Chapter 7 Bankruptcy Attorney in Reno, Nevada

The financial curveballs of life can hit you unexpectedly and sideline you from paying debts, bills, and meeting your other financial needs. In such situations, filing for bankruptcy may be one of the eventual options to remedy your dilemma and achieve the financial fresh start you deserve. If you are going through financial difficulties and considering filing bankruptcy, consulting with a knowledgeable Nevada bankruptcy attorney is crucial for detailed guidance.

Attorney Scott N. Tisevich is committed to offering comprehensive legal services and reliable representation to clients in all bankruptcy-related matters. As your legal counsel, he can review the details of your case, discuss your unique circumstances, and provide you with the experienced legal guidance and advocacy you need to navigate the complexities of your bankruptcy proceedings.

Scott N. Tisevich, Attorney at Law, proudly serves clients throughout Reno, Nevada, and surrounding communities of Churchill County, Lyon County, Carson City, Douglas County, and Las Vegas.

Understanding Chapter 7 Bankruptcy

Chapter 7 bankruptcy or "liquidation bankruptcy" is a debt relief option available for individuals, families, and businesses going through financial difficulties. Filing for Chapter 7 bankruptcy will wipe out most of your general unsecured debts and give you a needed financial "fresh start."

In a Chapter 7 bankruptcy case, the Nevada court will appoint an independent contractor, known as the trustee, to oversee your bankruptcy case. The trustee will collect and sell your non-exempt assets, then pay your creditors using the net proceeds from the sale.

Non-Exempt and Exempt Assets

Non-exempt assets are properties and items that the trustee can sell or use in a Chapter 7 bankruptcy case. These include your second cars, bonds, family heirlooms, stocks, second homes, bank accounts, cash, vacation homes, and other investments. You will still be left with your exempt assets, such as your car, primary home, household appliances, furniture pieces, and clothing. Bankruptcy is usually the same across all states since it is governed by federal laws.

What Chapter 7 Can Do

Chapter 7 bankruptcy can help individuals and businesses through the following ways:

• Wipeout or discharge your general unsecured debts, including credit card debts, unsecured personal loans, and medical bills.

• Relieve you of many of your other financial duties, except child support and spousal support obligations.

• Activate an "automatic stay" on your existing debts, thus, preventing debt collection or wage garnishment and stopping all creditor harassments.

• Stop an eviction, repossession, or foreclosure on your home.

• Help in rebuilding your credit score gradually over time.

What Chapter 7 Doesn't Do

While Chapter 7 bankruptcy can help you in several ways, there are still several things it can't do.

• Chapter 7 bankruptcy will not leave you destitute. You will still have your major assets, including your home, car, furniture, and clothing.

• Chapter 7 bankruptcy will not ease your alimony or child support responsibilities. This will require a family court decree.

• Chapter 7 bankruptcy will not eliminate non-dischargeable debts, including federal, state, and local taxes, fraudulent debts, divorce settlement debts, criminal restitution, fines, and penalties.

• Chapter 7 bankruptcy will not eliminate your student loan debts.

Qualifying for Chapter 7 in Nevada

Before you can qualify for Chapter 7 in Nevada, your income needs to be below the state's median income for your household size. You also need to take a debtor education course and a credit counseling course from a U.S Trustee approved agency in Nevada within six months prior to filing. You can attend the course online, and it only takes about two hours to complete.

Calculating Nevada's Median Income

As mentioned above, qualifying for Chapter 7 bankruptcy requires that your income is lower than the Nevada median income for your household size.

• One-person household – $52,449

• Two-member household – $65,756

• Three-member household – $74,856

• Four-member household – $81,528

*Add $9,000 for each household in excess of 4 members.

The figures listed are for 2020 but these numbers are regularly updated. The Law Office of Scott N. Tisevich can help you determine your qualification for filing Chapter 7.

Bankruptcy Means Test

If your income is more than the Nevada median income for your household size, you will need to complete the bankruptcy means test before you can file for bankruptcy under Chapter 7. This test will help to determine your disposable income. Those with a higher disposable income may not qualify for Chapter 7 and may consider Chapter 13 bankruptcy instead.

When Is Chapter 7 a
Good Debt Relief Option?

Chapter 7 is an ideal debt relief option when:

• You need to eliminate a significant part of your debt.

• You have assets that you wish to protect or others you intend to list as non-exempt.

• You don't earn any income, and neither do you have any valuable asset a creditor can go after.

Work with a Chapter 7 Bankruptcy Attorney in Reno, Nevada

Filing for Chapter 7 bankruptcy is quite common in Nevada. According to the American Bankruptcy Institute, in 2019, nearly 10,046 bankruptcy cases were filed in Nevada, of which 8,031 were Chapter 7 cases. These individuals didn't go through it alone, and neither should you. If you are thinking about filing for Chapter 7 bankruptcy in Nevada, you need a knowledgeable attorney to protect your rights and provide detailed guidance.

Attorney Scott N. Tisevich has dedicated his career to providing experienced legal services and guiding clients through the complex Chapter 7 filing process. He will help you understand your possible options and determine whether or not, Chapter 7 is the right debt relief option for you. As your legal counsel, he can help with filing your bankruptcy forms and assist with the necessary documentation. Scott N. Tisevich, Attorney at Law, can offer you the knowledgeable legal guidance and comprehensive representation you need throughout every step of the bankruptcy proceedings.