Your Chapter 7 Bankruptcy officially begins when we file a Bankruptcy Petition on your behalf with the Nevada bankruptcy court.
In addition to the petition,the following documents must be filed with the Bankruptcy Court:
- schedules of assets and liabilities
- a schedule of current income and expenditures
- statement of financial affairs
- schedule of executory contracts and unexpired leases. Fed. R. Bankr. P. 1007(b).
- most recently filed tax returns or transcrips of tax returns
- any tax return filed during your bankruptcy case
- any tax returns for previous years that had not yet been filed
If the majority of your debts are consumer debts (credit cards), the following documents must also be filed with the Bankruptcy Court: ( 11 U.S.C. § 521):
- certificate of credit counseling
- evidence of any payment from your employer(s), if any, received up to 60 days before filing;
- statement of monthly net income
- any anticipated increase in income or expenses after filing
- record of any interest you may have in any federal or state qualified education or tuition accounts.
If married, you may file a joint petition with your spouse, or an individual petition if you are filing on your own. 11 U.S.C. § 302(a).
If you are filing with your spouse, all of the same documents filed in an individual bankruptcy must also be filed with a Joint Petition for Nevada Bankrutpcy.
As a part of filing your Chapter 7 bankruptcy we will collect the following information from you in order to complete the official Nevada bankruptcy forms:
- list of all creditors and amount owed to them
- th source, amount, and frequency of your income.
- list of all the property you own
- detailed list of your monthly living expenses
If you are married, we will need that same information for your spouse even if you are filing as an individual. This is so that the Bankruptcy Court can evaluate your household's financial condition.
The large majority of collection actions against you will automatically stop upon filing. The sooner you file, the faster the harassment stops.11 U.S.C. § 362. The bankruptcy court clerk is obligated to give notice of your bankruptcy case to all the creditors whose names and addresses you provided to us and which we included in your bankruptcy petition.
About 3 - 5 weeks after we filed your bankruptcy petition, you will be required to attend a mandatory meeting of your creditors. The case trustee presides over this meeting and our attorney attends with you.
During this meeting, the trustee will put you under oath, after which the trustee and any creditors that may have come to the meeting may ask you questions. Most creditors do not appear at these meetings unless the debt is unusually large or there are other special reasons the creditor feels he or she should appear.
If you filed jointly with your spouse, you must both attend this meeting.
Within 10 days of the creditors' meeting, the U.S. trustee will report to the court whether the case should be presumed to be an abuse under the means test described in 11 U.S.C. § 704(b).
The bankruptcy judges assigned to your case is prohibited from attending the meeting of your creditors. 11 U.S.C. § 341(c).
perty of the estate. Under § 726, there are six classes of claims; and each class must be paid in full before the next lower class is paid anything. The debtor is only paid if all other classes of claims have been paid in full. Accordingly, the debtor is not particularly interested in the trustee's disposition of the estate assets, except with respect to the payment of those debts which for some reason are not dischargeable in the bankruptcy case. The individual debtor's primary concerns in a chapter 7 case are to retain exempt property and to receive a discharge that covers as many debts as possible.
Alternatives to Nevada Chapter 7 Bankruptcy Filing
