Many of us face financial hardship due to mounting debt, credit card payments, rent, utilities, and other monies owed each month. When you are struggling to make ends meet, Chapter 7 Bankruptcy may be the right answer to your financial problems. At Price Law Group, our Nevada Chapter 7 Bankruptcy Attorneys will work with you one on one, to discuss your needs with you and look at your financial case to determine if you are a good candidate for Chapter 7 Bankruptcy in Nevada.
To qualify for a Chapter 7 bankruptcy you must make less than the median income for people in your area. If your income is above the median income level in your area, you may still be eligible for Chapter 7 protections, but you will have to undergo a means test to determine how much disposable income you have.
Your disposable income is multiplied by 60 to see how much money would be available to pay your unsecured creditors over a five year period less any monies owed for rent, utilities, and payments on items not included in the bankruptcy.
If this total is $10,000 or more, you will not be eligible for Chapter 7 bankruptcy and will be required to enter into a Chapter 13 bankruptcy repayment plan. If your disposable income totals less than $10,000 in a five year period, there is still more to the means test. If your disposable income is $100 a month or more, and the total over the five-year period is equal to 25 percent of your unsecured debt included in the bankruptcy, you will be required to file a Chapter 13 bankruptcy.If your disposable income is less than $100 a month, you will qualify for Chapter 7 bankruptcy protection.
Let our professional Nevada bankruptcy attorneys review your financial situation and discuss your options with you. Take control of your financial future today by working with us to file for Chapter 7 Bankruptcy in Nevada.