File Chapter 7 Bankruptcy with $0 Down Las Vegas, Nevada
$0 DOWN CHAPTER 7 BANKRUPTCY PAYMENT PLANS
When you are faced with a debt situation that requires immediate attention, chances are you’re not be ready for the costs of retaining an attorney. Thus, if you need an emergency bankruptcy to stop a garnishment, prevent a repossession, or to save your home from foreclosure, we can help RIGHT NOW. Even if you don’t have the money up-front to file your Chapter 7, Vegas Bankruptcy Lawyers can help you. How? If you qualify for our $0 down Vegas bankruptcy payment program, you pay no money down. The remaining fees are paid through an agreed monthly payment schedule over time. Contact our Las Vegas bankruptcy lawyer for a free consult. Call our Nevada Ch 7 Attorneys today (702) 370-0155.
CHAPTER 7 BANKRUPTCY IN LAS VEGAS – WHAT YOU NEED TO KNOW
Individuals and businesses with overwhelming debt often seek Chapter 7 bankruptcy protection, commonly called liquidation or straight bankruptcy. While considering Chapter 7 bankruptcy, it is advised that you contact our Las Vegas Bankruptcy Lawyer for a free debt evaluation. In order to file Ch 7 bankruptcy in Las Vegas, one must meet eligibility requirements. Next, if this debt relief option is right for your specific debt situation, our experienced legal team provides the representation necessary for a successful resolution to your bankruptcy case.
Chapter 7 is referred to as a straight bankruptcy. It is a straightforward process that allows a debtor to discharge, or erase most debts. Therefore, retaining a fresh start and a clean financial slate is paramount. Also, a chapter seven bankruptcy discharges many types of financial obligations. Plus, after eliminating these debts, individuals, (then begin rebuilding credit and finances) eliminate the stress of late payments, wage garnishments, potential repossession or foreclosure, and lawsuits stemming from debt.
FILING FOR BANKRUPTCY STOPS CREDITORS FROM COLLECTING ON A DEBT
Immediately after Las Vegas Bankruptcy Lawyers files a bankruptcy petition on your behalf, the automatic stay goes into effect. The stay is part of the legal process which prevents creditors from taking any action to collect on most kinds of debt. An automatic is a power debt relief tool.
Once your case is filed with the Bankruptcy Court, collection action such as foreclosures, lawsuits, harassing phone calls or other attempts to collect debt, wage garnishments, and repossessions must stop.
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LAS VEGAS CHAPTER 7 BANKRUPTCY FAQs
Legal adults who are in debt can file Chapter 7, with a few restrictions. A Chapter 7 Bankruptcy may only be filed once every eight years, so repeat filers may need to file Chapter 13 instead if they can’t wait the full eight years.
There are also income restrictions on who can file Chapter 7 bankruptcy. The first way to qualify is by making less than the state’s median income level based on family size. Currently in Nevada, the median income for a single filer without children is $52,449. This equates to $4,370.75 monthly. This number increases to $5,479.67 if the filer is married or has a child, then to $6,238 monthly, and so on. If the debtor makes more than the applicable monthly income, they will have to qualify through the Means Test, which is discussed below.
Chapter 7 wipes out unsecured non-priority debts like credit cards and medical bills. Unfortunately, it does not wipe out student loans, nor does it erase domestic obligations like child support and alimony. You may be able to erase tax debts in a Chapter 7 Bankruptcy if it meets a few requirements: (1) they must have been due for 3+ years; (2) they must have been filed for 2+ years; (3) the tax must have been assessed at least 240 days ago; and (4) the tax filing must not have been fraudulent.
You will be able to keep property that is under the exemption allowances for your state. If you owe more on an asset than what is worth, you should also be able to keep it because the trustee won’t get any proceeds for the bankruptcy estate by selling it.
You can keep your vehicle in a Chapter 7 Bankruptcy if you have $15,000 or less equity in the vehicle. This means the vehicle can be worth more than $15,000 so long as it is financed. Filers with disabilities that require a specialty vehicle or equipment have no exemption limit on their vehicles.
As mentioned above, Chapter 7 will not wipe out student loans, child support, or alimony. Tax debts will only be discharged if they meet certain requirements. If you owe money on property like your house or car, the debt won’t be discharged if you keep the property. Debts that were incurred 90 days or less before the petition is filed will be presumed to be excluded from the bankruptcy.
As long as your home falls under the exemption allowance for the applicable state, you can keep your home in a Chapter 7 when you remain current on your payments. The homestead equity in Nevada is $550,000 equity in either a house or mobile home. Your home may be worth more than $550,000 and safe in the bankruptcy if you don’t own it in full.
It is not mandatory that your spouse file Chapter 7 Bankruptcy with you, but you should definitely consider including your spouse on the petition if you are filing. Your spouse’s income will count towards your total income for means of Chapter 7 qualification, regardless of if they are filing with you. You should discuss with an attorney whether your debts are community or separate debts. Even if a debt is only in your name, your spouse could still be held liable for it if it was incurred during the marriage.
