Nevada Bankruptcy

All bankruptcies, filed in any state in the U.S., are guided by Federal law.

Chapter 7 Requirements: You must attend a budget and credit counseling briefing prior to filing any bankruptcy. Call 702.562.4209 and ask me about it. Your first 10 minute call is free.     1) You must be a six-month Nevada resident to file a Nevada Chapter 7 Bankruptcy.     2) Complete a "Statement of Current Monthly Income and Means Test Calculation." I'll provide you with one. The results of the calculation will determine whether you can file a Chapter 7 or must file a Chapter 13. If any of your income remains after paying your normal, allowed living expenses (ask me about that), you might be instructed to file a Chapter 13 instead of a Chapter 7 Bankruptcy.     3) You must have no equity in property or belongings over and above that allowed by exemptions as per Nevada law (see EXEMPTIONS in the column to the right)     4) You must obtain credit counseling (see COUNSELING in the column to the right)     5) You must complete a certified instructional course in financial management from a non-profit counseling agency before your bankruptcy will be discharged. (see FINANCIAL MANAGEMENT COURSE in the column to the right)    6) You must attend a creditor's meeting at the Bankruptcy Court.    7) You will be requested to provide certain documents to the bankruptcy trustee, according to your individual case.						Advantages of a Chapter 7 Bankruptcy Husband and Wife may file jointly, or separately. Corporations are also eligible to file a Nevada Chapter 7 Bankruptcy in certain instances. Call me at 702.562.4209 and ask. Your first 10 minute call is free. In a Chapter 7 Bankruptcy filing, all of your debts get "wiped out" allowing you a fresh start. It's why you sometimes hear it referred to as the "Fresh Start" Bankruptcy. The very day you file your Nevada Chapter 7 Bankruptcy, an injunction is issued by the court. The injuction prevents ALL of your creditors from contacting you and harassing you. From that point forward, all creditors are legally required by law to stop all efforts to collect directly from you. EXEMPTIONS: In a Nevada Chapter 7 Bankruptcy, you also get to keep the following exempt property: $550,000 equity in your house $10,000 equity in household furniture $15,000 equity in a vehicle IRAs and 401Ks up to $500,000 total life insurance tools of the trade family heirlooms libraries items of a personal nature Required Chapter 7 Counseling Resources: COUNSELING_____ http://www.cccsnevada.org/ FINANCIAL MANAGEMENT COURSE_____  http://www.onlinebankruptcyschool.com This course might be waived for military personnel, disabled and/or incompetent individuals.
Chapter 13 Requirements You must attend a budget and credit counseling briefing prior to filing any bankruptcy. Call 702.562.4209 and ask me about it.    1) Repay debt over a 3 to 5 year period of time .    2) Not have enough current income to cover all monthly obligations.    3) Provide the Nevada Bankruptcy Court with a "Statement of Financial Affairs." .    4) Provide the Nevada Bankruptcy Court with a "Statement of Current Monthly Income" (means test).    5) Provide the Nevada Bankruptcy Court with copies of all payment advices (pay stubs) or other evidence of payment or income received by the debtor from an employer within 60 days before filing a Nevada Chapter 13 Bankruptcy.    6) Provide the Nevada Bankruptcy Court with a Chapter 13 plan which includes:  * method of payment (payroll * deduction) plan arrangement * percentage to unsecured creditors					Advantages of a Chapter 13 Bankruptcy This type of filing is advantageous to indidviduals who own a considerable amount of non-exempt property. A Nevada Chapter 13 Bankruptcy will be discharged once the agreed-upon payment plan is completed. This type of bankruptcy is not available to corporations -- only Chapter 7 and Chapter 11 filings are available to them.. Removes the pressure of hard-driving creditors Not as harsh on your credit as a Chapter 7 Allows you to get a repossessed vehicle back Allows you to make payment arrangements on a delinquent mortgage and keep the house Allows you to make payment arrangements on a delinquent tax bill. Allows you to keep non-exempt property   Required Chapter 13 Counseling Resources: COUNSELING_____ http://www.cccsnevada.org/ FINANCIAL MANAGEMENT COURSE_____  http://www.onlinebankruptcyschool.com This course might be waived for military personnel, disabled and incompetent people NOTE:A Chapter 13 debtor pays back at least some of the creditors over a 3-5 year plan. This is mainly used by people who owe taxes, are behind on mortgage payments, have had their car repossessed or who own a lot of non-exempt property.
Chapter 11 Requirements You must attend a budget and credit counseling briefing prior to filing any bankruptcy. Call 702.562.4209 and ask me about it. Your first 10 minute call is free. A Nevada Chapter 11 Bankruptcy is essentially a reorganization plan for corporations who cannot meet their financial obligations temporarily and who need to make payment arrangements with creditors.    1) Provide the Nevada Bankruptcy Court with a list of all creditors    2) A separate list of the creditors holding the 20 largest unsecured claims    3) Provide the Nevada Bankruptcy Court with a Chapter 13 plan which includes:  * method of payment (payroll * deduction) plan arrangement * percentage to unsecured creditors       Advantages of a Chapter 11 Bankruptcy This type of bankruptcy is mostly filed by businesses, but indidividuals also may file a Nevada Chapter 11 Bankruptcy. Just call and ask me about it, 702.562.4209. Your first 10 minute call is free. Keep creditors at bay Continue to operate the business Might preserve business value Allows for termination of unprofitable leases or contracts Provides company with an extended period of time to pay back deliquent and current taxes Unsecured debt may be lessened Required Chapter 11 Counseling Resources: COUNSELING _____ http://www.cccsnevada.org/ FINANCIAL MANAGEMENT COURSE _____ http://www.onlinebankruptcyschool.com This course might be waived for military personnel, disabled and incompetent people NOTE:A Chapter 13 debtor pays back at least some of the creditors over a 3-5 year plan. This is mainly used by people who owe taxes, are behind on mortgage payments, have had their car repossessed or who own a lot of non-exempt property. .