Keep in mind, there are disadvantages of filing a Nevada Chapter 7 Bankruptcy. Plus a Ch 7 will remain on your credit for 7 years. Additionally, you won’t be able to get a home loan for 2 years. Therefore, if you have an adequate credit score before filing bankruptcy, it will likely decrease immediately after you file. However, bankruptcies are public record, so while your friends and family will probably only find out if you tell them, it isn’t a guarantee.
Some of the advantages of filing a Chapter 7 Bankruptcy include: A ch 7 immediately stops any wage garnishments, repossessions, and foreclosures you are facing. You won’t be required to repay any of your dischargeable debts. Your credit score may improve upon filing if you have a poor credit score to begin with, and will likely raise drastically in the year after you file. Chapter 7 Bankruptcy only requires you to go to court once for a fairly short and simple hearing.