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

Am I Qualified for Bankruptcy?

In North Las Vegas, NV, as is the case across the U.S., bankruptcy is a federal legal process intended to provide relief to individuals and businesses that cannot meet their financial obligations. To determine if you are qualified to file bankruptcy in North Las Vegas, NV, you’ll want to consider the following:

1. Type of Debts: Not all debts are dischargeable. Common non-dischargeable debts include child support, alimony, certain taxes, and student loans. Thus, if these constitute the majority of your debts, bankruptcy might not be the best solution.
2. Means Test: For Chapter 7 bankruptcy, you need to pass the “Means Test.” This test evaluates your monthly income over the last six months against the median income for a household of your size in Nevada. If your income is below the median, you qualify. If it’s above, additional assessments will be made to determine eligibility.
3. Credit Counseling: Before filing for any form of bankruptcy, you’re required to undergo credit counseling with an agency approved by the U.S. Trustee in Nevada.
4. Previous Bankruptcies: If you’ve filed for bankruptcy in the past, there may be waiting periods before you’re eligible again. For example, after a Chapter 7 discharge, you must wait eight years before filing another Chapter 7.
5. Business Entities: If you’re a business owner, the type of business entity (corporation, partnership, LLC) can influence the type of bankruptcy you can file.

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Do You Need a Lawyer to File For Bankruptcy in North Las Vegas, NV?

Technically, no. Individuals can file “pro se” or represent themselves in bankruptcy court. However, the process is intricate, and the stakes are high. Here’s why many choose to work with an attorney:

1. Complexity: Bankruptcy laws are intricate. Mistakes in the filing process or not understanding your rights could cost you valuable assets or get your case dismissed.
2. Exemptions: Nevada has specific exemptions that allow you to protect certain assets during bankruptcy. An attorney can ensure you take full advantage of these exemptions.
3. Advice: An attorney can provide guidance on which chapter to file, the timing of the filing, and the potential outcomes.
4. Representation: During creditor meetings or in court, having a legal representative can be invaluable.
5. Peace of Mind: Knowing a professional is managing your case can reduce stress during an already stressful time.

Cost to File Chapter 7 Bankruptcy in North Las Vegas, NV

Chapter 7 bankruptcy, also known as “liquidation” bankruptcy, requires an individual to give up non-exempt assets for sale, with proceeds distributed to creditors. Here are the associated costs:

1. Filing Fee: As of the last update, the fee for filing Chapter 7 is $398. This can be waived for individuals with incomes below 150% of the poverty level.
2. Attorney Fees: The cost can vary depending on the complexity of your case, but expect to pay between $1,200 to $2,700 on average.
3. Credit Counseling and Debt Education Courses: Before and after filing, these are required and can cost between $25 and $60 each.

Cost to File Chapter 11 Bankruptcy in North Las Vegas, NV

Primarily for businesses, Chapter 11 allows entities to restructure and pay creditors over time.

1. Filing Fee: The fee is around $1,838, but it can vary.
2. Attorney Fees: Given its complexity, attorney fees for Chapter 11 can range from $12,000 to $55,000 or more.
3. Miscellaneous Expenses: Costs for accountants, business analysts, or court expenses can add up.

Cost to File Chapter 13 Bankruptcy in North Las Vegas, NV

Chapter 13, or the “wage earner’s plan”, allows individuals to develop a plan to repay debts over 3-5 years.

1. Filing Fee: The cost is approximately $393.
2. Attorney Fees: Varying by the complexity of the case and region, fees can range from $3,200 to $6,500.
3. Trustee’s Commission: This is a small percentage of each payment made under the repayment plan.

In conclusion, if considering bankruptcy in North Las Vegas, NV, it’s crucial to understand the qualification criteria, benefits of legal representation, and associated costs. It’s always recommended to consult with a local attorney to make an informed decision.

Reliable Bankruptcy Attorneys in North Las Vegas, NV

Below is a list of reputable bankruptcy attorneys in North Las Vegas, NV. 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

Frank Sorrentino

1118 E Carson Ave, Las Vegas, NV 89101, United States

Gupta Law Firm

800 N Rainbow Blvd #208, Las Vegas, NV 89107, United States

North Las Vegas, NV Zip Codes We Proudly Serve:

89030, 89031, 89032, 89081, 89084, 89085, 89086, 89106, 89115, 89130, 89191

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