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Chapter 7 bankruptcy Las Vegas to eliminate your debts and give you a fresh restart for financial stability

Chapter 7 bankruptcy focuses on liquidating your non-exempt assets, and your many types of unsecured debts are eliminated. You may be suggested to file for Chapter 7 bankruptcy by your lawyer based on certain signs, like your unsecured debts are more than half of your annual income, or it would take you five years or more to pay your debts even if you took extreme measures. Bankruptcy will set you financially free as debts get discharged, and you also get peace of mind. When the stress and anguish go away, you will be in a condition to make better decisions, and handle your financial life in a better way.   

  

When the process is complete, a vast majority of debts will be eliminated, and you will have a cleaner slate to start afresh. To qualify for Chapter 7 bankruptcy Las Vegas in Nevada, you will have to pass a Means Test, that aims to prevent low earners from getting the benefits of Chapter 7 bankruptcy protection. To qualify for the test, your average monthly income prior to six months of filing for bankruptcy should be less than the median income of the size of your household in the state. However, disabled veterans, and members of the National Guard or military reservists are not required to undergo Means Test. Be truthful and provide full and complete information. Don’t use any tricks to hide details of your financial information, as these tricks will be caught sooner or later by the court-appointed trustee who will execute your bankruptcy order by the federal court. Also, this can potentially lead to fraud and criminal charges.   

  

If you fail to pass the Means Test, you can still qualify for bankruptcy, but then you will have to file for it under Chapter 13, wherein you will be given three to five years to repay all your outstanding debt to your creditors under the supervision of a court-appointed trustee. A married couple can file for Chapter 7 bankruptcy Las Vegas either jointly or individually.   

  

Some debts that can be discharged under Chapter 7 are:  

  

·         Credit card balances  

·         Utility bills  

·         Medical bills  

·         Collection agency accounts  

·         HOA fees  

·         Mortgage or automotive loans  

·         Social security overpayments  

  

However, some debts cannot be discharged under Chapter 7. These include alimony, child support, personal injury debts, and student loans.   

  

There are some eligibility restrictions for filing for Chapter 7 bankruptcy Las Vegas. These include:  

  

·         You are able to repay some debt  

·         Some of your debt was discharged in bankruptcy earlier  

·         Your bankruptcy petition was dismissed in the past 180 days  

·         You failed to attend the mandatory credit counseling  

·         You are found to have defrauded your creditors   

·         Businesses, except sole proprietors, are generally not allowed to file for Chapter 7 bankruptcy  

  

However, if there is an emergency, such as stopping a foreclosure, your Recovery Law Group’s experienced bankruptcy attorney can file for Chapter 7 bankruptcy Las Vegas without all the necessary forms. Remaining paperwork can be filed within 15 days. Bankruptcy filing will also trigger an automatic stay, which means your creditors cannot garnish your wages, and cannot contact you directly. They must stop all collection activities once bankruptcy is filed, and any communication can only be held with your lawyer, not with you directly.   

 

 

 

 

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