When declaring bankruptcy in Nevada, it is a good idea to have the basics memorized so that you know what you are getting into. While the many different laws concerning bankruptcy can be confusing, your bankruptcy lawyer will be able to help you out with the more difficult aspects. While the procedure can be complicated, it is not so bad with your lawyer to guide you through it.
Filing your Petition
You and your lawyer will gather up all the information needed when you declare bankruptcy in Nevada. This information usually consists of what you earn, what your major assets are, and how much you owe your different creditors. Once you've filed your petition, and the other different forms needed. Within 20 to 40 days after your paper work is filed, you will have a 341 hearing. This is a meeting with your creditors to determine how much you owe and other important information. You will be under oath and will have to answer all questions posed to you truthfully. These meetings usually don't take that long. When this is over, you are ready to have your trial and then you are all done.
Exemptions in Nevada
What makes bankruptcy laws so different between the states are the different types of exemptions that you may claim. Exempt property may not be taken by your creditors in order to pay off your debt. Therefore, you need to declare as much of your property as possible. Here are a few examples of property that is exempt when you declare bankruptcy in Nevada: real property or mobile home up to $350,000, household goods and yard equipment up to $12,000, books up to $1,500, burial plots, health aids, pictures and keepsakes, one gun, annuity proceeds, life insurance proceeds, up to 70 per cent of wages earned, and so on.
What Chapter 7 bankruptcy doesn't cover?
You should also know that when you declare Chapter 7 bankruptcy in Nevada that not all of your debt will be removed. For example, it does not remove voluntary leans, mortgages, deeds of trust, tax liens, or student loans. So if your home is being foreclosed upon, declaring Chapter 7 will do little for you. Chapter 13 bankruptcy on the other hand, while it doesn't wipe away old debts, will keep you from being foreclosed upon and will allow you to work out a plan with your debtors by which you may have your loan paid off within three to five years.
