Step I: Pre-filing Credit Counseling.
In Clark County, any person filing for Chapter 7 bankruptcy is required to attend mandatory credit counseling prior to filing. There are many options and many online courses are offered. For a list of approved providers in Nevada, click here.
Step II: Filing a Chapter 7 Bankruptcy and Automatic Stay.
Your Chapter 7 or Chapter 13 bankruptcy case officially beings when one of our Freedom Law attorneys files your bankruptcy petition with the bankruptcy court in Clark County, Nevada.
Once the petition and the proper documents have been filed, an injunction called an “automatic stay” will be issued. It will stop creditors from contacting you and from collecting debts. It will also put a temporary hold on foreclosures, wage garnishments, utility disconnections, and evictions.
However, the automatic stay will not suspend all proceedings. Our bankruptcy lawyers at Freedom Law Firm will explain to you what proceedings won’t be affected by the automatic stay during your initial (free and confidential) consultation.
Step III: You Have 15 Days to Provide the Bankruptcy Court with Information about Your Financial Situation.
You have 15 days after filing your bankruptcy petition to provide the court with information about your assets, expenses, liabilities, income, and other vital information to your case. For a Chapter 13 bankruptcy, you must additionally file your repayment plan during this time.
Step IV: Meeting of Creditors.
Between 21 and 40 days after filing, the case trustee will hold a meeting of creditors. During this meeting, the trustee will put you under oath, and both the trustee and creditors may ask questions. You will need to attend the meeting and answer questions regarding your financial circumstances and property.
Step V: Chapter 7 Discharge.
A discharge releases individual debtors from personal liability for most debts. It stops creditors from taking collection actions.
It is important to note, that a chapter 7 discharge is subject to many exceptions.
Bankruptcy is a delicate and complex proceeding, and you want someone with plenty of experience to consult you and guide you through the process and help you determine the scope of the discharge.
In many cases, unless a party in interest files a complaint objecting to the discharge, the bankruptcy court may issue a discharge order relatively early in the case – generally, 60 to 90 days after the date first set for the meeting of creditors.
If you would like to find out whether bankruptcy is the right option for you, please request a call-back by submitting a short online form. All initial consultations are free and confidential.