:
- Unsecured debt
- Secured debt
- Family size
Can I Keep My House and Car?
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.