If you live in Las Vegas, Nevada and are looking to file bankruptcy,  you should be aware of the median income. The median income is used for the “Means Test” in determining whether you qualify to file under Chapter 7 or Chapter 13.  To qualify for Chapter 7 in Las Vegas, Nevada, the your income must typically be below the median income.

As of May 1, 2020, the revised median income figures for Nevada released by the United States Trustee will apply to bankruptcy cases filed after that date under Chapter 7 and Chapter 13.   The new figures reflect a slight increase in median income in Nevada for certain family sizes.

   Median Income
Household Size Annual Monthly
1 Earner $52,449 $4,371
2 People $65,756 $5,480
3 People $74,856 $6,238
4 People $81,528 $6,794
5 People $90,528 $7,544
6 People $99,528 $8,294
7 People $108,528 $9,044
8 People $117,528 $9,974

Add $9,000 (or $750/month) for each additional person.  For additional information on how to calculate your household size or for information regarding how the median income is used in determining whether you qualify for Chapter 7 and/or Chapter 13, please contact the Las Vegas Nevada bankruptcy attorneys at Luh & Associates.

Please keep in mind that the Bankruptcy Court has no jurisdiction (i.e., power) over credit reporting agencies.  However, pursuant to the Fair Credit Reporting Act (FCRA), 6 U.S.C Section 605, credit reporting agencies may not report a bankruptcy case on a person’s credit report after ten years from the date the case is filed. Other negative credit information is removed after seven years.

The Federal Trade Commission, Bureau of Consumer Protection can provide further information on reestablishing credit and addressing credit issues.

If you would like to to view your credit report for free, AnnualCreditReport.Com is the only source free credit reports authorized by federal law.

 

Luh & Associates would like to thank our clients and peers whose trust enabled Jason Ferris and Craig Slater (cover page) to be recognized this year in Nevada Business Magazine’s Legal Elite, 2017.

You can read about their selection here.

“Surround yourself with the best people you can find . . .” – Ronald Reagan

las vegas bankruptcy judge gavelYou have your bankruptcy lawyer in Las Vegas and you coordinated with your bankruptcy trustee. You’re ready to have your meeting of creditors. You’re on your way to a debt-free life. However, there is one person who stands in the way. During your bankruptcy petition, you may face the ultimate decision maker in your case: your bankruptcy judge.

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credit-squeeze-522549_1280One of the questions we hear in our Las Vegas bankruptcy office is how am I going to pay for my bankruptcy? It seems like a catch-22. I need money to get out of debt, but I don’t have any money because it is going towards my debt. What can one do?

There is one relatively cheap way to declare bankruptcy in Las Vegas.

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With Halloween coming up, we find everyone getting in the scary spirit. However, at our Las Vegas bankruptcy law firm, we do not have an interest in scaring people. Instead, our bankruptcy attorneys enjoy making people happy and getting them out of stressful situations.

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debt-managementWhen declaring your bankruptcy, you may have made a mistake. You may have realized Chapter 7 is not right for your situation and want Chapter 13 bankruptcy instead. Or, maybe you don’t want the pressure of making payments under Chapter 13 and want to wipe it all out with Chapter 7.

You wonder, is it possible to change which chapter of bankruptcy I filed under? At Luh and Associates Attorneys at Law, our bankruptcy attorneys say yes, you can. Here is how it can happen.

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Committing fraud is illegal. While fraud laws can vary state to state, committing fraud can lead to fines and possible jail time. Committing fraud, especially when you declare bankruptcy in Las Vegas, Nevada, is particularly heinous.

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It can seem like life is over after filing for bankruptcy in Las Vegas. While you know the threats and stress need to end, you’ve become so used to it. You forgot how to lead a life not consumed by out-of-control finances.

While contacting a bankruptcy attorney and declaring bankruptcy may seem scary, realize the reason why bankruptcy exists is to help and protect you. It is there to get your life and money back on track and to stop the madness.

If you considered filing for bankruptcy in the past and hesitated, you’re not alone. Read this list and see how one of our lawyers in Las Vegas can help you.    

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When you decide to file for bankruptcy, it can seem like the end of the world. Even if we file for the first time, we have nightmarish images of losing our possessions and livelihood.

Questions preoccupy our thoughts: What will I do next? How will I move on? What will people think?

It is important to remember, however, despite how tough it may seem, bankruptcy is a way for a Las Vegas Attorney to help you back on your feet to live your life, not take it away.

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