Written by Attorney Jamie Lee Ruiz.
Updated August 26, 2020
To file for Chapter 7 bankruptcy in the Silver State of Nevada, you will need to fill out a variety of forms, which will paint your full financial picture. Filing for bankruptcy can be an overwhelming process, but this overview will provide you with the information you need to put your debt in the rearview. So take a deep breath, and read on. We’re here to explain what you need to know.
The Nevada chapter 7 bankruptcy forms require you to provide the court with information pertaining to your income, your property, your various kinds of debts, contracts you are a party to and your expenses, among other important financial information. Here’s the good news, bankruptcy forms are available to the public free of charge and are available online. Some important financial documents you will need to complete these forms are your past tax returns and your credit report. When filling out the forms, remember, honesty is the best policy. Leaving information out, no matter how insignificant you may think it is, can prevent the court from hearing your case. Disclose, disclose, disclose!
Voluntary Petition for Bankruptcy
Official Form 101 is the form used uniformly nationwide to file a voluntary petition for bankruptcy. The form will provide the trustee an overview of your financial situation. The form will require you to list what property you own (your car, your house, etc.), what type of debt you have (personal and/or business debts) and how much you currently owe, among other details.
Your voluntary petition for bankruptcy will need to be filed with the court along with the other Nevada chapter 7 bankruptcy forms described later. The fee for filing is $335. You must be thinking, “I can’t afford $335 to file for bankruptcy! I am drowning in debt!” But, you do have options.Under some circumstances, the Court may grant you a fee waiver or you may be allowed to pay your filing fee in installments.
Prior to filing your voluntary petition for bankruptcy, you will need to meet the Credit Counseling Requirement. You fulfill this requirement by attending an approved course that explains your options for handling your debt, including bankruptcy. For your convenience, you can take the course over the phone, online, or in person. The deadline for completing this course is 180 days prior to filing your voluntary petition for bankruptcy. Marking your calendar and setting reminders with the important dates and deadlines are a helpful way to keep your case on the right track.
Nevada Bankruptcy Schedule A/B: Property
Nevada bankruptcy Schedule A/B is a list of all your property. Schedule A is the schedule designated for all your real property like your house or a commercial building. Here, you provide the location (address) and a brief description of the property. If the property is owned jointly, say you bought a home with your spouse, indicate that in Schedule A, regardless if your spouse plans to file bankruptcy with you. If your home is a mobile home or trailer home, you will have to determine if it should be listed under Schedule A as real property or in Schedule B. It may be best to talk to a lawyer to help decide what schedule your mobile home should be listed under.
If you rent an apartment and are under a lease agreement, you should list that in Schedule G. If you have no real interest in property, list “none.”
Schedule B is a list of ALLof your personal property ⎻ your clothes, handbags, furniture, and so on. You will be required to provide a description and location of your property, and who owns it. It is important to be as inclusive as you can. It is not critical to list each piece of property in the right category so long as it is listed somewhere within Schedule B.
Nevada Bankruptcy Schedule C: Exemptions
In Nevada bankruptcy Schedule C, you will list the property you claim to be “exempt.” Bankruptcy exemptions provide three main purposes: (1) it allows you to keep items essential to your daily life, (2) it allows you to retain your dignity before, during, and after the bankruptcy process, and (3) it assists you in attaining a fresh start. The availability of exemptions will determine if pursuing bankruptcy is the best option for you.
Exemptions are chosen at the beginning of your case, therefore, exemptions are to be considered carefully as part of pre-bankruptcy planning. You will have to determine what property you want to keep and what property you are willing to turn over to the trustee in order to pay creditors.Exempt property is property that the trustee is not allowed to liquidate; liquidation is where the trustee sells your property and uses the proceeds to pay the people you owe. Exempt property is yours to keep. Non-exempt property is transferred to the trustee and liquidated.
Contrary to the state’s motto, “all for our country”, Nevada has opted out of the federal exemptions, thus you must use the state exemptions available to you. If you have lived in Nevada for 730 days prior to filing for bankruptcy, you can take advantage of the state’s exemptions. The most popular exemption is the homestead exemption, which will allow you to protect theequity in your home.
Nevada Bankruptcy Schedule D: Creditors Who Hold Claims by Secured Property
Nevada bankruptcySchedule D of the Nevada bankruptcy forms is reserved for listing creditors who hold secured claims. A secured claim is a claim that is backed by collateral. Collateral is a piece of property pledged to a creditor that can be taken away in the event a loan is not paid. Your home is collateral for your mortgage. Your car is collateral for your car loan.
When completing Schedule D, you should include all secured creditors, even debts that are under-secured. A debt becomes “under-secured” when you owe more than the collateral is worth. If you are disputing the secured status of a debt, you should list that debt in Schedule D as well. To identify debts in Schedule D, you should list the creditor’s name and address, the date of the claim and the property associated with the loan or debt (your house, your car, etc.), the amount, and any under-secured portion. If there are no secured debts, you should list “none” in this schedule. Just like the other forms and schedules, completeness is key. You want to give the trustee an accurate picture of what property has value and what doesn’t. You may consider parting ways with some of your property if you owe more than what it’s worth.
