Nevada Bankruptcy Laws
Details on Nevada Bankruptcy Laws
If you’re a Nevada resident searching for information concerning your debt and finances, you’ve come to the right place. This page is designed to help you learn about bankruptcy and how it can affect your debt.
Once you’ve gotten an overview of the differences between Chapter 7 and Chapter 13 bankruptcy, speak with a bankruptcy lawyer about taking against your debt.
Fill out the below free bankruptcy evaluation form below to talk to a Nevada bankruptcy lawyer for free:
The Two Types of Personal Bankruptcy: Chapter 7 and Chapter 13
There are two main types of personal bankruptcy. Chapter 7 is typically a good option for people with lots of unsecured debt – such as credit card debt, medical bills and personal loans – and who do not own lots of property.
In most cases, Chapter 7 bankruptcy can completely discharge unsecured debts, meaning they may be completely retired. Some debts could be covered by a sale of nonexempt property. However, Nevada has a lengthy list of exemptions, and in most Chapter 7 cases there is no sale of any kind.
Here are the general Nevada exemptions. Speak with your bankruptcy lawyer for details on exactly what and how much of your property is exempt.
Homestead
- Up to $550,000 is exempt for real property or mobile home.
Wages
- 75 percent of weekly earnings or 50 times the minimum wage, whichever is greater.
Automobiles
- Up to $15,000 for a vehicle. No limited if equipped for the disabled.
Personal Property
- Up to $12,000 worth of household goods, furniture, appliances and equipment.
- Up to $5,000 worth of books, jewelry, musical instruments and works of art.
- Tools of the trade worth up to $10,000.
The other main type of bankruptcy is Chapter 13 bankruptcy. It is sometimes called “reorganization” because it essentially allows filers to get on top of their debts by providing protection and reorganization. Those who file for Chapter 13 bankruptcy stick to a three-five year repayment plan to catch up on past-due debts while making all current payments.
Chapter 13 bankruptcy is also known for helping petitioners prevent foreclosure. This works because, as soon as you file for bankruptcy, an automatic stay should take effect.
The automatic stay is designed to prevent all collection action on the part of your creditors during your bankruptcy case. Because foreclosure is considered a form of collection, it may be halted for the duration of your case.
Ask a Nevada Bankruptcy Lawyer Your Questions Today!
Even with the information provided here, you may still have questions about filing bankruptcy in Nevada.
Plus, every bankruptcy case is different. To get answers to your questions, and to learn more about which bankruptcy option might be right for you, speak with a local lawyer.
Getting in touch with a bankruptcy lawyer in your part of Nevada is easy. All you have to do is call us, toll free, at 877-349-1309 or fill out the free case review form and we’ll connect you with a sponsoring Nevada bankruptcy attorney near you.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state's bankruptcy laws, speak to a local bankruptcy lawyer.
Disclaimer: The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or should be formed by use of the site. The attorney listings on the site are paid attorney advertisements. Your access of/to and use of this site is subject to additional Supplemental Terms.