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Articles

Chapter 7 Bankruptcy Attorney Las Vegas NV

Hands holding a piggy bank and a house modelWhen you are in debt and have no way to resolve it, calling a Chapter 7 bankruptcy attorney Las Vegas, NV trusts might be in your best interest.

Whether you believe there is no way out of your debt, or you just want a fresh start, a leading Chapter 7 bankruptcy attorney Las Vegas, NV has to offer, such as one from Ballstaedt Law Firm, can listen to your situation, review any coinciding circumstances, and let you know what your best options might be. Time is money. If you wait to see what happens, you might find yourself facing further challenges that could have been prevented.

You might feel as if your debt should be ignored, or perhaps you are waiting for a new law that will erase your debt. In general, this is not a good idea. As you wait and do nothing, creditors can file a lawsuit against you or ask a judge to garnish your wages. You don’t want this to happen.

At Ballstaedt Law Firm, we have helped individuals and businesses get out of debt. Regardless of why you got into debt, a Chapter 7 bankruptcy attorney in Las Vegas, Nevada can provide you with advice on what you can do. Rest assured, we don’t judge our clients and we have no biased feelings. We understand how burdensome debt can be, and only want to see you get out of debt as soon as possible. Call us today for a free consultation.

A Lawyer for Chapter 7

As one of the best Chapter 7 bankruptcy attorneys in Las Vegas, Nevada, we have proudly represented people and businesses of all ages and backgrounds. As your lawyer, please know that we:

  • Will work hard to protect your interests
  • Take your objectives seriously
  • Would like to see you get into a stable financial situation
  • Will treat you with respect and not as if you are another number
  • Provide you with support and maintain on-time communication
  • Will be honest with you
  • Provide reasonable fees
  • Might arrange a payment plan for you

Your financial situation now could seriously impact your future. By dealing with your situation now, you can feel peace of mind in knowing that things will get better.

Chapter 7 Bankruptcy in Las Vegas

Chapter 7 is known as debt liquidation and requires you to pass a means test in order to qualify for it. If you meet the requirements, you will need to liquidate your assets and use the proceeds to pay off the debt. Once your debts have been paid, in full or partially, they will be discharged.

A Chapter 7 bankruptcy attorney in Las Vegas, NV can help you complete the paperwork, file it with the court, and be your voice in front of a judge. A lawyer can also ensure that the least amount of debts are paid, and at the same time, may protect some of your assets from being liquidated.

The Benefits of Chapter 7

  • You can keep your future income
  • You can stop creditor harassment
  • You can prevent your wages from being garnished
  • You can avoid lawsuits
  • There will be no payment plans
  • Any unsecured debts could be discharged.

How Can We Help You?

As you are considering where to find the right Chapter 7 bankruptcy attorney in Las Vegas, Nevada, you should know that Ballstaedt Law Firm has what you need. We care about each and every one of our clients and we want to make sure your needs are met through the bankruptcy process. While this can be an emotionally hard time for you, know that you are doing the right thing by getting on a better financial footing. Want to see what you can do to begin preparing for the bankruptcy process? Call our team and we will walk you through it.

What steps should you prepare for when it comes to filing for bankruptcy? 

When it comes to filing for Chapter 7 bankruptcy, there are a few things that your attorney will walk you through so you can understand the process and come out on top.

  • Counseling. Before going through the bankruptcy process, you will need to undergo credit counseling. This is mandatory before you file for bankruptcy. Especially now, there are many options when it comes to taking a credit counseling course and you will have the chance to take it online if that works best for you. Speak with your attorney to ensure that the course you are taking is among the list of approved courses. If you have extreme circumstances that make you unable to take this credit counseling course, your attorney can help you file a waiver.
  • Taking the means test. In the state of Nevada, you must take the means test to see if you qualify for Chapter 7 bankruptcy. This test will take into account your monthly income and what the monthly income of another house in Nevada is with the same people. If your income is determined to be lower than the median income in Nevada, you can qualify for Chapter 7 bankruptcy.
  • Filing paperwork. Finally, you will need to file the necessary paperwork for Chapter 7 bankruptcy that includes information like your monthly expenses, your loans, your debts, and your assets and property. Your attorney will want to go into detail regarding this personal information to make sure you have not left anything out of the bankruptcy process.

