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Legally Reviewed By Experienced Bankruptcy Lawyer Taylor Randolph
Taylor L. Randolph, the founder of Randolph Law Firm, P.C., located in Las Vegas, Nevada. He focuses his practice on bankruptcy, foreclosure prevention, and IRS tax problems. An award-winning attorney who is admitted to practice before the IRS nationwide, Taylor excels in the representation of individuals and businesses who are facing legal challenges.
Years of Experience: Nearly 20 years
Nevada Registration Status: Active
Bar & Court Admissions: Nevada State Bar Association U.S. District Court District of Nevada, 2006 U.S. Supreme Court, 2006 U.S. Tax Court, 2006
Are you currently facing an overwhelming amount of debt? Experienced Chapter 7 bankruptcy lawyer Taylor Randolph can help you break free front the financial burdens that are weighing you down.
Contact our Las Vegas bankruptcy law firm today for a free, confidential consultation, and let us help you take control of your financial situation. Call 702-757-7777.
Chapter 7 bankruptcy, often called “liquidation bankruptcy,” offers Nevada residents a fresh financial start by eliminating most unsecured debts. Unlike other bankruptcy types, Chapter 7 doesn’t require a repayment plan. Instead, non-exempt assets are sold to pay creditors while allowing you to keep essential property.
~ Complete discharge of eligible debts within 4–6 months
~ Protection from creditor harassment through automatic stay
~ Ability to keep exempt property, including:
The Nevada Homestead Exemption is a legal provision that protects a portion of a homeowner’s equity in their primary residence from creditors in the event of bankruptcy or the enforcement of a judgment. This exemption is designed to safeguard an individual’s home from being forcibly sold to pay off debts, providing a level of financial security for homeowners in Nevada.
As of 2024, the Nevada Homestead Exemption protects up to $605,000 in equity in a primary residence. If the equity in your home is under this limit, it is shielded from most creditors. However, the exemption only applies to your primary residence, which can include a house, mobile home, condo, or other types of dwellings where you live most of the time.
In the event of a Chapter 7 bankruptcy, the Nevada Homestead Exemption can prevent the forced sale of your home if your equity is under the exemption limit. This can provide a fresh start for homeowners while allowing them to keep their primary residence.
Ready for a fresh start? Call 702-757-7777.
In Nevada, Chapter 7 bankruptcy can eliminate various types of debts, providing a fresh financial start if you’re facing significant financial hardship.
“Chapter 7 discharges unsecured debts after certain non-exempt assets are sold (if any) to repay creditors.”
~Las Vegas Bankruptcy Lawyer Taylor Randolph
Common debts eliminated through Chapter 7 bankruptcy include:
While Chapter 7 bankruptcy discharges many unsecured debts, there are several types of debts that cannot be discharged. Debts that are not generally eligible for discharge include:
Before filing, it’s essential to consult with an experienced bankruptcy attorney to understand which debts can be discharged based on your specific financial situation.
Consult with our Las Vegas bankruptcy lawyer for free. Call 702-757-7777
Making the decision to file Chapter 7 bankruptcy is a significant step that requires careful consideration of your financial situation, assets, and long-term goals. While Chapter 7 offers powerful debt relief tools, including the elimination of most unsecured debts, it also has lasting implications for your credit and financial future. Understanding whether Chapter 7 aligns with your specific circumstances involves evaluating multiple factors, from your current income and debt load to the types of property you own and debts you’re struggling to pay.
✓ Your income falls below Nevada’s median income ($58,283 for individuals, $74,631 for families of 2 as of 2024)
✓ You can’t realistically pay off your debts within 5 years
✓ Most of your debts are unsecured (credit cards, medical bills)
✓ You don’t have significant non-exempt assets
✓ You haven’t filed for bankruptcy in the last 8 years
🚩High income that exceeds Nevada’s median
🚩Significant equity in non-exempt property
🚩Recent luxury purchases or cash advances
🚩Debts that can’t be discharged (recent taxes, student loans)
🚩Previous bankruptcy filing within 8 years
If filing for Chapter 7 bankruptcy protection does not align with your goals, our law firm can help you evaluate additional debt relief options to determine which solution is best for you.
Find out if Chapter 7 is right for you. Call 702-757-7777
You are not legally required to have a lawyer to file for Chapter 7 bankruptcy in Nevada, but having one is highly recommended. Chapter 7 involves a detailed legal process, and while individuals can file pro se (without an attorney), the complexities and consequences of mistakes can make the process challenging to navigate on your own. With so much on the line, hiring a lawyer to protect your best interests just makes sense.
We Helped a High Income Earner Become Debt Free
Our client was a doctor who made $200,000 a year and owed $150,000 to the IRS and $125,000 from a failed business. Our client shopped around to different local Las Vegas bankruptcy attorneys, who all told him that his only option was filing a Chapter 13 or Chapter 11 bankruptcy.
We advised him that he could in fact qualify for a complicated Chapter 7 bankruptcy. The client retained our firm and within 6 months was completely debt free.
Client Testimonial
Discharged $162,423.65 IRS tax debt with chapter 7 bankruptcy
Taylor Randolph is a high – powered tax attorney. He was able to file our chapter 7 bankruptcy and get our tax debt of $162,423.65 dismissed. He is an honest man and an honest attorney. He is personable, professional and trustworthy. $162,423.65 Taylor, thank you for what you have done for us. It is because of you that we are able to sleep at night. It is because of you that we have a fresh start. I had to give you only 5-star review. Because they don’t have a 10-star review, which you deserve. Thank you, thank you and another thank you. I will refer you to anyone that need a great lawyer.
~Alisa and Kehar
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