Nevada Bankruptcy Laws
State and federal laws protect the bankruptcy process. Bankruptcy laws differ by state and can be rather complex. Before you decide to file bankruptcy, make sure you have all the information about how the laws will affect you. Speak with a local bankruptcy attorney to find answers. Get a free case evaluation with an attorney in your area when you fill out the free form on this page.
Nevada bankruptcy laws are designed to protect debtors from losing everything when they have more debt than they can handle.
Nevada Bankruptcy Exemptions
Nevada’s bankruptcy law offers some exemptions for personal property that you can keep even as you work through the bankruptcy process. The current exemptions are as follows:
- Up to $550,000 in real property or a mobile home
- Up to $12,000 in necessary household goods and yard equipment
- Pictures and keepsakes
- Up to $5,000 for books, art, musical instruments, and jewelry
- Money held in a trust for a burial plot
- Health aids
- A vehicle as long as it is not worth more than $15,000, with no limit if modified for someone with a permanent disability
- A gun
- Collections of art, paleontological remains, or minerals
- Up to $16,500 for personal injury compensation
- Proceeds from a group life of health policy
- Benefits from fraternal society
- Up to $350 per month in an annuity contract
- Up to $500,000 for ERISA-qualified benefits
- Aid to disabled, blind, and AFDC
- Health proceeds
- Mining property, including cabin, cars, implements, and mining claims, up to $4,500 total value
- 75 percent of earned but unpaid wages or 50 times federal minimum wage
- Up to $4,500 for farm trucks, tools, equipment, stock and seed
- Up to $10,000 for tools of the trade, including office supplies, tools, materials, and a professional library
- Business partnership property
- Military accouterments required by the military
- Unemployment compensation
If your car still has a loan on it, you probably need to reaffirm that loan with the lender within 45 days of your 341 meeting, or it could still be repossessed.
Nevada Chapter 7 Bankruptcy Law
If you qualify for Chapter 7 bankruptcy, your non-exempt assets will most likely be sold, and the proceeds used to pay down your debts. After that, most debts will be eliminated. Keep in mind that some, like tax liens, cannot be eliminated even under Chapter 7 bankruptcy.
Nevada Chapter 13 Bankruptcy Law
If the majority of your debts are ones that do not get eliminated under Chapter 7 or you do not qualify for Chapter 7, then consider Chapter 13. This form of bankruptcy allows you to get court protection as you enter into a repayment plan with the help of the bankruptcy trustee.
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