Nevada Chapter 7 and 13 Bankruptcy Lawyers
One of the biggest misconceptions people have about filing for bankruptcy is that they will lose everything they own to repay their creditors. Nothing could be further from the truth. The bankruptcy laws were written so that people facing an overwhelming debt load could make a fresh start and live a normal life after bankruptcy.
The federal government put together a list of exemptions identifying property that could not be taken in a bankruptcy proceeding. Many states follow the federal guidelines, but all states have the freedom to create their own. Nevada has its own set of exemptions, which are, in some cases, more generous to the debtor.
Contact the law firm of Bowler Dixon & Twitchell LLP online or by telephone at 702-425-5671 to discuss your case with a Henderson bankruptcy exemptions attorney.
What Will I Get to Keep After Bankruptcy?
While there are value limits placed on many of the exempt property items, Nevada exemptions make it possible for you to keep the property you need to move forward with your life after a bankruptcy. The following is just a sample of the property people filing for Chapter 7 bankruptcy are allowed to keep:
- Benefits and payments received under the Social Security Act
- Court-ordered alimony payments
- Court-ordered child support payments
- Family pictures and keepsakes
- A homestead (up to $500,000.00 in equity in your primary residence)
- Household goods, including furniture, electronics and clothing
- Life insurance proceeds
- Money, benefits and privileges from life insurance
- One vehicle (up to $15,000.00 in equity)
- Qualified pension or stock bonus plan (up to $500,000.00 in present value)
- Unemployment compensation benefits
Call for a Free Bankruptcy Consultation
Get the information you need about bankruptcy and exempt property. We offer a free initial consultation to bankruptcy clients so it won't cost you anything to get your questions answered. Contact us online or by telephone at 702-425-5671 to speak with an experienced Nevada lawyer. Our law offices are located in Henderson, Nevada, but we serve clients throughout the state.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
