HOW CHAPTER 7 WORKS
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HOW A NEVADA CHAPTER 7 BANKRUPTCY WORKS IN NEVADA
Your Chapter 7 Bankruptcy officially begins when we file a Bankruptcy Petition on your behalf with the Nevada bankruptcy court.
In addition to the petition,the following documents must be filed with the Bankruptcy Court:
- schedules of assets and liabilities
- a schedule of current income and expenditures
- statement of financial affairs
- schedule of executory contracts and unexpired leases. Fed. R. Bankr. P. 1007(b).
- most recently filed tax returns or transcrips of tax returns
- any tax return filed during your bankruptcy case
- any tax returns for previous years that had not yet been filed
If the majority of your debts are consumer debts (credit cards), the following documents must also be filed with the Bankruptcy Court: ( 11 U.S.C. § 521):
- certificate of credit counseling
- evidence of any payment from your employer(s), if any, received up to 60 days before filing;
- statement of monthly net income
- any anticipated increase in income or expenses after filing
- record of any interest you may have in any federal or state qualified education or tuition accounts.
- If married, you may file a joint petition with your spouse, or an individual petition if you are filing on your own. 11 U.S.C. § 302(a).
If you are filing with your spouse, all of the same documents filed in an individual bankruptcy must also be filed with a Joint Petition for Nevada Bankruptcy.
As a part of filing your Chapter 7 bankruptcy we will collect the following information from you in order to complete the official Nevada bankruptcy forms:
- list of all creditors and amount owed to them
- the source, amount, and frequency of your income.
- list of all the property you own
- detailed list of your monthly living expenses
- If you are married, we will need that same information for your spouse even if you are filing as an individual. This is so that the Bankruptcy Court can evaluate your household’s financial condition.
The large majority of collection actions against you will automatically stop upon filing. The sooner you file, the faster the harassment stops.11 U.S.C. § 362. The bankruptcy court clerk is obligated to give notice of your bankruptcy case to all the creditors whose names and addresses you provided to us and which we included in your bankruptcy petition.
About 3 – 5 weeks after we filed your bankruptcy petition, you will be required to attend a mandatory meeting of your creditors. The case trustee presides over this meeting and our attorney attends with you.
During this meeting, the trustee will put you under oath, after which the trustee and any creditors that may have come to the meeting may ask you questions. Most creditors do not appear at these meetings unless the debt is unusually large or there are other special reasons the creditor feels he or she should appear.
If you filed jointly with your spouse, you must both attend this meeting.
Within 10 days of the creditors’ meeting, the U.S. trustee will report to the court whether the case should be presumed to be an abuse under the means test described in 11 U.S.C. § 704(b).
The bankruptcy judges assigned to your case is prohibited from attending the meeting of your creditors. 11 U.S.C. § 341(c).
9 EASY STEPS TO A CHAPTER 7 “FRESH START” BANKRUPTCY
1. Gather list of debts (minus your Nevada Bankruptcy Exemptions)
2. Email to us or bring to our office
3. We prepare your Nevada Bankruptcy Petition
4. You attend pre-filing Credit Counseling
5. You come to our office and sign your Nevada Bankruptcy Petition
6. We file your Nevaa Bankruptcy Petition
7. You attend a Creditor Meeting with your attorney
8. You attend the pre-discharge Debtor Education class
9. You follow your Chapter 13 bankruptcy repayment plan
10. Your bankruptcy gets discharged
NEVADA STATE MEDIAN YEARLY INCOME:
These amounts are approximate – the amounts change quarterly and our website may/may not have been updated yet on the day you read this. In any case, the amounts dont’ change very much, so it gives you an idea of where you might fit.
- One individual in a family:45,642
- Two individuals: $57,860
- Three: $65,032
- Four: $67,997
- Add $6,900 more per year for each individual in excess of 4
DEBTS NOT ELIMINATED BY A CHAPTER 7 BANKRUPTCY:
- Student loans, except hardship cases
- Debts of most taxes owed
- Alimony, maintenance, and child support
- Debts of fines, penalties or criminal restitution
- Debts owed for personal injuries caused by driving while under the influence of alcohol or drugs
- Debts not listed on the Bankruptcy Petition
A NEVADA BANKRUPTCY STOPS:
A NEVADA BANKRUPTCY STOPS:
- creditors from calling you
- wage garnishment
- foreclosure on your home
- repossession of your car
- repossession of furniture
- nearly all repossessions
WHY FILING WITH US IS YOUR BEST OPTION:
- FREE credit reports!
- Discount prices - Superior Service
- Attorney with 18 years of Nevada Bankruptcy experience represents you!
- No confusing stacks of forms for you to fill out. We do it all for you!
- Full phone and email support during your Las Vegas Nevada bankruptcy
- Dedication to truly serving your needs with compassion and integrity, to the best of our ability and power; all without judgment or criticism. Some of us have been where you are now...