If you’re considering filing bankruptcy in Nevada, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Qualifying for bankruptcy in Nevada, or any other state in the United States, involves meeting certain eligibility criteria set forth in federal bankruptcy law. Bankruptcy is a legal process that allows individuals and businesses to seek relief from overwhelming debt and, in some cases, have their debts discharged or restructured.

1. Chapter 7 Bankruptcy: Chapter 7 bankruptcy, often referred to as “liquidation” bankruptcy, is the most common type of bankruptcy for individuals and involves the sale of non-exempt assets to pay off creditors. To qualify for Chapter 7 bankruptcy in Nevada, you must meet the following criteria:
   • Means Test: The means test is a crucial step in determining eligibility for Chapter 7 bankruptcy. It evaluates your income and expenses to see if you have enough disposable income to repay your debts. If your income is below the state median income for a household of your size, you generally pass the means test and are eligible for Chapter 7. If your income is above the median, you may still qualify after deducting allowable expenses.
   • Credit Counseling: Before filing for Chapter 7 bankruptcy in Nevada, you are required to complete a credit counseling course from an approved agency within 180 days of filing. This course provides financial education and budgeting guidance.
   • Previous Bankruptcy Discharges: If you have received a Chapter 7 discharge within the past eight years, you may not be eligible for another Chapter 7 discharge. However, you may still be eligible for Chapter 13 bankruptcy.
   • Fraudulent Behavior: If you have engaged in fraudulent activity or attempted to defraud your creditors, you may be disqualified from filing for bankruptcy.
2. Chapter 13 Bankruptcy: Chapter 13 bankruptcy is a reorganization of debts that allows individuals to create a manageable repayment plan over three to five years. To qualify for Chapter 13 bankruptcy in Nevada, you must meet the following criteria:
   • Steady Income: You must have a regular source of income that is sufficient to cover your living expenses and make payments according to the proposed repayment plan.
   • Debt Limits: There are debt limits for Chapter 13 bankruptcy. These limits are subject to change, so it’s essential to consult the most recent figures.
   • Priority Debts: You must prioritize certain debts in your repayment plan, including domestic support obligations (e.g., child support and alimony), tax debts, and secured debts.
   • Credit Counseling: Similar to Chapter 7, you must complete credit counseling before filing for Chapter 13 bankruptcy.
3. Chapter 11 Bankruptcy: Chapter 11 bankruptcy is primarily used by businesses but can also be utilized by individuals with significant assets and debts. It allows for debt reorganization and continued operation of the business. Qualifying for Chapter 11 bankruptcy involves demonstrating that the debtor’s financial situation justifies this more complex form of bankruptcy relief.
4. Chapter 12 Bankruptcy: Chapter 12 bankruptcy is designed for family farmers and fishermen who have a regular annual income and want to restructure their debts. This chapter provides a unique set of rules and debt limits tailored to the needs of these specific groups.

Qualifying for bankruptcy in Nevada involves meeting specific eligibility criteria that vary depending on the type of bankruptcy you’re pursuing. The means test, income, and debt limits play a significant role in determining your eligibility for Chapter 7 and Chapter 13 bankruptcy. Additionally, completing credit counseling is a mandatory step in the bankruptcy process. It’s crucial to consult with a qualified bankruptcy attorney in Nevada who can assess your individual financial situation and guide you through the process, ensuring you meet the necessary requirements to seek debt relief through bankruptcy. Keep in mind that bankruptcy laws and limits may change over time, so it’s essential to stay informed about the most current regulations.

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Do You Need a Lawyer to File For Bankruptcy in Nevada?

Whether you need a lawyer to file for bankruptcy in Nevada depends on your specific circumstances and the type of bankruptcy you’re pursuing. While it’s possible to file for bankruptcy without an attorney, seeking legal representation is generally advisable for several reasons.

