Are you thinking of filing for bankruptcy? Whether you file for Chapter 7 or Chapter 13, there are some very important criteria to consider. It matters whether you are filing for personal bankruptcy or on behalf of your business. And it makes a huge difference whether you stand on your own or hire an expert bankruptcy attorney.
What Property Can You Keep Under the Nevada Bankruptcy Law?
One of the biggest questions that you are bound to have is how much of your property can you keep after you file for bankruptcy. Depending on the state that you live in, the laws concerning the property you can keep under their bankruptcy law will be slightly different.
If you should be forced to file for bankruptcy in the state of Nevada, there are certain types of exempt property that you will be allowed to hang on to. These will include, but will not necessarily be limited to, a portion of your home equity, your home furnishings, and your clothing.
You can also keep up to $15,000 of the equity that you currently hold in a car or other type of motor vehicle, such as a truck, SUV, etc. If you are disabled, the equity exemption for your motor vehicle will not be limited. Your bankruptcy lawyer can give you more info concerning these important matters.
What Kind of Property Will You Lose?
Another question that you will have concerns the kind of property that you may lose if you file for bankruptcy in the state of Nevada. Any property that you possess that is not considered exempt under the bankruptcy laws may be taken from you. If this should occur, it will be used to pay your creditors off.
In a Chapter 7 bankruptcy case, creditors often have to settle for less. This means that you will receive a discharge from your bankrupt status in a much shorter time.
A typical Chapter 13 case is more complex. This is because this type of case will usually involve the creation of a repayment plan that is supervised by the court. This type of plan can last up to 5 years.
Contact Fair Fee Legal Services for More Info on Bankruptcy Law
If you need more info on how the law works, don’t hesitate to contact us. Here at Fair Fee Legal Services, we can quickly connect you with a qualified bankruptcy lawyer. Our goal will be to stand with you through every step of the legal process. We will make sure that you receive a fair and equitable bankruptcy deal.
Filing for bankruptcy doesn’t have to mean the end of your financial independence. We can work with you to get you a deal that will help you get back on your feet. We may even be able to help you find an alternative solution that will work even better for you. Get in touch with us today to learn more about what we can do to help.