Las Vegas Chapter 7 Bankruptcy Lawyers

Understanding Liquidation Bankruptcy in Las Vegas, NV

Chapter 7 bankruptcy, or liquidation bankruptcy, allows individuals, married couples, and companies to sell off non-exempt assets to pay off creditors—leaving them virtually debt-free and ready to move forward toward a brighter financial future. If you're considering filing for Chapter 7 bankruptcy, you're at a critical fork in the road for your financial future. The only way you'll make the right choice is if you understand all your options for debt freedom. Our experienced bankruptcy attorneys in Las Vegas can help you determine if Chapter 7 is the right choice for your situation.

Some factors to consider when considering Chapter 7 bankruptcy:

• Total outstanding debts
• Total value of your assets
• Types of debts you have (i.e. credit card debt or medical bills)
• Your desire to protect certain assets

If you're buried under credit card debt or medical bills, turn to the Las Vegas Chapter 7 bankruptcy attorneys at Fox, Imes & Crosby, LLC. Our experience with liquidation bankruptcy equips you to make a well-informed decision about your financial future as we make filing as hassle-free as possible.

Common Misconceptions About Chapter 7 Bankruptcy

At Fox, Imes & Crosby, LLC, we understand that filing for bankruptcy can be a confusing and lonely prospect, which is why our attorneys take the time to listen to your concerns and work with you to protect as many assets as possible—being on your side every step of the way. 

With more than 50 years of combined hands-on experience, we have helped countless clients find successful resolutions to their bankruptcy situation. 

5 myths about filing for Chapter 7 bankruptcy include:

1. You do not have to give up your house or car. 
2. You do not have to be unemployed.
3. Your friends and neighbors are not likely to find out about your filing.
4. You will be able to buy a car and a house after bankruptcy.
5. Bankruptcy is not a scarlet letter. 

Your Step-by-Step Process for Filing Chapter 7 in Las Vegas

Chapter 7 bankruptcy is a quick and easy way to get rid of your debts without having to pay your creditors through a repayment plan.

Below are the basics to filing bankruptcy Chapter 7:

• Find out if you qualify to file by completing the Means Test. If you cannot pass it, then there are other debt relief solutions available, such as filing for Chapter 13 bankruptcy.
• Before filing for Chapter 7, you must complete a credit counseling course
• File for Chapter 7 -- a bankruptcy trustee will be assigned to your case
• Mail supporting documents to your trustee if requested
• Attend the Chapter 7 hearing, also known as the 341 creditors meeting
• Complete a budget counseling course

When all the steps are completed, your debt will be discharged and your bankruptcy trustee will take care of liquidating your nonexempt assets.

Essential Documents for Your Chapter 7 Bankruptcy Filing

Filing for Chapter 7 involves collecting your financial information so you can complete the bankruptcy packet correctly. The packet contains 70 pages and there are at least 23 forms that must be filled out -- your income, expenses, and debt information must be completed accurately.

The following documents will be helpful in allowing you to complete the bankruptcy forms:

• Bank statements from the last few months
• Recent credit report
• Pay stubs from the last 6 months
• Tax returns from the last 2 years
• Statements from your brokerage or retirement accounts

Are you considering filing for bankruptcy Chapter 7 or not sure which debt relief solution will work best for you? Do not hesitate to reach out to an experienced attorney at Fox, Imes & Crosby, LLC -- simply call (702) 941-6320 to make an appointment.
 

Advantages of Choosing Chapter 7 Bankruptcy in Las Vegas

Chapter 7 is not for everyone. Our team will help you decide if Chapter 7, Chapter 13, or a non-bankruptcy solution is right for you. 

4 benefits to filing for Chapter 7 include:

1. Stop garnishments, lawsuits, collection calls, and most other judicial proceedings: Once Chapter 7 is filed, your creditors have to stop their collection efforts, allowing you to get the breathing space you need. We understand how ruthless collectors can be, so if creditors do not stop, we will take the steps to get court orders forcing them to. We may even be able to get sanctions against creditors for certain types of bad behavior.
2. Eliminate unsecured debt: Unsecured debts like that from credit cards, medical bills, and pay-day loans can be eliminated when you file for Chapter 7.
3. Improve your credit score: While most people think bankruptcy is the worst thing you can do for your credit, in certain circumstances, the constant negative reporting of delinquent accounts and large debt to income ratio can be even more damaging. Filing Chapter 7 might help you get back on the path to a better credit score. 
4. Move forward with your life: One of the biggest benefits to filing Chapter 7 bankruptcy is the ability to get the fresh start you deserve. The freedom from debt that filing offers can be a huge weight off your shoulders, so you can move forward. 

Our experienced Las Vegas attorneys at Fox, Imes & Crosby, LLC can help guide you through the Chapter 7 bankruptcy process. Call us today at (702) 941-6320 or fill out our online form to schedule a consultation.