Bankruptcy

Las Vegas Bankruptcy Attorneys

Not the End – A New Beginning

Bankruptcy is a last resort when your debts become unmanageable. Many people view this is a negative thing, and while it is a serious commitment that will take time to recover from, it is ultimately a tool designed to help you. Declaring bankruptcy allows a debtor to obtain a fresh start. Once you’ve filed for bankruptcy, bill collectors can no longer harass you. You will have time to restructure your finances and recover from this situation.

At Hurtik Law & Associates, our experienced bankruptcy lawyers in Las Vegas help clients through every stage of the filing process. We can help you decide which type of bankruptcy is right for you, plan for what happens after you file, and help you set up a plan that will lead to a debt-free life.

We offer free initial consultations. Call us today at (702) 323-5750 to request an appointment. You can also contact us online.

The Most Common Types of Bankruptcy

When an individual files for bankruptcy, they will usually file for Chapter 7 or Chapter 13:

  • Chapter 7 BankruptcyIn a Chapter 7 bankruptcy, the bankruptcy trustee appointed to administer your case will sell any nonexempt property and distribute the proceeds to creditors. Find out more about the bankruptcy process and the Chapter 7 documents you'll need at each stage.
  • Chapter 13 BankruptcyIn Chapter 13 bankruptcy, it works differently. You can keep everything you own. Still, you’ll pay creditors the value of the nonexempt property, your disposable income, or your nondischargeable debt (support obligations, most taxes, and the like), whichever is more, through your Chapter 13 repayment plan.

For people who cannot pay their debts, bankruptcy is a saving grace, but it is not to be taken lightly. There are drawbacks to declaring bankruptcy, and it should only be used when absolutely necessary.

Common Nevada Bankruptcy Exemptions

Below, you can read about some common bankruptcy exemptions in Nevada. When reviewing these, keep a few issues in mind:

  • 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.
  • Verify and list 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.
  • Legal citations: Listed below are the statutes in the federal law or the Nevada Revised Statutes.
Nevada Homestead Exemption

21.090(1)(l), (m); 115.010; 115.020 – Equity in a residential property or mobile home up to $605,000. Spouses can’t double the exemption and must record a homestead declaration before filing for bankruptcy (115.020). Learn more about the homestead exemption.

Nevada Motor Vehicle Exemption

21.090(1)(f) – Equity in a motor vehicle up to $15,000. No limit exists for a motor vehicle equipped for a person with a disability. Learn more about protecting vehicles in bankruptcy.

Nevada Wildcard Exemption

21.090(1)(z) – Any personal property (not real estate) valued up to $10,000. Find out more about the wildcard exemption.
Other Nevada Exemptions

Personal Property

21.090(1)(b) - Household goods, wearing apparel, furniture, appliances, home, and yard equipment up to $12,000 in total.

21.090(1)(a) – All family pictures and keepsakes.

21.090(1)(q) - Medically-prescribed health aids.

21.090(1)(u) - Personal injury compensation up to $16,150.

21.090(1)(v) - Wrongful death awards for survivors.

21.090(1)(x) - Restitution received for a criminal act.

21.090(1)(aa) - Earned state and federal income tax credit refunds.

21.090(1)(bb) - Stock in certain corporations.

21.100 - Metal-bearing ores, geological specimens, paleontological remains, or art curiosities (must be arranged, classified, cataloged, and numbered in reference books). Coin collections are not exempt.

645B.180 - Mortgage impound accounts.

689.700; 21.090(1)(ff) - Funeral service contract money and burial plot purchase money held in trust.

Wages

21.090(1)(g) - The greater of the following: 50 times the federal minimum hourly wage per week or minimum of 75% of disposable weekly earnings—or a court-ordered amount.

Pensions

11 U.S.C. § 522 - Tax-exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).

11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to maximum (amount changes).

286.670; 21.090(1)(ii) - Public employee retirement benefits.

Public Benefits

422.291; 21.090(1)(kk); 615.270 - Aid to blind, aged and disabled; public assistance.

21.090(1)(ll)- Public assistance for children.

612.710; 21.090(1)(hh) - Unemployment compensation.

615.270; 21.090(1)(jj) - Vocational rehabilitation benefits.

616C.205; 21.090(1)(gg) - Industrial insurance (worker's compensation).

Tools of the Trade

21.090(c), (d), (e), and (i) - Tools, materials, library, equipment, inventory and supplies up to $10,000; farm trucks, equipment, tools, stock and seed up to $4,500; cabin or dwelling of a miner or prospector, cars, implements and appliances for mining and a mining claim you work up to $4,500; arms, uniforms, and accouterments you are required to keep.

Insurance

21.090(1)(k) - Life insurance policy or proceeds.

687B.260 - Life insurance proceeds if you are not insured.

687B.270 - Health insurance proceeds or avails.

687B.280 - Group life or health policy or proceeds.

687B.290 - Annuity contract proceeds.

695A.220 - Fraternal benefit society benefits.

21.090(1)(ee) - Private disability insurance proceeds.

Other

21.090(1)(n) - Security deposits on a rental residence. A landlord can enforce the terms of the lease or rental agreement, however.

21.090(1)(s) and (t) - Alimony and child support (if ordered by a court).

87.250(2c) - Particular business partnership property.
Add any applicable federal nonbankruptcy exemptions.

Discuss your debt problems with a compassionate Las Vegas bankruptcy attorney who wants to help. Call (702) 323-5750 today.

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