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Ghandi Deeter Blackham Las Vegas Family & Divorce Attorney

Las Vegas Chapter 7 Bankruptcy Attorney

If you are struggling with debt and cannot pay your monthly bills, it could be time to start thinking about filing for bankruptcy. There are several different types of bankruptcy for consumers, and there is some overlap with business bankruptcy. Most consumers will file for either Chapter 7 bankruptcy or Chapter 13 bankruptcy, although in some cases a consumer may seek protection through a Chapter 11 bankruptcy filing. If you want to discharge your debts as quickly as possible and get a fresh start financially, Chapter 7 is likely the best option for you. However, filing for bankruptcy is extremely complicated, and not all individuals will qualify for Chapter 7 bankruptcy.

To learn more about eligibility for Chapter 7 bankruptcy and to get started on your filing, contact a Las Vegas Chapter 7 bankruptcy attorney today.

What is Chapter 7 Bankruptcy?

Under the U.S. Bankruptcy Code, Chapter 7 bankruptcy is a type of liquidation bankruptcy. What this means is that all non-exempt assets will be liquidated (or sold) by the bankruptcy trustee in order to repay your creditors. Once the bankruptcy process is complete, all eligible debts will be discharged, and you will no longer owe those debts. Businesses can also file for Chapter 7 bankruptcy, which requires the business to close.

When you file for Chapter 7 bankruptcy you can be eligible to have a wide range of debts discharged, such as:

  • Medical bills;
  • Credit card debt;
  • Automobile debt;
  • Debt you owe on personal loans;
  • Certain tax debts;
  • Student loan debt under certain circumstances; and
  • Debt you owe from certain civil judgments.

Individuals or consumers who want to file for Chapter 7 bankruptcy will need to prove that they are eligible to do so. To qualify for Chapter 7 bankruptcy, you will need to take something called the “means test.”

Qualifying for Chapter 7 Bankruptcy

The “means test” became a requirement after U.S. bankruptcy law changed back in 2005. The means test is designed to prevent consumers from filing for Chapter 7 bankruptcy and wiping out their debts when they actually have the means to repay some of those debts over time. Accordingly, the means test determines whether your disposable income is low enough that it would not be abusive for you to file for a liquidation bankruptcy. If you have a steady job with even a modest income, you may not qualify for Chapter 7 bankruptcy, but you may still be eligible to file for Chapter 13 bankruptcy.

Passing the means test can be confusing, and it is essential to work with an experienced bankruptcy attorney who can help you to determine your eligibility for a liquidation bankruptcy.

Contact a Las Vegas Consumer Bankruptcy Attorney

Do you have questions about filing for Chapter 7 bankruptcy in Nevada? An experienced Las Vegas Chapter 7 bankruptcy attorney at our firm can evaluate your case today and can discuss your bankruptcy options with you. Contact Ghandi Deeter Blackham Law Offices for more information about getting a fresh start and discharging your debt.

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