Struggling to pay your bills and other debts can take a toll on a person. Debt can pile up quickly, and the creditor calls can become overbearing, and you just need a way out of the hole. Whether you have debt from a failed business adventure, credit card debt or a medical crisis, bankruptcy may be the solution to your problems. If you are in a desperate financial state, get the advice of someone well-versed in Nevada’s bankruptcy laws. At USAttorneys.com, you can find a bankruptcy lawyer to answer your questions and give you the information you need to decide what your next move will be.
What is Bankruptcy?
Most of us are aware that bankruptcy is a legal process that gives your relief from burdensome debt and gives you the opportunity to clean up your finances and start again. There are several bankruptcy structures to choose from depending on the amount of debt a person has and how much they bring in monthly.
The most common bankruptcy structures are:
Chapter 7- Liquidation
Chapter 13- Debt Restructuring
Chapter 11- Business Bankruptcy
Each of those bankruptcy structures deals with your debt differently and take different amounts of time they take to complete.
Bankruptcy Exemptions in Nevada
Federal bankruptcy law allows you to exempt some property and assets from liquidation, but Nevada has opted out of federal mandates and have statewide exemptions. Nevada’s exemptions include:
Property or mobile home up to $500,000 (Cannot be doubled for married couples)
Automobile up to $15,000
Household goods which include appliances, clothes, furniture, housewares, and yard equipment up to $12,000
Books, jewelry, musical instruments and works of art up to $5,0000.
Personal injury awards up to $16,150
Wrongful death compensation
Tools of the trade
Married couples in Nevada can claim double the exemptions and exclude properties, vehicles, and other valuable assets.
In order to claim any of the exemptions listed above, you need to make sure they still qualify and see if the dollar amounts have been adjusted. You need to verify what exemptions you can take and their dollar amount. Meet with one of your bankruptcy attorneys in Nevada to see if any exemptions apply in your case.
If you decide to file for bankruptcy, you might have to appear in one of the courts listed below:
US Bankruptcy Court
300 S Las Vegas Blvd,
Las Vegas, NV 89101
ODAR & U.S. Bankruptcy Court, District of Nevada
300 Booth St #4000,
Reno, NV 89509
Consult a Bankruptcy Lawyer in Nevada
When you retain one of the bankruptcy lawyers at USAttorneys, your case will get the attention it deserves. Our talented legal team in Nevada will steer you on the right course and ensure you get the second chance you deserve. All you have to do to get help is call and set up a consultation today.