Las Vegas Chapter 7 Bankruptcy Lawyer

Chapter 7 BankruptcyFew things are as overwhelming as being burdened with debt. Being in such a position can be caused by a recession, unemployment, credit card balances that gradually increase over time, medical bills, etc. Filing for Chapter 7 bankruptcy is a way to eliminate many of these debts and to reboot your finances. A common misconception amongst people is that filing under this bankruptcy chapter means that one must give up all of their assets. This is not usually the case. Our Las Vegas Chapter 7 lawyer helps people get their financial house in order and also helps them preserve their assets through the use of exemptions. If you or a family member are in need of assistance then contact our office today to speak with an attorney.

Attorney assisting Las Vegas residents with the Chapter Seven process

Chapter Seven is often referred to as a “liquidation bankruptcy.” This process, which allows the discharging of debts through the court system, will require a Petitioner to liquidate all of their assets which do not fall under an exemption in the US Code. Once all non-exempt property has been sold, the Trustee will handle distribution of proceeds to the Petitioner’s creditors. Any balance still owed to the creditors will be discharged and they will be forever barred from attempting to collect it. Certain types of debt cannot be discharged through bankruptcy. Debts such as student loans may be non-dischargeable, but the process of clearing other debts can free up money which allows someone to comfortably make their student loan payments. Individuals who wish to file for Chapter 7 must meet a “bankruptcy means test.” Those who do not meet this test may still file for Chapter 11 or Chapter 13 bankruptcy.

A key aspect to filing for bankruptcy is the use of exemptions. While Chapter 7 may be considered a liquidation, one is only required to liquidate property which does not fall within an exemption. The individual will be permitted to keep all exempt assets once the case has been concluded. Examples of exempt property include an individual being able to keep a certain amount of equity in a home (if a homestead has been filed), a certain amount of equity in a motor vehicle, a certain amount of jewelry, etc. Importantly, a “wild card” exemption allows for the Petition to exempt a certain dollar value of any type of property. Through the proper use of exemptions, an individual can file bankruptcy and still retain many assets.

Filing Chapter 7 begins by filing a Petition with the Court. Your creditors will be informed of the proceedings. The filing of a Petition automatically results in an “automatic stay” which stops all collection action against you while the case is pending. A “Trustee Meeting” will be held relatively soon (typically within less than forty-five days). The Trustee will oversee the liquidation of non-exempt assets and distribute the proceeds to the creditors. While the process may seem straightforward, mistakes can occur. These can include filing under the wrong chapter due to misapplication of the means test, failing to properly disclose assets, etc. An error in handling your case can lead to delays, debts not being discharged or your Petition being dismissed. Retaining an experienced attorney helps to ensure that your case is handled correctly.

Nikki Dupree-O’Brien is a Las Vegas bankruptcy attorney helping individuals to get their financial life back on track. She will use your initial consultation to review your assets and debts and particular situation. Nikki will ensure that you file under the correct chapter and will quickly prepare your Petition. She will also handle any challenges and disputes which your creditors may bring and will represent you in all matters before the Trustee. We understand the importance of your situation and we will be there for you each step of the way. Contact us online or by telephone today.

Chapter 7 lawyer providing a high level of service to Las Vegas residents

It is normal for Las Vegas residents to feel a level of disappointment when realizing they must file for bankruptcy. Our attorney understands that circumstances happen beyond our control and believes bankruptcy is a legal tool provided to allow people to get through their financial hard times.  Our office believes that everyone is entitled to quality representation and a high level of respect. This belief means that we are here to help you through this difficult time and we believe it is our purpose to help you move your life forward and get a fresh start. Do not wait to start the process. We are here to assist you.