Nevada Bankruptcy Schedule E/F: Creditors Who Hold Unsecured Claims
Nevada Bankruptcy Schedule E/F lists all other debts. An unsecured claim is a debt that is not secured by any collateral. Nevada Bankruptcy Schedule E is where you list unsecured priority claims. The first step in filling out Schedule E is identifying which, if any of your obligations are priority debts. Examples of priority claims are domestic support obligations, certain debts to governmental entities, and taxes. Most tax claims are non-dischargeable in Chapter 7 cases, which means that if you are granted a discharge through bankruptcy, you will still be responsible for repayment All other unsecured, non-priority claims are listed in Nevada Bankruptcy Schedule F. The most common non-priority unsecured debts are credit cards and medical debts. The format of the form is identical to Schedule D and Schedule E where you need to identify the creditor’s name, address, the amount owed, and other necessary information. If a debt has two creditors associated to it, it is a good idea to list both creditors names separately in the same box.
Nevada Bankruptcy Schedule G: Executory Contracts and Unexpired Leases
Nevada bankruptcy Schedule G requires you to list any contracts or unexpired leases you are a party to and are still required to make payments to. If you rent an apartment and signed a lease, it would be listed in Schedule G. A storage unit you are leasing would also be listed in Schedule G.
Nevada Bankruptcy Schedule H: Codebtors
Your “co-debtors” are listed in Nevada bankruptcy Schedule H. Here, you will list anyone who shares a debt with you. A co-debtor may exist in the following instances: if you purchased a home with your spouse or if someone cosigned on a loan with you. The co-debtor is responsible for your debt in the event you cannot pay it. The Court will want to know who your co-debtors are so that it may notify them when you file for bankruptcy.
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Nevada Bankruptcy Schedule I: Income
Nevada bankruptcy form Schedule I requires you to list all sources of income for you (and your spouse, if applicable). If you and your spouse are currently separated and not living in the same household, only list your own income. Other sources of income such as food stamps and other public benefits should be listed as well.
Income contributions made to you by persons other than your spouse should be listed under “other income” as “in-kind contributions.” These contributions are what you received from family and friends to help you with expenses.
If your income fluctuates from month to month, as sometimes is the case, do your best to estimate how much you make on average. Like the other forms, it is important here to be as inclusive, accurate and truthful as possible.
Nevada Bankruptcy Schedule J: Expenses
Nevada bankruptcy Schedule J requires you to list your household expenses. It is important to put forth a good faith effort to be accurate, but also know that the Court does recognize that budgets are flexible, and budgeting for the future is not always exact. It is not uncommon that we draw a blank when asked what we spend on various household items. And it is common that when faced with financial hardship, we spend less on things like home maintenance and clothing.
Expenses that should be listed include rental or home ownership expenses, utilities, food and housekeeping supplies, clothing, childcare, and medical expenses. A catch-all category for miscellaneous expenses can be added to reflect various items not specifically listed such as school expenses and haircuts.
Declaration About Schedules
The Declaration About Schedules is your personal certification that the information you provided in Schedules A-J is true, accurate and complete. The Declaration will also require you to certify whether you paid a non-attorney to assist you in filling out the bankruptcy forms. An entity or person that provides guidance or insight on the Nevada bankruptcy forms is not a petition preparer. If you did not pay a person or entity to assist you, that person or entity is not a petition preparer, and does not need to be disclosed on the Declaration.
Summary of Assets and Liabilities
The Summary of Assets and Liabilities is exactly that, a summary. This form provides an outline to the court of what and where the assets and liabilities are disclosed on your petition and directs you to where you can find such information.
Statement of Intention for Filing Nevada Chapter 7
The purpose of the Statement of Intention for filing Nevada Chapter 7 is used to provide notice to creditors regarding your intent with respect to debt secured by property and leased personal property.
You have the option to surrender property secured by a debt, which means you will be wiped clean of your debt provided that you surrender the property. You may redeem your property by making one lump sum payment equal to the current value of the property. You may also choose to reaffirm your debt, where you keep the current loan in place and continue to make payments on it.
With respect to leases, you may choose to cancel the lease and wipe your debt clean, or assume the lease and continue to make payments on it.
You will be expected to follow through on the stated intention within 30 days after the first date set for the §341 meeting. The §341 Meeting is your first, and typically only appearance in court. At the meeting, the trustee will have had an opportunity to review your petition, ask any questions and address the financial consequences of filing for bankruptcy.