1. Complexity of Bankruptcy Laws: Bankruptcy laws in the United States, including those in Nevada, are complex and can be challenging for individuals without legal training to navigate successfully. The Bankruptcy Code is a federal law that governs bankruptcy proceedings, and it can be difficult to understand fully. There are also specific local rules and procedures in Nevada that must be followed. A qualified bankruptcy attorney is well-versed in these laws and can help you understand your rights and obligations throughout the process.
2. Proper Assessment of Eligibility: Determining your eligibility for bankruptcy, as discussed in the previous response, involves intricate calculations and considerations. An attorney can evaluate your financial situation, income, expenses, and assets to determine the most suitable chapter of bankruptcy for your needs. They can also advise you on whether you pass the means test for Chapter 7 bankruptcy or help you create a feasible repayment plan for Chapter 13 bankruptcy.
3. Avoiding Costly Mistakes: Bankruptcy paperwork is detailed and must be completed accurately and honestly. Even small errors or omissions can lead to your case being dismissed, delays, or even legal consequences. An attorney can help you complete the necessary forms correctly, ensuring that you meet all requirements and deadlines.
4. Protection from Creditor Harassment: Once you file for bankruptcy, an automatic stay goes into effect, which prohibits creditors from pursuing debt collection actions against you. However, creditors may still attempt to violate this stay. An attorney can intervene on your behalf, protecting your rights and ensuring that creditors comply with the law.
5. Negotiating with Creditors: In some cases, an experienced bankruptcy attorney can negotiate with creditors before filing for bankruptcy. They may be able to work out a settlement or repayment plan that avoids bankruptcy altogether, depending on your financial circumstances.
6. Asset Protection: If you have significant assets, such as a home, car, or valuable personal property, an attorney can help you explore options to protect these assets during the bankruptcy process. Nevada’s bankruptcy exemptions allow you to retain certain property, but an attorney can help you maximize these protections.
7. Guidance Throughout the Process: Bankruptcy involves various stages, including court appearances, meetings with creditors, and financial management courses. An attorney can provide guidance and representation at each step, ensuring that you understand what to expect and how to navigate the process smoothly.
8. Discharge of Debts: One of the primary goals of bankruptcy is to obtain a discharge of eligible debts. An attorney can help you identify which debts can be discharged and work to ensure that the discharge is granted, giving you a fresh financial start.

If you are considering bankruptcy in Nevada, it’s highly recommended that you consult with an experienced bankruptcy attorney. They can assess your individual circumstances, guide you through the process, and help you make informed decisions that best serve your financial interests. An attorney’s expertise can increase the likelihood of a successful bankruptcy filing and ensure that you receive the full protection and benefits available under the law.

Cost to File Chapter 7 Bankruptcy in Nevada

The cost to file for Chapter 7 bankruptcy in Nevada includes both court filing fees and attorney fees. It’s important to understand these costs and budget for them if you’re considering bankruptcy.

1. Court Filing Fees: The court filing fees for Chapter 7 bankruptcy are set by the federal government and apply uniformly across the United States. The following are the standard court filing fees for Chapter 7 bankruptcy:
   • $345 for the filing fee: This is the primary fee required to initiate your Chapter 7 bankruptcy case. It covers the administrative costs of processing your bankruptcy petition.
   • $18 for the administrative fee: In addition to the filing fee, there is a separate administrative fee that you must pay. This fee is meant to support the administration of the bankruptcy system.

These fees may change over time due to inflation or other factors, so it’s essential to check the most current fee schedule with the U.S. Bankruptcy Court for the District of Nevada or consult with a bankruptcy attorney for up-to-date information.

2. Attorney Fees: Hiring an experienced bankruptcy attorney is highly recommended when filing for Chapter 7 bankruptcy, as it can significantly improve your chances of a successful outcome. Attorney fees can vary depending on several factors, including the complexity of your case, your location within Nevada, and the attorney’s level of experience.

Typically, bankruptcy attorneys charge a flat fee for Chapter 7 representation. This fee covers all aspects of your bankruptcy case, including preparing and filing your paperwork, representing you at the 341 meeting of creditors, and providing guidance throughout the process. On average, attorney fees for Chapter 7 bankruptcy in Nevada can range from $1,200 to $2,780 or more.

It’s essential to have a clear understanding of your attorney’s fees before hiring them. Many attorneys offer initial consultations during which they can assess your financial situation and provide you with a fee quote. Be sure to discuss the total cost, any additional expenses, and the payment schedule with your attorney.

Cost to File Chapter 11 Bankruptcy in Nevada

The cost to file for Chapter 11 bankruptcy in Nevada can be substantial due to the complexity of this type of bankruptcy and the legal and administrative expenses involved. Chapter 11 bankruptcy is typically used by businesses, although individuals with significant assets and debts can also file under this chapter. Here’s an explanation of the various costs associated with filing for Chapter 11 bankruptcy in Nevada:

1. Filing Fee: The initial filing fee for Chapter 11 bankruptcy is set by the U.S. Bankruptcy Court and is the same across the United States. The filing fee for a Chapter 11 case is $1,920. This fee is paid to the court when you submit your bankruptcy petition.
2. Attorney Fees: Hiring an experienced bankruptcy attorney is crucial when filing for Chapter 11 bankruptcy due to its complexity. Attorney fees for Chapter 11 cases can vary significantly depending on the size and complexity of your business or personal finances, the extent of creditor negotiations required, and the attorney’s expertise. Chapter 11 attorney fees are typically higher than those for Chapter 7 or Chapter 13 cases due to the more extensive legal work involved. It is common for Chapter 11 attorneys to charge hourly rates, which can range from a few hundred dollars per hour to over a thousand dollars per hour. The total cost of attorney fees will depend on the hours worked and the complexity of your case.

