Written by the Upsolve Team.
Updated October 1, 2020
Millions of tourists flood Nevada cities like Las Vegas and Reno every year hoping to strike it rich. A few are lucky, most are not. Similarly, some Nevadans are wealthy and financially stable, but most Nevada residents (like most Americans across the country) are one medical diagnosis, accident, or job loss away from financial catastrophe. If you are struggling to make ends meet, you are not alone. A significant number of Silver State residents file for bankruptcy every year. There are several kinds of Nevada bankruptcy you may be eligible to file. If you are a member of a lower-income household, your most advantageous option isChapter 7 bankruptcy. To qualify, your income and expenses must fallwithin certain limits according to the size of your household. These limits are detailed in the Chapter 7 Means Test for Nevada. If you’re eligible to file aChapter 7 bankruptcy, most or all of yourdebts will be erased as quickly as 90 days from filing your Nevada bankruptcy case.
Nevada Median Income Levels
Nevada Median Income Standards for Means Test for Cases Filed On or After May 1, 2020
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Discharge in Bankruptcy for Nevada
A Nevada bankruptcy discharge order is what erases your debts. When a low-income individual or family files for Chapter 7 bankruptcy, their income, assets, and expenses are evaluated by the Court. Most of the time, people seeking bankruptcy relief qualify for exemptions that allow them to keep most or all of their property instead of having to sell it to satisfy creditors. The Nevada bankruptcy process can be life-changing. When families are allowed to keep most or all of their property while having most or all of their debts eliminated, they can focus on their immediate financial needs. Also, they can begin rebuilding their financial security instead of having to be constantly worried about paying creditors back.
Nevada Means Test Calculator
To learn whether you are eligible to file Chapter 7 bankruptcy in Nevada, you need to examine the Chapter 7 Means Test requirements for this state. The easiest way to see whether your income, expenses, and household size meet these requirements is to access a free Nevada Means Test calculator online. This resource will allow you to compare your personal information to the standards set by the Court and Nevada state law. It’s important to use a Means Test calculator that is both state-specific and accurate. Not all Means Test calculators are updated when bankruptcy standards change. Thankfully, the team at the nonprofit organization Upsolve maintains accurate, up-to-dateMeans Test calculators for every state. You can use this online tool to see whether you pass the bankruptcy Means Test in Nevada for Chapter 7. Using an inaccurate calculator will mean that you can’t trust your results. If you can’t trust your results, you can’t make an informed decision about whether to file for Chapter 7 bankruptcy.
What Happens if I Fail the Means Test for Nevada?
In Nevada, you learn pretty quickly not to walk away from a slot machine just because it hasn’t paid out on the first few pulls. If you discover that you do not meet the requirements set by the bankruptcy Means Test in Nevada for Chapter 7, don’t walk away from your search forNevada bankruptcy solutions just yet. There are other debt relief options available, you just need to find the one that is right for you and your family. For example, you may benefit fromspeaking with an experienced attorney aboutfiling Chapter 13 bankruptcy. Chapter 13 bankruptcy is commonly referred to as “reorganization bankruptcy” because it allows families to restructure their debt. They receive a discharge order after spending between 3 - 5 years paying their creditors at a significantly reduced monthly rate. It’s possible that simply lowering your monthly debt payments and knowing that you are taking steps to rebuild your credit is enough to dramatically reduce your stress.