Our Reno Chapter 7 Bankruptcy Lawyers can assist you with getting rid of all of your unsecured debts. We offer $0 Down Chapter 7 and Chapter 13 bankruptcy for Nevada. Please know, declaring bankruptcy in Reno is not a financial death sentence. It is a means to the goal of a fresh financial start.
There is life after filing Chapter 7 bankruptcy. For example, declaring bankruptcy doesn’t mean the end of your life. Plus, the assistance of our Nevada Debt Relief Lawyer the right lawyer is a beneficial means to resolving debt. Declaring bankruptcy eliminates stress, stops creditor harassment, and allows individuals, couples, and businesses a change at a “Fresh Start”.
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Benefits of Chapter 7 Bankruptcy
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Chapter 7 Bankruptcy Frequently Asked Questions
As the most filed chapter of bankruptcy in Reno, Chapter 7 Bankruptcy entails liquidating your unsecured debts. These dischargeable debts include medical bills, credit card debt, personal loans, registration loans, and some back taxes. The Reno bankruptcy filing process requires you to submit a petition that details your financial information, take the necessary credit counseling courses, and attend a 341 creditor meeting. With help from our zero down bankruptcy attorneys in Reno, you can get started on your new financial future.
After filing for Chapter 7 bankruptcy, it will remain on your credit for 10 years, but you will be eligible for a variety of things after two years, including FHA home loans, rentals, and you can even open new lines of credit until your bankruptcy is removed. Bankruptcy doesn’t mean you have no financial future. You have the chance to improve your credit even after you have declared..
Also known as the “Wage Earner’s Bankruptcy”, Chapter 13 bankruptcy requires more involvement from your attorney than with a Chapter 7. Filing for Chapter 13 means that your debts will be restructured into an affordable payment plan based on your income and the limits of your finances. The repayment plan will take roughly 3 to 5 years to complete. Under Chapter 7, you aren’t required to pay your debts.
Chapter 7 Bankruptcy is commonly known as “Liquidation Bankruptcy”, which only lasts for a few months, rather than years. It will also last longer on your credit. Under Chapter 7, it will be on your credit for 10 years, while Chapter 13 only remains for 7 years. Chapter 7 also has a filing fee of $335, while Chapter 13 is $310.
Chapter 7 Bankruptcy is a debt relief method that allows individuals and businesses who qualify to discharge their debts while keeping their assets intact. A judge will determine the terms of your case, but it will also be handled by a trustee who analyzes your petition and takes your financial documents into account. If you don’t comply with Chapter 7 guidelines, you may be required to surrender wages and other assets.
The first step for filing for Chapter 7 bankruptcy is to gather your financial documents, followed by drafting a petition. Once this is complete, you will need to take two credit counseling courses, and you must be able to comply with all of your trustee’s requests and attend your 341 Creditor Meeting. While you can file for Chapter 7 without an attorney, the stakes are often too high to risk it, and your success rate will be higher with help from a trusted Reno Chapter 7 bankruptcy lawyer.
Because of the results of Chapter 7 bankruptcy, it can be an excellent option for those who don’t make enough money to pay off their debts by traditional means or other forms of bankruptcy. Your debts will be discharged under Chapter 7, which means that you are no longer responsible for them, and an Automatic Stay is enforced while your case is pending.
An Automatic Stay prohibits your lenders from collecting on your debts, giving you the necessary protections. When your creditor has secured a judgement, they will then be able to garnish your wages or bank account, which automatically takes 25% out of your paycheck. The Automatic Stay remains in place until your case is discharged, lasting from 3 to 5 months, or until it is dismissed.
There are a variety of ways to qualify for a Chapter 7 Bankruptcy. The first is through your income, meaning that if you make less than the median amount in your state, you are eligible to file. In Nevada, this means that for a one person household, you must make less than $41, 054 annually. This number increases to $55, 349 to include one minor dependent as well as your spouse, or it can mean two minor dependents and no spouse. The median income increases with each additional family member.
Another way to qualify is by taking the means test, which is necessary if you make more than the median for a family of your size. The means test is used to compare your average income over the past 6 months of your mandatory payments. Once this is analyzed, the court will decide whether or not you have enough disposable income to pay your debts, you may be eligible for chapter 7. Always contact a Reno bankruptcy lawyer if you need help qualifying through a means test.
If you don’t qualify for chapter 7 under either of these methods, Chapter 13 bankruptcy might still be a viable option for you. Consult with our Reno bankruptcy law office to learn more.
If your debts are associated with property that is still in your possession, this is considered a secured debt. This includes homes with a mortgage and vehicles that are financed. They are not dischargeable under Chapter 7, but if the payments are too high for your budget, you may have the option to surrender certain assets.
