A good income doesn't rule out Chapter 7
Many people in Summerlin assume they earn too much to file. Not necessarily. The means test compares your household income over the last six months to the Nevada median for your household size. If you are above the median, a second calculation subtracts allowed expenses, such as your mortgage, car payments, taxes and health insurance. Many above-median households still qualify. See who qualifies for Chapter 7 in Nevada and how the means test works.
Your home, your retirement and your savings
- Your home. Nevada's homestead exemption protects a large amount of home equity. Will I lose my house?
- Retirement accounts. 401(k)s, IRAs and most other retirement plans are generally protected. Can the trustee take my 401(k) or IRA?
- Bank accounts and tax refunds need more planning. What happens to the money in my bank account?
Why the trustee's view matters more in your case
The more you own, the more closely the Chapter 7 trustee will look at your case: home equity, recent payments to family, transfers of property, business interests and large purchases before filing. Problems like these are much easier to deal with before filing than after.
Every Chapter 7 case is reviewed by a trustee. Brian D. Shapiro has served as a Chapter 7 trustee in Las Vegas for over 15 years, is currently the longest-serving trustee in Las Vegas, and has administered over 15,000 cases. When he represents you, your case is prepared by someone who knows exactly what the trustee will ask. More about Brian.
Discreet and remote
Bankruptcy filings are public court records, but they are not published in the newspaper, and your employer is not notified unless it is a creditor or a garnishment has to be stopped. There is no office to be seen walking into:
- Your free consultation is by phone or video call.
- You send your documents through our secure client portal.
- The meeting of creditors is held by Zoom, and we prepare you and attend it with you.
What it costs
Most Chapter 7 cases are a $2,500 flat fee with $0 down in attorney fees: nothing before your petition is filed, then $250 a month starting 30 days after filing. The court's $338 filing fee is paid before filing. How $0 down in attorney fees works.
Other areas we serve
We also represent people in Las Vegas, Henderson, North Las Vegas, Pahrump, Boulder City and Laughlin. We file Chapter 7 cases only, and only in Nevada.
Common questions
Do I make too much money to file Chapter 7?
Not necessarily. If your income is above the Nevada median for your household size, a second calculation subtracts allowed expenses, and many above-median households still qualify. We run the numbers at your free consultation.
Will I lose my house in Summerlin?
Most people keep their home. Nevada's homestead exemption protects a large amount of equity, as long as you stay current on the mortgage.
Is my 401(k) safe in bankruptcy?
401(k)s, IRAs and most other retirement accounts are generally protected in a Nevada Chapter 7.
Will my neighbors or employer find out?
Filings are public court records, but they are not published in the newspaper, and your employer is not notified unless it is a creditor or a garnishment has to be stopped.