Learn More About the Chapter 7 Bankruptcy Process

When you are considering filing for Chapter 7 bankruptcy, we understand that you will want to learn more about the bankruptcy process and how it works. When it comes to preparing for bankruptcy, know that you will need a lot of detailed information on your life. You must be prepared to openly discuss how much you earn, what you spend on necessary expenses and extra expenses, and what kinds of assets and property you own. If you are working with a Chapter 7 bankruptcy lawyer, this is even better. You can speak with them about these details and they can file the forms on your behalf.

Determining the Kinds of Debts That Can be Erased

Because Chapter 7 bankruptcy is the “liquidation bankruptcy” you probably want to know what kinds of debts you can erase. When you erase a debt it is known as a “dischargeable” debt. Some debts that are dischargeable are:

  • Utility bills
  • Car loans
  • Medical bills
  • Credit card debt

Recovering With the Automatic Stay

When you are going through the bankruptcy process, something called the “automatic stay” will go into effect. You may not think of bankruptcy as a stress reliever, but the truth is that the automatic stay may be one of the most helpful parts of going through the whole process. Many people find that creditors calling, emailing, and sending letters is one of the worst aspects of owing someone a debt. This kind of harassment can make it nearly impossible to go through your day-to-day without feeling burdened. Once the automatic stay is in place, creditors should stop harassing you and trying to get in contact with you. If creditors continue to bother you over debts after the automatic stay is in place, notify your attorney immediately.

How do I know when it is the right time to file for Chapter 7 bankruptcy? 

There are a few ways to know when it is the right time to file for Chapter 7 bankruptcy.

  • You do not own a lot of expensive property
  • You are unable to pay for necessary monthly expenses because you are trying to keep up with your debt/payments
  • You are concerned that your employer is going to start garnishing your wages
  • You have a low credit score because you cannot keep up with your payments
  • Even with a repayment plan you likely would not be able to pay off your debts

Chapter 7 Bankruptcy and Student Loans

Whether you are going through the bankruptcy process or just considering it, you may be wondering if it will get rid of your student loans. Student loan debt can be a burden that continues to eat away at your monthly paycheck. If you have wondered whether or not you will be able to discharge your student loan debt through Chapter 7 bankruptcy, you have come to the right place. While student loans are often considered non-dischargeable, this is simply not a clear-cut yes or no. If you would like to learn more about when you may be able to discharge your student loans with Chapter 7 bankruptcy, give our office a call. We would like to help you with this process. 

Why isn’t there a simple answer? 

With almost anything involving bankruptcy, this cannot just be a “yes” or “no.” While student loans are most-often not something people think can be taken care of throughout the bankruptcy process, there are always exceptions to the rule. Nevada allows for the bankruptcy process to discharge student loan debt under very specific circumstances and when you work with an attorney you may find that you fall under one of these categories. The law states that if repaying student loans causes “undue hardship” to the person responsible for the loans, the debt may be discharged.

What does “undue hardship” really mean? 

Almost anyone who is struggling to repay their student loans will tell you that it is an undue hardship. However, your definition of undue hardship must fit the legal definition. You and your attorney must show: 

  1. If you are required to pay off the rest of your student loans you will not be able to continue with a minimal standard of living. 
  2. Your inability to repay your student loans will not be changed or fixed any time soon. This means you are not expecting to get a better-paying job or raise any time in the near future.
  3. You have tried different methods and made a sincere effort when it comes to trying to pay back your student loans. 

The court will be looking into numerous factors when it comes to making a decision on your student loans and Chapter 7 bankruptcy, including your education, potential income, your age, whether or not you have dependents, and if you have a mental or physical disability. If your attorney can provide some of these as reasons why you are unable to pay off your student loan debts, then the court may choose to include them in your Chapter 7 bankruptcy dischargeable debts. 

Begin a New Financial Start By Freeing Yourself of Debt

If you are in a combination of the above circumstances, it is likely time that you speak with a Chapter 7 bankruptcy attorney you can trust about starting the filing process. Filing for bankruptcy does not have to be complicated when you have the help of a Chapter 7 bankruptcy attorney by your side. If you would like to learn more about this process, give our team a call now. Filing for bankruptcy takes time and knowledge. Having a Chapter 7 bankruptcy attorney Las Vegas, Nevada trusts on your side can make a big difference, so call Ballstaedt Law Firm now.

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The professionalism and competence displayed by Lori Draper in dealing with me and my wife is rare in this day and time, where businesses treat clients as commodities rather than people. Lori has exceptional people skills and works diligently to make clients fell that they are the most important thing her agenda. Lori is prompt, timely and professional, which creates an atmosphere of trust and makes clients want to recommend the Ballstaedt Law firm to others. Employees like Lori Draper is an asset a company should be proud of representing them

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