Your Las Vegas Bankruptcy Filing Checklist

Las Vegas has faced significant economic struggles over the past few years, thanks to the pandemic and the ensuing cost-of-living crisis. Workers across several industries have been laid off or otherwise experienced a reduction in income. This can lead to the accumulation of debt, a problem that only tends to get worse due to interest, late fees, and more. Without a major change in circumstances, debt is a cycle in which someone can be trapped, unless they reach out for assistance with debt relief. Filing for bankruptcy puts a stop to collection efforts and may clear a debtor of their most burdensome obligations. But you can get more out of it when your petition is filed accurately and strategically with an experienced bankruptcy lawyer’s help. We make getting the process started easy with your initial consultation by phone, offered free of charge, when you can see if you qualify for our Zero Down payment plan option. If you don’t have a feasible plan to get yourself out of debt, contact our firm for your free bankruptcy consultation today at 702-842-0700. 

Make Sure You Have Valid Forms of ID

The information you provide in your bankruptcy petition must match what’s on your forms of ID so that the trustee can verify your identity at the 341 Meeting of Creditors. Life can get hectic, and you may have misplaced your ID and need to request a replacement. Do this now rather than later so you have less on your plate when it’s time to file your bankruptcy petition. You need two forms of official ID to verify your identity and participate in the bankruptcy process. The first must have your photo on it- a passport, driver’s license, or state identification card will work. The second must contain your full Social Security number- use an original W-2 if you don’t have your Social Security card. 

Download Your Account Statements

Almost everyone has at least one bank account, but you may also have funds in savings, stocks, a retirement fund, etc. Many of these may be eligible for protection with one of Nevada’s bankruptcy exemptions. But this can’t be confirmed unless the trustee has access to your account statements from the time your bankruptcy petition was filed. You should be checking these accounts now to confirm that there are applicable bankruptcy exemptions to protect them. 

Take Your First Online Bankruptcy Course

The first of your two online bankruptcy courses can be taken up to 6 months before your petition is filed. It should take about an hour and a half to complete, and you will need to pay a small fee to participate in the course. If you have retained an attorney, they will give you a preferred course provider, and you will enter your attorney’s information when you sign up so they will automatically be sent your course completion certificate. If you don’t retain an attorney, it will be your own responsibility to make sure the course completion certificate is attached in your bankruptcy petition filing. Don’t forget to take your second course (and file the completion certificate with the court) within 60 days of your 341 Meeting of Creditors. 

Have Six Months’ Worth of Paystubs Ready

When you file for bankruptcy, your income level is calculated based on the average amount you earned over the past 6 months. Income is often the determining factor for both chapter 7 and chapter 13 eligibility. It must be low enough to qualify for liquidation in chapter 7 bankruptcy, and high enough to pay off mandatory debts in chapter 13 bankruptcy. If you receive paystubs, you can use these to show your income and verify your eligibility for your chosen bankruptcy chapter. You might need profit and loss statements, screenshots from earnings apps, and other forms of proof of income if you don’t receive a regular pay stub. You must include pay information from all of your household members who work for income. 

Review Your Credit Card Spending

Credit cards are one of the main debts that people who file for bankruptcy are seeking to discharge. But if there were no limitations on credit card debt discharge, many debtors would likely open up as many cards as they could and charge them to the limit before filing. To prevent this from occurring, lawmakers set limits on how much cash can be advanced and how much luxury spending can be done with credit cards by bankruptcy debtors in the months leading up to filing. Make sure you haven’t advanced more than $1,250 in cash on your credit cards in the 70 days before your bankruptcy petition filing. Also make sure you haven’t spent more than $900 on luxury purchases in the 90 days before your bankruptcy petition filing. Examples of luxury purchases include new electronics, name brand shoes and clothing, vacations and meals at restaurants, gambling, etc. 

Gather Your Divorce and Child Support Documents

Your trustee will need to see your divorce orders if they were finalized in the past 2 years or so. Divorce can play a huge role in a household’s finances, and it is one of the leading causes of bankruptcy filings in the United States. Splitting from one household into two could change the results of the means test, and your spouse could be entitled to some of your earnings or retirement benefits. You may also be ordered to pay or receive spousal support or child support each month. All of this needs to be verified by the trustee with valid court orders. 

Start Preparing Yourself for Life After Discharge

Even before you have filed for bankruptcy isn’t too early to start preparing for life after bankruptcy. You will lose all of your credit cards upon filing and you won’t be able to make major purchases (without the trustee’s permission) until your case has been discharged. You can start educating yourself on how to build your credit again after debt discharge now. There are many strategies you can use, but the most effective will vary based on your unique needs. You should also be aware of rules limiting post-bankruptcy debtors, such as waiting periods to qualify for a home mortgage loan or to file for bankruptcy again. 

Have Your Case Evaluated by a Las Vegas Bankruptcy Attorney

Completing all of the items on this checklist is just what you need to do to prepare for bankruptcy. There is more work that goes into the petition filing, such as trustee communications, hearings like the 341 Meeting of Creditors, completing and filing the second debtor education course, and more. Juggling all of this with your everyday responsibilities can make bankruptcy a complex and stressful time. When you file for bankruptcy with an attorney, you provide your documents, and we provide you with a full and accurate bankruptcy petition that is filed to clear your debts. Then our team will be with you each step of the way along your bankruptcy journey. Don’t let another day go by with your life being ruled by debt. Schedule your free consultation with one of our experienced Las Vegas bankruptcy lawyers today by calling 702-842-0700.

Zero Down Bankruptcy Lawyers
Phone: (702) 842-0700
Email: info@vegaszerodownbankruptcy.com

Las Vegas Office
5552 Ashley Creek St
Las Vegas, NV 89135

North Las Vegas Office
7251 W Lake Mead Blvd
Las Vegas, NV 89128

Henderson
1489 W Warm Springs Rd #110
Henderson, NV 89014