The Means Test is the alternative method to qualifying for Chapter 7 when the filer makes more than the state median income level. The first step in conducting a Means Test is to average your (and your spouse’s, if applicable) income over the past 6 months. Mandatory expenses, which are determined by the court, will be deducted from your income. The number reached is referred to as “disposable monthly income.” If the disposable monthly income is a negative number, the debtor will qualify for Chapter 7 Bankruptcy. As the Means Test can be complicated and calculating it incorrectly can result in a case dismissal, you should have an attorney conduct the Means Test for you. Some attorneys may offer a Means Test calculation for free in the initial consultation if you can provide six months’ of paystubs.
The Automatic Stay is a protection provided by Bankruptcy that goes into effect the moment your petition is filed. When the stay is in effect, your creditors may not garnish your wages or bank account, foreclose your home, or repossess your car. The stay will protect you until your case ends, either through discharge or dismissal.
You will have to take not one but two credit counseling classes to complete your Chapter 7 Bankruptcy. Each class costs a nominal fee, usually between $15-30. The course can be completed online, but you will need to speak to a credit counselor on the phone at the end of the course.
The first course must be taken before your petition is filed. The course certificate will be valid for 180 days after you take the class. The second course must be taken within 60 days of your 341 Meeting of Creditors. Your case cannot be discharged until you have taken both courses.
How a bankruptcy impacts your credit will depend on what your score was like before your petition was filed. If you had a mediocre credit score, you may not see any impact when you first file. Those with a high credit score may see a slight decrease in their score upon filing, but most people filing Chapter 7 Bankruptcy are already struggling with their credit. If you have a low credit score, when you file your bankruptcy, your score might remain the same or slightly increase.
After the initial impact on your credit score, bankruptcy’s more permanent effect on your credit will depend on the steps you take after filing. Financing a vehicle and opening other new lines of credit (and making timely payments on these lines of credit) will help you improve your score. If you choose to use a Zero Down payment plan to pay for your Chapter 7 Bankruptcy, making these payments will also help your score rise.
Bankruptcy is a matter of public record, so if your friends and relatives decide to peruse the bankruptcy court filings each day, they may see that you filed. When drafting your petition, you or your attorney will need to create a mailing matrix of your creditors. Each of them will be notified when your bankruptcy is filed so that they have the chance to appear at your 341 Meeting of Creditors. If you plan to abandon a lease in your bankruptcy, the landlord will be notified of your filing. If your wages are being garnished, your employer will be notified of your bankruptcy by you. You will need to show proof of your bankruptcy in the form of your case number so the garnishment can be stopped.
Zero Down Bankruptcy in Nevada is a payment plan option offered by attorneys that are willing to go the extra mile to make bankruptcy affordable to more clients. Typically, attorney’s fees and the $335 filing fee must be paid in full before the Chapter 7 petition is filed. This is because debts are discharged from the date of filing- including your attorney’s fees. However, some attorneys take the extra step of bifurcation to allow for post-filing payment without the attorneys’ fees being discharged.
Bifurcation means your attorney will first file a skeleton petition- the “bones” of your petition- with the court. Debts will only be discharged for the work up to this point. All work done up to this point will technically be done free of charge. The attorney will then file a second petition within 2 weeks, and you will only be charged for the work from this point on. Your attorney will front both your attorney’s fees and filing fee, and allow you to pay your bankruptcy in affordable payments after the petition is filed. You will choose the payment schedule, beginning within 30 days of filing. Payment plans are at a 0% interest rate.
You cannot transfer assets before filing bankruptcy in an attempt to avoid exemptions or to repay friends and family members in lieu of other creditors. If you do so, your trustee may “claw back” the property, sell it, and give the proceeds to your creditors.
If you file bankruptcy before receiving your tax refund, your trustee may choose to seize the refund and distribute it amongst your creditors. Unless you are in an emergency situation (e.g., your wages are about to be garnished), it is typically better to wait until you receive your tax refund and spend it before filing your petition. You may want to consider using your tax refund to pay for your filing fee and/or your attorney’s fees.
Is Chapter 7 Bankruptcy Right For You?
A Las Vegas bankruptcy is usually a good option for people whose debt is out of control and few significant assets. Also, a Nevada ch 7 bankruptcy can be used to eliminate high medical bills. Plus, it is impactful on payday loans. Many Nevadans use it when unemployed. Also, for debts of a recent divorce, high interest credit cards, and many other debts. Specifically, Chapter 7 bankruptcy has many benefits.
In Las Vegas, people filing for bankruptcy protection get a fresh start and an opportunity to again move forward debt free. Contact our Las Vegas bankruptcy lawyer; specifically, to find out if declaring bankruptcy is the best option for you and your family. We offer free consults and same day filing options.
Additionally, there are many myths associated with a ch 7 bankruptcy, don’t believe them! The ch 7 bankruptcy truth is you can usually keep your home, your car or truck, and your personal property. Plus, After a Nevada chapter 7 bankruptcy it is important to work on rebuilding your credit. Vegas bankruptcy lawyer Erik Severino can help. He will eliminate your debt, get your finances back on track, and assist you in reestablishing your credit.