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Bankruptcy In Nevada 

Filing a bankruptcy falls under federal law; therefore, the process is nearly identical in all 50 states; however, state laws do play an important part, specifically in regard to property exemptions and eligibility requirements. When considering filing bankruptcy, most individuals will file either a Chapter 7 or a Chapter 13. These exemptions determine what you may keep if you file a Chapter 7, or how much you will have to repay to creditors if you file a Chapter 13. In Nevada, you must use the state’s list of property exemptions not the federal list. The exempts can be found in the Nevada Revised Statues (http://www.leg.state.nv.us).

Importance of A Nevada Attorney For Nevada Bankruptcy

Many people mistakenly think that filing bankruptcy is as easy as going down to the DMV and getting a license (as if that were easy!) But this simply isn’t the case. Although the process of declaring bankruptcy can be smoothed into an organized, simple, and painless process, it’s important to have a qualified, experienced bankruptcy lawyer if you want it to go this way. For example, a lawyer will help you keep many assets which you might not otherwise be able to keep. Good legal advice is worth the cost and it might end up helping you keep important things like your house, car, CASH in your bank account, family heirlooms, and more. Fill out the form at the right to get a free consultation in a very confidential manner.

Chapter 7 Bankruptcy Nevada Exemptions (I.e. You May Keep These Even after Bankruptcy:

A Chapter 7 is sometimes referred to as “liquidation.” This means that non-exempt assets may be converted to cash and sold then used to repay lenders. The following is a partial list of exempt items:

  • Homestead worth up to $550,000
  • Wages up to 75%
  • One Vehicle worth up to $15,000
  • Personal property such as books, household goods, electronics (each worth varying amounts)
  • Farm trucks, stock, tools, supplies and seed worth up to $4,500
  • Trade Tools (needed for your job) worth up to $10,000

Eligibility for Chapter 7 Bankruptcy in Nevada

Not everyone is eligible to file a Chapter 7. Sometimes a Chapter 13 is a better fit for those who are eligible. The debtor must have a steady source of income which is adequate to pay for living expenses and repayments to creditors and fall within the limits for secured and unsecured debt.

Nevada Bankruptcy Means Test

Before filing for a bankruptcy, you will need to take a “means” test which compares your income to the average income for a comparable household in Nevada. You are eligible for a Chapter 7 if your income is less than the state median, or you may choose to file a Chapter 13 and use a three or five year plan for repayment. You must also complete a credit counseling course. After you have filed but before the bankruptcy can be discharged, you will need to complete a debtor education course. Only courses approved by the U.S. Trustee’s office can be taken. The U.S. Trustee website (http://www.justice.gov/ust) is a wonderful resource for finding approved education courses and information on the median average income in Nevada.

Location of Nevada Bankruptcy Court 

In Nevada, the bankruptcy courts are located in Las Vegas and Reno. You can visit the court’s website (http://www.nvb.uscourts.gov/) for information on local rules and more. Filing for a bankruptcy is an important decision that should not be made without first consulting an attorney who is experienced in this type of law.

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