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Chapter 7 Bankruptcy
Chapter 7 of the United States Bankruptcy Code is the Bankruptcy Code's liquidation chapter. It sometimes is
referred to as "straight" bankruptcy. It is used primarily by individuals who wish to free themselves of debt
simply and inexpensively. Chapter 7 involves the bankruptcy trustee's gathering and selling of the debtor's
nonexempt assets, from which creditors will receive distributions in accordance with the provisions of the
Bankruptcy Code.
In a Chapter 7 bankruptcy the debtor is permitted to retain certain exempt property. The remaining assets are
liquidated by a trustee. Potential Chapter 7 debtors should realize that the filing of this type of petition may
result in the loss of property. We will help you retain the most property permitted by law, while discharging
your overwhelming debt.
The following is a list of several of the common exemptions that are available to a debtor in the State of Nevada.
The filing of a petition under Chapter 7 "automatically stays"most actions against the debtor and the debtor's
property. If you are considering Bankruptcy and have received a notice of foreclosure notice, your time is
limited to utilize protection under the Bankruptcy Code to stop the foreclosure proceedings. The automatic
stay will stop the creditor's harassing phone calls, and be the start to your financial recovery. For Chapter 7
Bankruptcy, we charge attorneys fees starting at $1,500 for a single filer and $1,900 for a joint petition, plus
costs such as filing fees, and copying expenses. The fee will vary based on the complexity of the debtor assets.
referred to as "straight" bankruptcy. It is used primarily by individuals who wish to free themselves of debt
simply and inexpensively. Chapter 7 involves the bankruptcy trustee's gathering and selling of the debtor's
nonexempt assets, from which creditors will receive distributions in accordance with the provisions of the
Bankruptcy Code.
In a Chapter 7 bankruptcy the debtor is permitted to retain certain exempt property. The remaining assets are
liquidated by a trustee. Potential Chapter 7 debtors should realize that the filing of this type of petition may
result in the loss of property. We will help you retain the most property permitted by law, while discharging
your overwhelming debt.
The following is a list of several of the common exemptions that are available to a debtor in the State of Nevada.
- Household goods and furnishings, and yard equipment not to exceed $12,000.00
- Homesteads up to $550,000.00 (discuss with your attorney as there are specific rules that must be
satisfied to claim this amount); - One (1) car not to exceed $15,000.00 in value;
- Seventy-Five (75%) percent of disposable earnings, i.e., wages and commissions;
- Tools for the use in a trade not to exceed $10,000 in value;
- Life insurance, Trusts, and Pension plans (subject to certain limitations and qualifications); and
- Qualified retirement plans, IRAs, 401k plans, etc. not to exceed $500,000.00
The filing of a petition under Chapter 7 "automatically stays"most actions against the debtor and the debtor's
property. If you are considering Bankruptcy and have received a notice of foreclosure notice, your time is
limited to utilize protection under the Bankruptcy Code to stop the foreclosure proceedings. The automatic
stay will stop the creditor's harassing phone calls, and be the start to your financial recovery. For Chapter 7
Bankruptcy, we charge attorneys fees starting at $1,500 for a single filer and $1,900 for a joint petition, plus
costs such as filing fees, and copying expenses. The fee will vary based on the complexity of the debtor assets.
| Helping you move forward so you can pick up the pieces |
| THE ABOVE IS BY NO MEANS A COMPREHENSIVE ANALYSIS OF THE BANKRUPTCY CODE, NOR IS IT DESIGNED TO REPLACE THE SERVICES OF ADEQUATE LEGAL COUNSEL. PLEASE CONTACT US WITH ANY QUESTIONS YOU MIGHT HAVE REGARDING FILING A CHAPTER 7 BANKRUPTCY |
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| At Connaghan | Newberry, in Las Vegas, Nevada, we represent clients throughout Clark County, including North Las Vegas and Henderson. We also represent clients in San Diego, California. Please read our diclaimer. |
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