Zero Down Bankruptcy Lawyers



A Chapter 7 Bankruptcy is a liquidation of your unsecured debts. Debts that are dischargeable in a Chapter 7 Bankruptcy are credit cards, medical bills, registration loans, personal loans, and some back taxes. Additionally, you will be required to submit a petition with all of your financial information, take credit counseling courses, and attend a 341 Meeting of Creditors in a Nevada Chapter 7 Bankruptcy.


A Chapter 13 Bankruptcy is a reorganization of your debts. They will be spread out in a payment plan that lasts 3-5 years. If you have any arrearages on your mortgage or other loans, a Chapter 13 gives you the chance to catch up gradually.


Your payment plan will be determined using your income, reasonable expenses for your family size, and the amount of debt. Any outstanding balance on your vehicles, a fee for the trustee, your arrearages, your attorney’s fees, and a portion of your unsecured debts will be included.


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.


The Automatic Stay goes into effect once your bankruptcy is filed. It protects you against different forms of debt collection, including wage garnishment, repossession, and foreclosure. The stay remains in effect until your case is discharged or dismissed. At that time, collection on non-dischargeable debts will resume, but collection on dischargeable debts will be halted permanently.


A bankruptcy means test is used to determine if you qualify for filing bankruptcy in Nevada.  The Means Test will take your and your spouse’s (if applicable) income, subtract paycheck deductions, and also subtract reasonable monthly expenses set forth by the court.
However, even if your income is above Nevada’s median level, you can file a Chapter 7 if the number you reach from the Means Test is low enough. This is not always straight forward, best practice is to contact our Las Vegas Bankruptcy Attorneys for additional information.  Additionally, you should consult a Vegas debt relief attorney to make sure you conduct your Means Test correctly.


There is no age limit for people who file for bankruptcy, though in some states debtors may have to be at least 18 years old to file bankruptcy.  Both the elderly and young people explore bankruptcy as a debt relief option every year.


Some debts aren’t dischargeable in a Nevada Chapter 7 bankruptcy. These include student loans, title loans, domestic obligations such as spousal and child support, and back taxes. Some older IRS debts can be discharged if they meet certain requirements. If you have IRS debts you’d like to discharge in a bankruptcy, you should discuss these requirements with an attorney.


You can pay on your student loans in a Nevada Chapter 13 bankruptcy, but the remaining balance won’t be discharged at the end of your payment plan.  The advantages of paying your student loans in a Chapter 13 bankruptcy is that you won’t have to pay interest and can make up back payments without all of the same penalties that would occur without participating in a Ch 13 Repayment plan.
Bankruptcy can be very instrumental in helping people struggling with student loan debt get back on track.  Especially, when behind on student loan back payments.  A chapter 13 bankruptcy in Las Vegas can help.  Contact our Vegas Zero Down Bankruptcy Attorneys for a free consultation and debt evaluation with our Nevada debt relief team today.


5552 Ashley Creek St
Las Vegas, NV 89135


7251 W Lake Mead Blvd
Las Vegas, NV 89128


1489 W Warm Springs Rd #110
Henderson, NV 89014

(702) 842-0700

Monday-FRIDAY 8:00 AM – 6:00 PM
SATURDAY 8:00 AM-12:00PM


Nevada Zero Down Bankruptcy