GRD LAW GROUP
DBA NEVADA BUSINESS CENTER
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is an opportunity for persons who are unable to pay their debts a fresh start. It allows you to “discharge” or "wipe away" most consumer debts including, credit cards, personal loans, checking account overdrafts, certain tax debts, medical bills, utility bills, etc.
Takes about 3 to 6 months from the filing of your case.
There are no payments to your creditors.
Creditors are required to comply with the United States Bankruptcy Code and must immediately cease all collection actions: no more collection calls, no garnishment of wages, no pursuit of judgments through lawsuits, and repossessions and foreclosures must cease.
Debtors are often able to keep much of their property in a Chapter 7 filing, including houses, cars, retirement accounts, cash and all household goods and furnishings.
Over time, most people are more likely to rebuild their credit score by filing for bankruptcy and getting their finances under control than continuing to struggle under an increasing debt load.
Will I lose my home and my car?
When you file a Chapter 7 bankruptcy, you are allowed to keep certain possessions that are “exempt.” Exemptions tell you what assets you can keep and protect. Exemptions are the bankruptcy law’s way of recognizing that people need a minimum level of food, clothing, shelter, transportation, etc. to be able to survive and earn a living. While there are limitations to these exemptions, many clients are able to discharge all of their credit card debt in Chapter 7 and in most circumstances they can keep their home, cars and all of their possessions.
Are all debts dischargeable?
Unfortunately, not every debt can be eliminated. Debts that cannot be discharged include: Most taxes, Child support, Maintenance, Alimony, Most matrimonial settlements, Debts obtained through fraud or false pretenses, Court-ordered fines and criminal restitution, and Most student loans.
Am I eligible to file for Chapter 7?
The “Means Test” In 2005, Congress created a new bankruptcy law. One of the new requirements in the law is that anyone who files for Chapter 7 must show that their monthly income is below the average income for people in their area. This is called the “means test.” If your income is above the average, then if you want to file for bankruptcy, you’ll be required to file for Chapter 13 instead of Chapter 7. At your initial consultation, we’ll help you figure out if you’re eligible for filing under Chapter 7, or whether it makes more sense to file under Chapter 13.
What are the costs of filing for bankruptcy?
Depending on specific facts of your case, the attorney's fee starts at $1,200.00 for an individual debtor and $1,500.00 for a joint (married) debtors.
A Chapter 7 filing fee payable to the Bankruptcy Court in the amount of $335.00
A Credit Counseling course before filing your case (usually $25) and a Financial Management course after the filing of your case (usually $25.00).
We Offer Free Bankruptcy Consultations in Las Vegas.
Let us show you what bankruptcy can do for you based on your own, personal situation. We’ll listen to your financial concerns and explain the bankruptcy process. We want you to be comfortable with how bankruptcy works and confident in our services.
Chapter 13 bankruptcy
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is for individuals with a steady income whose secured and unsecured debt is under certain amounts of money owed. A debtor may file for this type of bankruptcy so long as the unsecured debt is $269,250 or less and the secured debt is $807,750 or less. After developing a repayment plan with an assigned trustee, the court will decide whether to allow the plan, make changes to the plan, or dictate an entirely new plan. The debt is usually paid off within three to five years.
Please call us today at 702-888-3212 to make an appointment.