In November of 2009, new laws went into effect for all states regarding eligibility for Chapter 7 bankruptcy. This news may sound scary, but in reality it doesn’t necessarily mean it will be tougher to file Chapter 7 bankruptcy in cities like Las Vegas, New York, Los Angeles, and San Diego.
For Nevada residents, the new bankruptcy laws instituted a median for how much money you could earn if you were eligible for Chapter 7 bankruptcy.
According to the law, for an individual, you can’t make more than $46,3156, for two people $60,449, for three $67,052, and for four $71,104.
That’s a numbers crunch, and there are tools available to see if you can actually file Chapter 7 bankruptcy in Las Vegas.
The laws may change yet again, so how can you be sure you can file for Chapter 7 bankruptcy in Las Vegas, Nevada or any city for that matter? And when should you file for Chapter 7 bankruptcy, why not Chapter 13?
What Chapter 7 Bankruptcy is for Las Vegas Residents
You’re worried you make too much. With the new laws, you may not be eligible for Chapter 7 bankruptcy, but that means hiring a professional bankruptcy attorney who can help you decide. There are other forms of bankruptcy you can file too. However, Chapter 7 bankruptcy is still the most common form, and an attorney can help you file successfully.
Chapter 7 bankruptcy is basically a liquidation proceeding. A trustee is given power to sell your non-exempt valuables, which can include homes and cars, in order to pay back your debt. You will then be free of all debts after filing.
Filing Chapter 7 Bankruptcy in Las Vegas
Chapter 7 bankruptcy in Las Vegas protects you from creditor harassment, foreclosure of homes, moments of financial uncertainty, and from losing everything you’ve worked so hard for. Nevada law, as noted, has been through some changes, but these changes are for all states. It’s just that the median income varies for each state. Filing for Chapter 7 bankruptcy in Las Vegas can be tougher because of the new laws, making hiring professional bankruptcy attorneys a must. This can be a simple process, as bankruptcy is set up to help you.
When to File for Chapter 13 Bankruptcy in Las Vegas
With the new laws in effect, many Chapter 7 bankruptcies are changing to Chapter 13. Chapter 13 bankruptcy in Las Vegas is different in that you are only given more time to pay back creditors. With Chapter 7 bankruptcy you can expect to lose all debts and be free from creditor harassment for the most part. Chapter 13 bankruptcy in Las Vegas means you’re given 3-5 extra years to pay back outstanding debts. When should you file for Chapter 13 bankruptcy instead of Chapter 7? Few cases are alike. You should consult a Las Vegas bankruptcy lawyer for a consultation.
Need Help Filing Chapter 7 Bankruptcy in Las Vegas?
The best way to file for Chapter 7 bankruptcy in Las Vegas is with professional counsel. The hearings–if you’ve ever been to one–are typically short and often seem easy. This is a misconception. There is a lot that goes on both inside and outside the courtroom. Filing for Chapter 7 bankruptcy in Las Vegas requires a professional attorney who can walk you through the process.