Nevada Bankruptcy Laws

Bankruptcy is the statutory procedure that can be used when you cannot pay your financial obligations as they become due. When a bankruptcy proceeding is initiated, your current debts will be valued and you will either pay your debts over time or give up certain assets to be liquidated in return for the cancellation of your financial obligations. Find a Bankruptcy Lawyer in Nevada with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

Nevada district bankruptcy courts are located in the cities of Elko, Ely, Las Vegas and Reno . These courts serve all of the state of Nevada . Nevada bankruptcy provides financially troubled people with a fresh start because bankruptcy protects consumers against lawsuit from creditors. However, the automatic stay under bankruptcy law does not begin until after you go through the mandatory credit counseling and file your bankruptcy case with the court. A lender can still proceed with a foreclosure and credit card debt creditors can still attempt to collect on your debts until your case is filed.

Nevada Bankruptcy Exemptions
According to the Lawyers.com website, , you may not take the exemptions provided by federal bankruptcy laws But, under Nevada bankruptcy laws, you typically are allowed to keep:

• Real property or a mobile home to $350,000
• Necessary household goods and yard equipment to $12,000
• Books to $1,500
• Burial plot purchase money held in trust
• Health aids
• Pictures and keepsakes
• Collections of minerals, art curiosities and paleontological remains
• One vehicle if equity does not exceed $15,000 or creditor paid amount equal to excess above equity or no limit if equipped or modified to provide mobility for person with permanent disability
• One gun
• Annuity contract proceeds to $350 per month
• Fraternal benefit society benefits
• Group life or health policy or proceeds
• Health proceeds
• Life insurance policy or proceeds if annual premium not over $15,000
• ERISA-qualified benefits to $500,000
• Aid to blind, disabled and AFDC
• Unemployment compensation
• Property of business partnership
• Arms, uniforms and accouterments you're required to keep
• Cabin or dwelling of miner or prospector, cars, implements and appliances necessary for mining operations or mining claim to $4,500 total
• Farm trucks, stock, tools, equipment and seed to $4,500
• Professional library, office equipment, office supplies, tools and materials used to carry on trade to $4,500
• Minimum 75% of earned but unpaid wages or 50 times the federal minimum wage

NOTE: These are the major bankruptcy exemptions. Check with your bankruptcy lawyer for a full exemptions list.

New Bankruptcy Law Changes - Outlines major changes you should know about in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws.

This is important! The new bankruptcy law requires all debtors to fulfill two education requirements: a credit counseling course prior to filing and a financial management course before obtaining a discharge. Failure to complete either of these courses and file the appropriate certificates with the court will prevent a successful bankruptcy. The Chapter 13 Trustee will offer the required courses to Chapter 13 debtors, but Chapter 7 debtors are required to take the courses on their own.

Find a U.S. Trustee Approved Pre-Bankruptcy Counseling Provider and Post-Filing Debtor Education Provider.