Personal Bankruptcy Rates in Nevada

Filing for bankruptcy is not as expensive as most people think, but it is not free. Even if you do not seek legal representation from a bankruptcy lawyer, you will likely need to pay court costs.

Every year, hundreds of thousands of people file for bankruptcy in the United States for a variety of reasons. Here’s a look at the cost of bankruptcy in Nevada and bankruptcy rates across the country.

Bankruptcy Court Fees in Nevada

The filing fees for bankruptcy in Nevada, effective August 2020, are:

• Chapter 7: $335 ($245 filing fee, $75 admin fee, and $15 trustee surcharge)
• Chapter 13: $310 ($235 filing fee, $75 admin fee)
• Chapter 11: $1,717 ($1,167 filing fee, $550 admin fee)

These fees apply whether you are filing as an individual or jointly with a husband or wife.

If you cannot afford to pay your entire filing fee at once, the court may allow you to pay it in installments.

If you file for one type of bankruptcy and wish to convert it to a different Chapter, you will also need to pay a conversion fee. The cost to convert a Chapter 7 to a Chapter 11 is $922, or $932 to convert a Chapter 13 to a Chapter 11. Converting a Chapter 13 to a Chapter 7 has a low court fee of $25 upon notice by the debtor.

If your case is closed and must be reopened, there are reopening fees:

• Chapter 7: $260
• Chapter 13: $235
• Chapter 11: $1,167

For a creditor to file a motion for relief from stay to continue collection activities, they must pay a fee of $176.

Bankruptcy Rates in the US

The average person who files for bankruptcy is in the lower-middle class. Many people who file have fallen into a difficult financial situation due to medical costs, divorce costs, poor money management, or heavy credit use. Many factors can lead to bankruptcy, not just consumer debt. Any major life change can lead to financial struggle, including job loss, a divorce, the death of a family member, or incurring significant medical expenses.

Bankruptcy rates, or the number of people who file each year, range a great deal by state and can vary dramatically from one year to the next. In 2019, Tennessee, Mississippi, Georgia, Illinois, Arkansas, and Indiana had the highest bankruptcy rates, but Nevada was number nine on that list.

States with the highest bankruptcy rates include:

• #1. Tennessee: 497 per 100,000
• #2. Mississippi: 417 per 100,000
• #3. Georgia: 413 per 100,000
• #4. Illinois: 371 per 100,000
• #5. Arkansas: 348 per 100,000
• #6. Indiana: 341 per 100,000
• #7. Kentucky: 337 per 100,000
• #8. Nevada: 317 per 100,000
• #9. Ohio: 315 per 100,000
• #10. Utah: 304 per 100,000

Bankruptcy may be an option worth considering if you are struggling with debt you cannot afford to repay. A bankruptcy attorney in Las Vegas can help you explore your options and determine if bankruptcy is a good fit for you. Contact VegasBK.com today for a free consultation with a Nevada bankruptcy lawyer.