How do you declare bankruptcy in Las Vegas?
According to the hit TV comedy The Office, you just walk out into the middle of your office and say, “I….Declare…..Bankruptcy!”
As you probably figured if/when you watched that episode, that is in no way sufficient to actually file for bankruptcy in Las Vegas. So what is the right way?
Step 1: In the real world, the first step is usually to hire an experienced Las Vegas bankruptcy attorney. While occasionally people try to go it on their own without counsel, the bankruptcy laws have become sufficiently complex and have enough hoops to jump through (especially since 2005), that you’ll likely save yourself a lot of time and money, not to mention avoid serious headaches, by working with a good lawyer.
Step 2: Figure out whether Chapter 7 or Chapter 13 is the best choice for you from a strategic perspective. This is another area where experienced bankruptcy counsel can make a big difference. Going down one path versus the other can make a big difference in your financial future. An good bankruptcy lawyer will know instinctively which is best for you once you’ve sat down and explained your situation.
Step 3: Put together a list of all of your assets and liabilities. This is actually what you do in the bankruptcy petition that gets filed with the court. And any established bankruptcy lawyer will have software that keeps track of your information and also does the necessary calculations to help determine your status with respect to the “means test.”
Step 4: File your case. In the past, the only way to do this was to bring your petition down to the bankruptcy courthouse during business hours. But now, your bankruptcy lawyer can file the petition instantly right from their desktop via the bankruptcy court’s electronic filing service.