Statement of Financial Affairs
The Statement of Financial Affairs for Nevada bankruptcy is a series of short questions you will be required to answer about your income, payments to creditors, pending litigation, and garnishments, foreclosures and property transfers. Spouses filing jointly, however, may file a single statement of financial affairs. The first eighteen questions must be filled out; questions nineteen through twenty-five are reserved for people with business debts.
Income from the past calendar year and two years prior to the calendar year of filing your case is required. The best resource for accurate income numbers are your tax returns. The court looks at past income so that it may analyze changes (an increase or decrease in income) up until the filing of your petition. Income includes money received from tax refunds, social security, child support, money judgments from lawsuits and rents.
The Statement of Financial Affairs for Nevada bankruptcy also calls for detailed answers regarding payments to creditors. The purpose of these questions is to ascertain what payments may be recovered by the trustee and redistributed evenly for the benefit of all creditors.
In addition to payments made, the trustee wants to know what money you may be entitled to in the future. This may include any money judgments you may be entitled to as a result of a lawsuit, any gift you may receive in the future, which may include an expected inheritance. These funds could be used by the trustee to pay your creditors if they were not listed as “exempt” in Schedule C.
Chapter 7 Statement of Your Current Monthly Income 122A-1
Bankruptcy Form 122A-1 is an income-based test a.k.a. the “means test”, which analyzes your ability to repay your debt. The information provided in this form will determine whether your income is more or less than the median income for households of the same size in your state.
If your income is less than the median income for households of the same size, then it is presumed that your debt outweighs your income for your family size and you do not have the financial ability to pay it back. However, if your income is higher than the median income for households of the same size, then you are subject to the means test and will need to fill out Form 122-A1 Supp providing additional information justifying why you need to file for bankruptcy.
Statement About Your Social Security Numbers: Form 121
Bankruptcy Form 121 is designed to protect your privacy and keep your social security number out of the public record. Submitted with your petition for bankruptcy, bankruptcy Form 121 requires you to list your social security number as a means for the court and creditors to verify your identity. Although this form is submitted with your petition, it is not made a part of the public docket and kept only for the court’s purposes.
For those who do not have a social security number, Bankruptcy Form 121 allows the debtor to provide a government-issued individual tax-payer identification number (ITIN). The same privacy rules apply to those who possess an ITIN.
The last four digits of your social security number or ITIN will be used on the caption of the petition. The only document that reveals your social security number, aside from Bankruptcy Form 121, is the Notice of Meeting of Creditors. The notice, including the full social security number is sent to the trustee and the creditors listed on the creditor matrix; however, the copy of the notice in the court file will contain only the last four digits.
The creditor matrix is a complete and accurate list of all the people and businesses you owe money to. The court will use the creditor matrix to notify co-debtors and creditors that you have filed for bankruptcy. The creditor matrix will be submitted with the filing of your petition for bankruptcy.
Verification of Creditor Matrix Nevada
The verification of creditor matrix Nevada certifies that you have reviewed the list of creditors included in your petition for bankruptcy to be “true and correct to the best of [your] knowledge.” The verification of creditor matrix must be submittedin your initial filing.
Credit Counseling Course Certificate for Chapter 7 in Nevada
The credit counseling course is designed to help you determine whether filing for bankruptcy is the right method to alleviate your debt as opposed to some sort of repayment plan. You have the option of taking the course in person, on the phone, or online. Upon completion of the course, you will receive the credit counseling course certificate. The United States Trustee maintains an approved list of credit counseling course providers.
Please note this requirement is important, as you must complete the credit counseling course 180 days before filing for bankruptcy, and file the credit counseling course certificate with your petition and requisite Nevada chapter 7 bankruptcy forms.
Nevada Bankruptcy Fee Waiver
In order to file your petition for bankruptcy with the court, you will have to pay a fee of $335. However, in some instances you may qualify for a Nevada bankruptcy fee waiver. To be considered for a fee waiver, you will have to submit Official Form 103B. The Court will consider your income and ability to pay the fee in installments when making its decision to grant your application for a fee waiver.
The Nevada bankruptcy fee waiver form should be completed and filed at the same time your petition for bankruptcy is filed. The Nevada bankruptcy fee waiver application will then be forwarded to a judge who will approve or deny the request.
District of Nevada Bankruptcy Requirements
The District of Nevada has two offices that encompasses 16 counties. Your residence will determine the office in which you file your petition for bankruptcy.
People living in the following counties will file their paperwork at the office of the U.S. Bankruptcy Court, District of Nevada located in the C. Clifton Young Federal Building at 300 Booth Street Reno, NV 89509:
If you live in Clark, Esmeralda, Lincoln or Nye counties, you will file your paperwork at the office of the Southern Division located at U.S. Bankruptcy Court, District of Nevada in the Foley Federal Building and U.S. Courthouse located at 300 Las Vegas Boulevard South Las Vegas, NV 89101.
The District of Nevada has local forms unique to its jurisdiction. You should consult the complete list of Local Forms to see if any of these forms may apply to you.