BANKRUPTCY
LAS VEGAS BANKRUPTCY ATTORNEY· VEGAS BANKRUPTCY · VEGAS BANKRUPTCY LAWYER
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When an individual files for bankruptcy, there are usually two options they have for relief:
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Chapter 7 Bankruptcy – If a debtor qualifies a Chapter 7 Bankruptcy, the bankruptcy trustee appointed to your case will administer your bankruptcy estate by selling off any non-exempt property and then distributing the proceeds to your creditors. The borrower keeps all exempt assets post discharge.
See a list of the common Nevada Bankruptcy Exemptions HERE.
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Chapter 13 Bankruptcy – If a debtor qualifies for a Chapter 13 Bankruptcy, they will get to keep most of their personal assets. However, the trustee appointed to administer the bankruptcy estate will approve a structured payment plan based upon the greater of your non-exempt property, your disposable income, or your non-dischargeable debt (usually support obligations, most tax liens, etc.). The re-payment plan usually lasts three to five years and once completed the debtor receives a full discharge and fresh start.
Common Bankruptcy Exemptions List
When filing for bankruptcy, there are a few exemptions in place that help protect some or all of your property.
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Joint filings: Generally, in Nevada, when spouses file together, each can claim the full exemption amount, which is informally referred to as “doubling," as long as both spouses had ownership interest.
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Exemptions: To claim an exemption, you must list it on your official bankruptcy forms. You may qualify for non-standard exemptions or you may be required to meet certain qualification requirements.
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Listed below are the statutes in the federal law or the Nevada Revised Statutes.
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Nevada Homestead Exemption
21.090(1)(l), (m); 115.010; 115.020 - The homestead or dwelling, which includes a residential property, mobile home, or condominium, as long as the debtor’s equity in such property does not exceed $605,000. The exemption applies to the homestead, not the homeowners individually, so spouses cannot double it and the homeowner(s) must record a homestead declaration before filing for bankruptcy (115.020).
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Nevada Motor Vehicle Exemption
21.090(1)(f) - One motor vehicle if debtor’s equity in it does not exceed $15,000. The equity limit does not apply to a vehicle owned by the debtor, which is equipped for a person with a disability, either the debtor or a dependent of the debtor (21.090(1)(p)).
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Nevada Wildcard Exemption
21.090(1)(z) - Any personal property, excluding real estate, not otherwise exempted by the laws valued up to $10,000 to be selected by the debtor.
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Personal Property
21.090(1)(a) - Books, art, musical instruments, and jewelry up to a total value of $5,000. To be selected by the debtor.
21.090(1)(b) - Necessary household goods, furniture, electronics, clothing, appliances, and yard equipment up to $12,000 total. To be selected by the debtor.
21.090(1)(i) - All arms, uniforms, and related uniform items debtor is legally required to keep and one gun, to be chosen by the debtor.
21.090(1)(q) - Any equipment or health aids prescribed by a doctor or dentist for use by the debtor or a dependent of the debtor.
21.090(1)(r) - Money held in various financial accounts or instruments, not to exceed $1,000,000
21.090(1)(s) - Court ordered child support payments received by the debtor.
21.090(1)(t) - Court ordered payments for support of former spouse to which the former spouse is entitled.
21.090(1)(u) - Personal injury awards up to a total value of $16,150.
21.090(1)(v) - Compensation received for the wrongful death of someone upon whom the debtor was a dependent at the time of the wrongful death.
21.090(1)(w) - Compensation received for loss of future earnings of the debtor or of a person upon whom the debtor is a dependent at the time the compensation is received.
21.090(1)(x) - Restitution received for criminal acts.
21.090(1)(y) - Social security payments.
21.090(1)(aa) - Earned state and federal income tax refund.
21.090(1)(bb) - Stock in certain corporations
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Other Property
21.090(1)(c) - Farm trucks, stock, tools, equipment, and any related supplies and seed up to a total value of $4,500. To be selected by the debtor.
21.090(1)(d) - Professional libraries, equipment, supplies, and the tools, inventory, instruments and materials used to carry on the debtor’s trade or business up to a value of $10,000 so that the debtor may continue to support themself or their family.
21.090(1)(e) - The cabin or dwelling of a miner or prospector and any related mining equipment necessary to carry on the mining operations and the mining claim worked on by the miner or prospector not to exceed $4,500
21.100 - Metal-bearing ores, geological specimens, paleontological remains, or art curiosities that are arranged, classified, cataloged, and numbered in books, excluding coin collections.
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Public Benefits
422.291; 21.090(1)(kk); 422A.325; 615.270 - Aid and public assistance to the blind, aged, and disabled.
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Miscellaneous
21.090(1)(cc), (dd) - Distribution interests in some trusts.
21.090(1)(ee) - Proceeds received from a private disability insurance plan.
21.090(1)(ff) - Money in a trust fund for funeral or burial services.
21.090(1)(hh) - Unemployment benefits.
21.090(1)(ii) - Benefits or refunds from the Public Employees’ Retirement System.
21.090(1)(kk) - Public assistance provided through the Department of Health and Human Services.
21.090(1)(ll) - Child welfare assistance.