A past due bill sitting with a model house on a calendar, Behind on your mortgage payments
If you are seeking a chapter 7 bankruptcy lawyer in Las Vegas, NV has many to choose from, but not are all equal. Before you choose a random lawyer from the yellow pages, you should take time to explore your options. By doing so, you can ensure you find a lawyer that you are comfortable with.
At Ballstaedt Law Firm, we have been helping individuals and businesses find the right solutions for their debt. We know the laws, procedures, and how to overcome many of the unexpected challenges that tend to arise. With years of experience and a tenacious desire to get results, we know how to alleviate much of the stress that debt causes. If you are ready to resolve your debt, call a chapter 7 bankruptcy lawyer Las Vegas, NV.
Filing for Bankruptcy
Choosing to file for bankruptcy can be a major life decision, especially if you have heard of the negative stigmas that are often associated with the process. Please know that a lot of these stigmas are based upon misinformation that comes from creditors who do not want you to file for bankruptcy. The reason for this is because when you do, the creditors might not get paid. In other words, creditors might tell you whatever they can to prevent you from pursuing chapter 7 or chapter 13 bankruptcy.
As a chapter 7 bankruptcy lawyer in Las Vegas, Nevada might tell you, bankruptcy can put you into a position that allows you to regain your financial standing. The process can relieve you of some or all of your unsecured debt including credit cards, loans, and medical bills. If this is a fresh start you are looking for, call Ballstaedt Law Firm.
You Must Qualify Chapter 7 Bankruptcy
Before you file for chapter 7 bankruptcy, you have to pass a means test. This evaluates your total income for the last six months. If the test shows that you have very little, or no, disposable income after your necessary expenses are paid, you may be able to proceed. If your income is above the set threshold, you might not qualify for chapter 7, but could still consider chapter 13. In addition to passing the means test, you must have not filed for chapter 7 within the last 8 years.
On average, it will take a Las Vegas, NV chapter 7 bankruptcy lawyer 3 to 6 months to file and discharge the petition. You might be required to undergo debt counselling, which is simple and will help you to know what to expect in the future regarding obtaining loans or credit cards. A lawyer will be there to overcome obstacles and ensure you know what is going on. You will need to stand before a judge who will hear your case and make a final decision. Rest assured, your chapter 7 bankruptcy lawyer in Las Vegas, NV can be there every step of the way. For a consultation, call Ballstaedt Law Firm.
What Property Can Be Exempted in a Nevada Bankruptcy?
Nevada is not one of the 17 U.S. states that allows Chapter 7 bankruptcy filers to claim federal exemptions. What does this mean practically? If you file for bankruptcy in Nevada, you must claim state-specific exemptions. This process is very important because applying an exemption to your personal property safeguards that asset from the risk of being sold by the bankruptcy trustee assigned to your case. Essentially, any property you own that is not classified as “exempt” can be sold by your trustee to pay back your creditors. Therefore, it is important to work with a Las Vegas, NV Chapter 7 bankruptcy lawyer to claim every state-specific exemption available to you so that you can maintain ownership of your property. The last thing you want is to emerge from the bankruptcy process debt-free but without any of your personal property intact. You’ll be forced to go into debt again buying up the kinds of property you just lost. Our Las Vegas, NV Chapter 7 bankruptcy lawyer team can help you protect your property through careful treatment of the exemption process.
Nevada-Specific Exemption Allowances
Nevada law allows for the exemption of many kinds of property, usually up to a certain value. Note that most of these exemptions can be doubled when bankruptcy filers are married couples who are filing jointly and co-own their property.
For example, once you record a homestead declaration with the state, you can exempt up to $605,000 in equity in a home or mobile home if you are filing as a single individual, but you can double that equity value if you are married, filing jointly, and both spouses have an ownership interest in the home. You can also exempt health aids, keepsakes and pictures, a certain amount of books, musical instruments, jewelry, appliances, furniture, clothing, household goods, electronics, yard equipment, collectibles, etc. You can also exempt certain intangible assets like retirement accounts, public assistance benefits, workers’ compensation benefits, and the like. Finally, Nevada offers a generous “wildcard exemption” that allows filers to choose up to $10,000 in value of otherwise nonexempt property for protection. Our team can walk you through how these exemptions will work in your specific case.
Legal Assistance Is Available
If you’re thinking about filing for bankruptcy, know that you don’t have to navigate the details alone. Contact our firm today to speak with a Chapter 7 bankruptcy lawyer Las Vegas, NV residents trust. There is a lot of information online that suggests that it is easy to file for Chapter 7 bankruptcy without a lawyer’s assistance. While it is technically possible to file on your own, bankruptcy is a complex process and there is a great deal at stake when you submit and defend a bankruptcy position. Why go it alone when you can have experienced, yet truly affordable representation doing the “heavy lifting” on your behalf? Please connect with a dedicated, capable, and affordable Las Vegas, NV Chapter 7 bankruptcy lawyer at Ballstaedt Law Firm today. We look forward to speaking with you and providing you with information about how we can help you make your bankruptcy process a success.