Personal Bankruptcy in Nevada
You can file for a personal bankruptcy in Nevada. The 2 most used bankruptcy chapters when filing for personal BK are chapter 7 and chapter 13.
If you are considering bankruptcy protection in Las Vegas, Henderson, or any of the surrounding communities, contact the law office of Erik Severino.
Chapter 7 Personal Bankruptcy
The most used form of bankruptcy in Nevada. In addition, a Nevada Chapter 7 bankruptcy is the legal way to declare yourself unable to pay your debts. Also, Chapter 7 in Nevada allows people to eliminate unsecured debt and earn a fresh start in life.
Furthermore, Chapter 7 bankruptcy is a liquidation of ones assets and entire elimination of ones debts, with a few exceptions. You must pass the Nevada Means Test in order to qualify for a Nevada Chapter 7 personal bankruptcy.
Debts eligible for discharge in a Las Vegas, Nevada Chapter 7 Bankruptcy include:
- Credit Card Debt
- Payday Loans
- Personal Hospital and Medical Debt
- Auto Repossession Debt
- Personal Loans Debt
- Foreclosure Debt
Chapter 13 Personal Bankruptcy
Chapter 13 personal bankruptcy is a repayment bankruptcy where the debtor pays back a small portion of the debts owed. Thus, a Nevada Chapter 13 bankruptcy provides debt relief for those in need. It also, eliminates financial problems, stops harassment by creditors, and consolidates all or most of your debt into one payment. The chapter 13 payment is made through the ch 13 plan which is constructed by your lawyer.
Additionally, repayments would be determined by the amount of debt, wages, and assets. Therefore, filing a ch 13 reduces the amount of money that you pay each month. Your bills are also paid in a chapter 13. From credit cards, auto loans, student loans, and medical bills to certain IRS debt and repossession debt. Your bills are paid within the chapter 13 plan.
To file a chapter 13 bankruptcy you must have a job and show regular monthly income. Chapter 13 personal bankruptcy is not as widely used as the aforementioned chapter 7 personal BK. However, it is the 2nd most used chapter of bankruptcy when considering bankruptcies filed in Nevada.
Filing an Emergent Personal Bankruptcy in Las Vegas
Emergency Personal Bankruptcy Attorney
There are times when it becomes necessary to file and immediate bankruptcy. Our Nevada bankruptcy law firm refers to these filings as an “Emergency bankruptcy filing“. Filing an emergency bankruptcy in Nevada triggers the Automatic Stay. The automatic stay makes it so all collection action must cease. Including: Repossessions, Wage Garnishments, Foreclosures, and Law Suits.
An example of the reason why one would want or need to file an emergency bankruptcy is due to an imminent or pending foreclosure sale that you need to stop. An emergency bankruptcy will stop such things immediately. In essence, an emergency bankruptcy could save your home.
Personal Bankruptcy and the 2005 Bankruptcy Act Credit Counseling
As of October 17, 2005 the Bankruptcy Act (Bankruptcy Abuse Prevention and Consumer Protection Act / 2005 Bankruptcy Act) requires all individual debtors who file for a personal BK in Nevada, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.
Our Las Vegas bankruptcy attorneys will make sure that you are using an accepted provider and that you take your first class prior to filing your bankruptcy in Nevada. We will also make sure that you properly complete and file your second class after filing for bankruptcy protection.
The Bankruptcy Act of 2005 was created in the hopes that people who file for bankruptcy will learn from the credit classes and not be candidates for future bankruptcy filings.
The Law Offices of Erik Severino offers free personal bankruptcy consultations and can offer a variety of debt relief solutions for Las Vegas, Henderson, Paradise, and throughout Nevada. Call (702) 370-0155 for a free debt evaluation and personal bankruptcy consultation.