LAS VEGAS CHAPTER 7 BANKRUPTCY ATTORNEY

OVERVIEW:

Chapter 7 bankruptcy is the most commonly filed chapter of bankruptcy. In today's damaged economy, it also doesn't carry the same stigma that it once did. There are several benefits to filing under this chapter. If you qualify discharge under chapter 7, you can not only remove all debt (with a few exceptions) but you can also keep most of your assets under Nevada's statutory exemptions. In lay mans terms, it allows for you to have a fresh start, not having to worry about being behind on your bills or your creditors garnishing your hard earned wages. You get to keep certain assets, such as your car, your person possessions, and even your house, as long as they are valued less than Nevada's generous exemptions. For instance, if you own your car, free and clear, and it is worth less than $15,000, you will most likely be able to keep it. There are many other benefits to filing under chapter 7 of the bankruptcy code. To learn more, set up a consultation by calling (702) 800-0988.

WHO QUALIFIES:

As referenced above, not everyone qualifies for discharge under Chapter 7 of the Bankruptcy Code. There are numerous qualifications. First, you could not have filed under Chapter 7 of the Bankruptcy code eight years prior to your current filing nor filed under Chapter 13 and paid back less than 70% of your loans to unsecured creditors in the past six years. Basically, if you have never filed a bankruptcy, this will not be a problem. Second, it must be determined that you are unable to pay back your debts under some sort of repayment plan, such as under a Chapter 13. In Nevada, this can be done in one of two ways. If your monthly household income is less than than the median income in Nevada, then you are presumed to qualify for Chapter 7 liquidation. If the presumption does not arise and your household income is more than the median income, you can still qualify qualify if you meet the Nevada means test. The means test is a calculation of your income to determine if you cannot repay your creditors. It is somewhat complex, and beyond the purpose of this article. You can simply contact the Law Office of Brian M. Boyer, LTD. to determine if you qualify under the means test. If you meet these qualifications contact us to set up a consultation. We can even do emergency filings.

WHAT DEBT IS DISCHARGEABLE:

Basically any debt is dischargeable with a few exceptions. These exceptions to discharge are based on social utility and cannot be discharged unless forcing you to repay these debts would be an undue burden. For instance student loans are not dischargeable. However, if you suffer from a permanent medical condition that affects your ability to earn sufficient income, you may still qualify to have that debt discharged. The following is a basic list of debts that are not generally dischargeable under Chapter 7 Bankruptcy:

• 1.  Tax debts
• 2.  Debts obtained by using false pretenses (if creditor objects to discharge)
• 3.  Debts not listed in the petition
• 4.  Debts for fraud, embezzlement, and larceny (if creditor objects)
• 5.  Spousal Support and Divorce debts
• 6.  Child Support Debts
• 7.  Debts from intentional and malicious injuries (if creditor objects)
• 8.  Debts for certain Fines and Penalties
• 9.  Student Loans
• 10. Liabilities arising from DUI's
• 11. Debts that could have been listed in prior Bankruptcy

WHAT PROPERTY CAN YOUR KEEP:

The Nevada exemptions are rather generous compared to other states, such as California, allowing you to keep the following property and goods:

• - $550,000 Homestead Exemption
• - $15,000 Automobile Exemption (unlimited if vehicle modified for disability)
• - $12,000 Household Goods Exemption
• - $5,000 in Books, Works of Art, Musical Instruments, and Jewelry
• - $10,000 in Professional Equipment and Libraries
• - One Firearm (Selected by Debtor)
• - $500,000 in ERISA Pension Plan Benefits
• - Government Employee Retirement Plans

REAFIRMATION OF DEBTS

You also have that option of reaffirming debts in your bankruptcy. You could, for instance, reaffirm your home mortgage (as long as you do not have more than $550,000 in equity) thereby keeping the mortgage note and debt in tact. However, you must consider the implications of reaffirming your debt. After all, you just filed bankruptcy in order to have a fresh start, why would you want to reaffirm an old debt. Especially considering the drop in the housing market, it is likely that your house is not worth as much as your unpaid principal balance.

IN CONCLUSION:

It is important to remember that filing Bankruptcy is a complex process. You need to obtain a competent attorney that you feel comfortable with in order to avoid the dreaded denial of discharge. The Law Office of Brian M. Boyer is experienced and equipped to handle your Chapter 7 case. Call (702) 800-0988 for more information or to set up a consultation.

 

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