3. Court Appointed Professionals: In some Chapter 11 cases, the court may appoint additional professionals, such as a bankruptcy trustee, examiner, or other experts, to oversee and assist with the bankruptcy process. The fees for these court-appointed professionals can also add to the overall cost of your Chapter 11 case.
4. Administrative Expenses: Chapter 11 bankruptcy cases often involve administrative expenses related to the operation of the business or the management of assets during the bankruptcy process. These expenses may include rent, utilities, payroll, and other operating costs. Managing and covering these expenses is a critical part of the Chapter 11 process and can contribute to the overall cost.
5. Plan Confirmation and Ongoing Legal Fees: Chapter 11 cases typically involve the creation and confirmation of a reorganization plan. Developing this plan and obtaining court approval can be a lengthy and expensive process, and legal fees will continue to accrue throughout the case.
6. Miscellaneous Costs: There may be other miscellaneous costs associated with your Chapter 11 case, such as filing additional motions, conducting investigations, or participating in negotiations with creditors.

Given the substantial costs associated with Chapter 11 bankruptcy, it’s essential to carefully assess your financial situation and consult with experienced bankruptcy professionals, including attorneys and financial advisors, to determine if Chapter 11 is the most appropriate option for your needs. While Chapter 11 can provide a powerful tool for restructuring and reorganizing debts, it is a significant financial undertaking that requires careful planning and consideration of costs.

Cost to File Chapter 13 Bankruptcy in Nevada

The cost to file for Chapter 13 bankruptcy in Nevada includes court filing fees, attorney fees, and other potential expenses associated with the process. Chapter 13 bankruptcy is a reorganization of debts that allows individuals with regular income to create a manageable repayment plan. Here’s an explanation of the various costs involved:

1. Court Filing Fees: The court filing fees for Chapter 13 bankruptcy are set by the federal government and apply uniformly across the United States. The following are the standard court filing fees for Chapter 13 bankruptcy:
   • $355 for the filing fee: This is the primary fee required to initiate your Chapter 13 bankruptcy case. It covers the administrative costs of processing your bankruptcy petition.
   • $85 for the administrative fee: In addition to the filing fee, there is a separate administrative fee that you must pay. This fee is meant to support the administration of the bankruptcy system.
   • $20 for the trustee’s fee: A portion of the administrative fee goes to the Chapter 13 trustee, who oversees your repayment plan and distributes payments to creditors.

These fees may change over time due to inflation or other factors, so it’s essential to check the most current fee schedule with the U.S. Bankruptcy Court for the District of Nevada or consult with a bankruptcy attorney for up-to-date information.

2. Attorney Fees: Hiring an experienced bankruptcy attorney is highly recommended when filing for Chapter 13 bankruptcy. Attorney fees for Chapter 13 cases can vary depending on your location within Nevada, the complexity of your case, and the attorney’s experience. Unlike Chapter 7 bankruptcy, where attorney fees are typically paid upfront, Chapter 13 attorney fees are often included in the repayment plan. On average, attorney fees for Chapter 13 bankruptcy in Nevada can range from $3,450 to $4,820 or more. The exact amount will depend on the complexity of your case and the terms negotiated with your attorney.

3. Credit Counseling and Financial Management Courses: Before and during the Chapter 13 bankruptcy process, you will be required to complete credit counseling and financial management courses from approved agencies. These courses typically have associated fees, which can vary but are usually modest.
4. Trustee Fees and Plan Payments: Under a Chapter 13 repayment plan, you’ll make regular monthly payments to the Chapter 13 trustee, who will distribute the funds to your creditors. The amount of these payments will depend on your income, expenses, and the terms of your plan.

Before proceeding with Chapter 13 bankruptcy in Nevada, it’s essential to consult with an experienced bankruptcy attorney who can assess your financial situation, guide you through the process, and provide you with a clear understanding of the costs involved in your case. This will help you budget for the necessary expenses and navigate the process effectively. Additionally, bankruptcy laws and fee structures may change over time, so it’s crucial to stay informed about the most current regulations.

Reliable Bankruptcy Attorneys in Nevada

Below is a list of reputable bankruptcy attorneys in Nevada. They can help you with both personal and business bankruptcy information.

Brian D. Shapiro
510 S 8th St, Las Vegas, NV 89101, United States

Law Office of Erik Severino
7251 W Lake Mead Blvd #300, Las Vegas, NV 89128, United States

Freedom Law Firm
8985 S Eastern Ave #100, Las Vegas, NV 89123, United States

Affordable Bankruptcy Attorney
200 S Virginia St #800, Reno, NV 89501, United States

TruLaw
2850 W Horizon Ridge Pkwy #200, Henderson, NV 89052, United States

Nevada Zip Codes We Proudly Serve:

Henderson

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