Typical forms of unsecured debts include medical bills, credit cards, bills from past home rentals, as well as personal and registration loans. All of these unsecured debts can be discharged under Chapter 7, unless they have priority status. These types of unsecured debts are child support, some takes, spousal support, and student loans. Some back taxes may be eligible for discharge if they have been due for 3 years, filed for 2, assessed for 240 days, and were filed without fraud. Contact our Reno Chapter 7 bankruptcy lawyers if you want to learn more about discharging back taxes in your bankruptcy.
Car leases add a new aspect to filing for Chapter 7 bankruptcy. In most cases, you may assume or reject your lease, meaning that you will either continue your payment, or surrender the vehicle and discharge the fees from your contract. An automatic stay will prevent repossession if you are behind on your payments, but the lender can petition the court to lift the stay in order to repossess your vehicle. If you fail to catch up with your lease payments, your vehicle will be repossessed before the stay is lifted.
Also known as “Skeleton Petition Filing”, an Emergency Bankruptcy Filing is a method of debt relief that requires less documentation to file than a full petition would commonly require. This is done when there is a looming threat of wage garnishment or repossession. Filing an emergency bankruptcy with an attorney will only require you to fill out their client questionnaire, attend a credit counseling class, and provide your driver’s license, social security card, and recent pay stubs. Once you have met these requirements, your skeleton petition will be drafted, and you will have two weeks to collect the necessary documents and submit your complete petition for bankruptcy.
If your intention is to discharge overwhelming medical dents, a Medical Chapter 7 Bankruptcy may be right for you. Medical debts are the #1 reason people file for bankruptcy in the U.S. due to the overwhelming costs of medical procedures, even with help from insurance. Combined with missing work, using credit cards, and trying to keep up with other related expenses, the sick and chronically ill are often the first to file. Having your medical bills for your Reno bankruptcy attorney to review is important if you are considering bankruptcy, as they are not often on your credit report.
Chapter 7 Bankruptcy in Reno is the most successful type of bankruptcy, with over 98% of cases ending in success. If they are filed correctly, your debts will be discharged, but without an attorney, only one in three people will be successful, and their cases will be dismissed. With represented filers, chapter 7 bankruptcy has an over 96% success rate.
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Protecting Your Assets in a Chapter 7 Bankruptcy
Once you have determined that filing a Chapter 7 Bankruptcy is the correct form of debt relief for you and your family. The next question is when is the right time to file. Our Vegas Chapter 7 Bankruptcy Attorneys access your situation through a free debt evaluation to ensure that your assets are being protected when filing for Chapter 7 Bankruptcy in Las Vegas, Nevada.
Chapter 7 Bankruptcy Exemptions
In a Nevada Chapter 7 Bankruptcy, exemptions determine what property you get to keep, whether it be your vehicle, home, pension, personal belongings, or other property. Bankruptcy exemptions determine what you are able to keep. Conversely, if the property is nonexempt, the trustee is entitled to sell it to pay your unsecured creditors.
Chapter 7 bankruptcy offers exemptions in which you can protect your property. If you “exempt” an asset, it makes it so you can keep it. The exempted item is protected from being sold to repay your creditors. Exemption is just one of the ways that a Vegas Chapter 7 Bankruptcy protects your assets. Many exemptions protect a specific type of property. In some exemptions you can protect all of an asset, then, in some exemptions you can protectjust a portion of your asset.
Nevada Wild Card Exemption
Nevada is one of the states that offers a “Wildcard” exemption. The Nevada Wild Card Exemption can be applied to any property that otherwise would not be exempt in a bankruptcy. The wild card exemption in a Nevada bankruptcy is $10,000. Also, it is $20,000 if you are filing bankruptcy along with your spouse. For additional information regarding bankruptcy exemptions or protecting assets in a Nevada Chapter 7 bankruptcy, please contact our Vegas Zero Down Bankruptcy Attorneys at (702) 879-7968. Our Nevada Debt relief Team offer free consultations. We have helped thousands of people in Las Vegas Metro and throughout Nevada file for Chapter 7 bankruptcy protection.
Life After Filing Chapter 7 Bankruptcy
Your life will likely be far less stressful after you file bankruptcy. From the moment you retain a bankruptcy attorney (and inform your creditors of this), your creditors will no longer be able to harass you with annoying and threatening calls. You will have more disposable income once your wages aren’t being garnished and you aren’t struggling with debt payments.
Chapter 7 Bankruptcy doesn’t come without its disadvantages. A Chapter 7 Bankruptcy will remain on your credit for 10 years from the filing date. You will be able to get a home loan after 2 years. If you have fair or high credit, you may see a downtick in your credit score upon filing. You will see little to none of this effect if you have a lower score.
You will be able to finance a new vehicle after your case is filed. You will (most likely) receive offers for new credit cards after your case is discharged. Both are great ways to build your credit after a bankruptcy, but be wary of high interest rates and payments you can’t afford. Our firm offers post-filing payment plans which credit report, further boosting your score post-bankruptcy.
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