How much does it cost to file bankruptcy in Nevada?

How much does it cost to file bankruptcy in Nevada?

This is almost always the first question asked when someone is looking to file bankruptcy. We know that money is tight and we have strived to keep our fees low as a result.

Let’s get the big answer out of the way. Luh & Associates charges a flat fee to file a Chapter 7 bankruptcy in Nevada of $1,300.00.

What does this flat fee cover?

This flat fee covers the following:

  • The fee to file a bankruptcy petition (currently $335.00, subject to change)
  • Our retainer fee ($100.00, described below)
  • The preparation and revision of a your Chapter 7 Bankruptcy petition
  • Guidance in preparation for the Bankruptcy Trustee hearing
  • An attorney’s presence at the Bankruptcy Trustee hearing
  • Support (telephonic, email, or in-person) throughout the bankruptcy process

Do I have to pay this all at once? Or can I set up a payment plan?

You do not need to pay the full amount to get Luh & Associates started on your bankruptcy case. Every client is given the flexibility. Some pay in monthly installments, some pay all at once, and some pay what’s in their budget until the full amount is reached.

The key element to a client’s payment plan is how soon they need to file bankruptcy. The full amount ($1,300.00) must be paid before we can file a client’s bankruptcy petition with the court.

How much do I need to pay to get my bankruptcy case started?

To retain Luh & Associates for your bankruptcy case, you would need to pay a retainer fee of $100.00. This allows us to get started on your case, from pulling your credit reports to organizing your paperwork and drafting a petition. We will pretty much have your entire petition ready to be filed when you are.

This retainer fee is part of the full $1,300.00 payment.

What is a “retainer?”

This is the fee paid to hire an attorney for a case, or rather, to “retain” them. What this means is that, once a retainer is paid, the attorney represents you and can act as your advocate with regards to bankruptcy matters.

This is most important when it comes to those harassing creditor calls. If a creditor calls after you have retained an attorney, all you need to do is tell them which attorney you’ve retained and give them that attorney’s contact information. From there, the creditor should contact the attorney instead, giving you some peace of mind as you go through the bankruptcy process

A retainer also allows you to benefit from our over 20 years of bankruptcy experience. We know clients have a lot of questions throughout their bankruptcy process, and not all of them come up during that first initial consultation. When you’ve retained our firm, you get the benefit of expert legal advice for all bankruptcy matters throughout the duration of your case.

What about the bankruptcy classes?

After 2005, clients who file bankruptcy will have to take two separate classes. The first class, also called the credit counseling class, must be taken before a client’s bankruptcy petition can be filed. Depending on the company the client chooses for this class, the cost can range from $15.00 to $50.00.

The second class, the financial management class, must be taken after a client files their petition and before their trustee meeting. The costs on this class also vary depending on the company chosen, from $10.00 to $35.00.

These costs are subject to change. While Luh & Associates can supply a client with information regarding these classes, they do not endorse any particular class venue.

Are there any surprise fees lurking in the fine print?

About 98% of our bankruptcy clients only need to pay the $1,300.00 fee and the fees for their pre- and post-filing credit counseling classes.

The most common fee clients incur is from needing to file an amendment to their bankruptcy petition after it’s been filed. We do our best to make sure a client’s petition is as complete and accurate as possible before filing so that this does not happen. That said, it is very important that the client review the drafted copy of their petition to make sure all of their information is accurate and all of their creditors are listed.

A second fee clients can incur is if a creditor or the bankruptcy trustee decides to file an adversary proceeding. This is a very infrequent occurrence and only usually happens when the creditor or trustee disputes whether a debt is allowed to be discharged, usually in petitions where fraud is suspected. This also sometimes happens when the bankruptcy trustee questions whether an item is entitled to be kept (i.e., exempted property).  In these matters, a separate lawsuit will need to be filed and the attorney will prepare a new fee agreement based on the matter at hand.

While this is not a full list of possibilities, the above examples cover a majority of the possible additional fees. Again, these are extraordinary examples, and the vast majority of our clients are able to file a bankruptcy with only the base $1,300.00 fee agreement.

 What payment methods do you accept?

We can take bankruptcy payments via cash, check, or debit card. With regards to checks, work will not be completed on a case until the check clears. A $25.00 charge will be added to any checks returned due to insufficient funds.

If you have any additional questions or simply want more information information on determining whether you qualify for a Chapter 7 bankruptcy, please contact the bankruptcy attorneys at Luh & Associates. We look forward to answering all your questions!