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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
Filing Bankruptcy in Nevada
For those of you in Nevada who didn’t own a television a couple years ago or pay attention to the flood of advertisements from bankruptcy lawyers warning consumers of the impending law changes, Congress completely overhauled the bankruptcy laws effective October 17, 2005. As a result of the changes, it has now become much more difficult to qualify or be eligible for Chapter 7 personal bankruptcy. This is the traditional bankruptcy type, in that in most cases the debts are eliminated without having to pay more than court costs and attorney fees. The bankruptcy chapter being pushed upon more Nevadans is Chapter 13. Under this bankruptcy, the debtor is required to turn over all of their disposable income to the courts for a period of three to five years until their debts are discharged. Don’t underestimate how difficult this can be to actually accomplish, which explains why surveys show that less than fifty percent of all Chapter 13s are ever completed.
Who Is Being Forced Into Chapter 13
Ultimately, the people who are being put into Chapter 13 plans (other than those who choose this path of course) are consumers with higher incomes, or more specifically, people who earn more than the median income in their state. If someone earns more than the median income in their state, they are now required to pass the means test in order to file Chapter 7. The means test is just a set of questions and answers to deduce whether someone can reasonably afford to pay off at least part of their debt.
Listed below is median income information for consumers in Nevada.
2-person families: 56,258
3-person families: 63,231
4-person families: 66,095
5-person families: 66,200
6-person families: 68,101
7-or-more-person families: 71,448
Rather not file bankruptcy? Save your credit and financial future from the devastation of Nevada bankruptcy! Fill out a form here to get matched with a pre-qualified provider of debt assistance & advice.
State Bankruptcy Figures
2004: 16,655
2005: 23,453
2006: 5,339
Nevada, as one might expect, has an unusually high personal bankruptcy rate relative to other states. Most debt consultants point to the fact that legal gambling is a cause of debt problems that exists in few other states. Other experts point to the fact that 18% of Nevada residents are uninsured, or 3 percent higher than the national average, as a reason for higher filing rates. With the vast majority of bankruptcies being related to medical bills, this argument makes a lot of sense. Despite the fact that gambling and medical problems are a much more of a concern in Nevada than other states, the new bankruptcy law achieved its goal of reducing filings here as well. From 2005 until 2006, personal filings decreased by 18,114, or 77.2%.
Nevada Consumer Credit Counseling Services
Nevada Bankruptcy Laws
Nevada Debt Collection
Filing Bankruptcy in Nevada
For those of you in Nevada who didn’t own a television a couple years ago or pay attention to the flood of advertisements from bankruptcy lawyers warning consumers of the impending law changes, Congress completely overhauled the bankruptcy laws effective October 17, 2005. As a result of the changes, it has now become much more difficult to qualify or be eligible for Chapter 7 personal bankruptcy. This is the traditional bankruptcy type, in that in most cases the debts are eliminated without having to pay more than court costs and attorney fees. The bankruptcy chapter being pushed upon more Nevadans is Chapter 13. Under this bankruptcy, the debtor is required to turn over all of their disposable income to the courts for a period of three to five years until their debts are discharged. Don’t underestimate how difficult this can be to actually accomplish, which explains why surveys show that less than fifty percent of all Chapter 13s are ever completed.
Who Is Being Forced Into Chapter 13
Ultimately, the people who are being put into Chapter 13 plans (other than those who choose this path of course) are consumers with higher incomes, or more specifically, people who earn more than the median income in their state. If someone earns more than the median income in their state, they are now required to pass the means test in order to file Chapter 7. The means test is just a set of questions and answers to deduce whether someone can reasonably afford to pay off at least part of their debt.
Listed below is median income information for consumers in Nevada.
2-person families: 56,258
3-person families: 63,231
4-person families: 66,095
5-person families: 66,200
6-person families: 68,101
7-or-more-person families: 71,448
Rather not file bankruptcy? Save your credit and financial future from the devastation of Nevada bankruptcy! Fill out a form here to get matched with a pre-qualified provider of debt assistance & advice.
State Bankruptcy Figures
2004: 16,655
2005: 23,453
2006: 5,339
Nevada, as one might expect, has an unusually high personal bankruptcy rate relative to other states. Most debt consultants point to the fact that legal gambling is a cause of debt problems that exists in few other states. Other experts point to the fact that 18% of Nevada residents are uninsured, or 3 percent higher than the national average, as a reason for higher filing rates. With the vast majority of bankruptcies being related to medical bills, this argument makes a lot of sense. Despite the fact that gambling and medical problems are a much more of a concern in Nevada than other states, the new bankruptcy law achieved its goal of reducing filings here as well. From 2005 until 2006, personal filings decreased by 18,114, or 77.2%.
Nevada Consumer Credit Counseling Services
Nevada Bankruptcy Laws
Nevada Debt Collection