How to File for Bankruptcy

Nevada Bankruptcy Lawyer

The process of filing for bankruptcy has specific steps, all of which must be completed carefully and completely.  Although it is possible to file for bankruptcy without legal help, you risk being denied the opportunity to file should you fail to properly submit all the required paperwork and documentation.  It is advised that you contact a Nevada bankruptcy lawyer from Price Law Group if you are considering filing Chapter 7, Chapter 13, or Chapter 11.  Our legal team has assisting over 100,000 clients with resolving serious debt-related problems through bankruptcy or the legal alternatives.

The Steps in Filing for Bankruptcy

Before filing for bankruptcy, you are required to participate in debt counseling.  There are specific companies that are approved to assist you in this process.  In most cases, the debt counseling service will conclude that bankruptcy is the best option, or they may suggest other alternatives.

After debt counseling, in order to determine eligibility for Chapter 7 also called "liquidation bankruptcy " or "discharge of debt", you must take the "means test".  This test compares your personal financial condition per a formula. Your income for the prior 6 months compared to the "median income" in Nevada.  If your income was below the "median" you will most likely be eligible.  There are other factors that make this test difficult, and the assistance of our legal team is advised. If you are above the median income, but still don't have the bare minimum amount available (per the formula) to pay monthly in a Chapter 13 bankruptcy, you may still be considered eligible for Chapter 7. The amount that is allowed as an expense is not your actual expense amount, but the amount determined by the IRS for your state, and some expenses are not allowed. How you fill out this test is critical with regard to the outcome, and whether you will be allowed to file Chapter 7 or Chapter 13.

Once you have been determined to be eligible for either Chapter 7 or Chapter 13, or for business owners, Chapter 11, the process moves forward through several steps. You will have a meeting with creditors, and at this meeting they can contest the discharge of the debt through bankruptcy.  In many cases, they do not show up at all, and this hearing may take only 5 minutes.  In other cases, a creditor may bring evidence as to why their portion of the outstanding debt should not be discharged. We provide the skilled legal representation to get you through all aspects of the process, and can advise you about all your alternatives, and whether bankruptcy is right for you.

Contact a Nevada Bankruptcy Lawyer from our firm to have your personal financial situation evaluated and to determine your best course of action.