Article provided by: Atkinson Law
Bankruptcy is a hard yet necessary process when you are no longer able to pay back your creditors. Since Nevada has its own bankruptcy laws, you need to do some research before deciding how you will approach it.
How often can you file Chapter 7 bankruptcy in Nevada?
As long as you don’t receive a discharge in previous Chapter 7 or Chapter 13 filings, there is no time restriction for filing new ones. With a Chapter 7 case, you cannot receive a discharge in the last four years to apply. If you need help looking into discharges or understanding the filing process, you need to find a professional with experience in bankruptcy in las vegas.
Do I need a lawyer to file Chapter 7?
Debtors don’t need attorneys to file bankruptcy, but with the money, you save you will be spending hours of your own time to do it. Considering that you will need to account for extensive financial information, it is a task that’s easy to mess up.
How much can it cost to file personal bankruptcy in Las Vegas?
The filing fees are a mere $335 for Chapter 7 bankruptcy. Of course, this price can always change and other costs may come with preparation services. The Legal Aid Center of Southern Nevada will provide legal services if you are in a low-income situation.
Another cost associated with filing bankruptcy is credit counseling, which is now obligatory. You may be able to find classes that charge a mere $20 and are relatively quick. In reality, it is just about obtaining the certificate.
If you have a high enough income, you will have to do the filing process on your own or hire a lawyer or preparation service. This can cost hundreds of dollars to a few thousand dollars depending on how big of a mess your situation is. Since it can be a scary process, having a preparation service that knows bankruptcy in Las Vegas to hold your hand would be ideal.
Do I have to live in Nevada to file bankruptcy locally?
There are clear residency requirements before you can file for bankruptcy in this state. If you have lived over 90 days in Nevada in the past two quarters of the year, you are able to file at a local office. Otherwise, you may have to do things back in your old home state.
Is my property protect while filing bankruptcy?
Any property that cannot be protected under local laws may be liquidated with a court decision. The court will decide how the money will be distributed to creditors and it may take everything you have.
Luckily Nevada can be quite generous for protecting your personal property, as long as you are a long-time resident. The court will consider your living situation and your business situation to decide what is protected.
Looking for a qualified lawyer is quite a daunting task, especially if you are in a bit of financial trouble. Our team has plenty of fo experience with bankruptcy in Las Vegas, so we may be a helping hand. Give us a call and we may come up with a reasonable solution for your situation.
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