Nevada Bankruptcy Lawyer

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Bankruptcy is a common occurrence in the United States. In the state of Nevada alone, the total number of bankruptcy filings for consumers exceeds 20,000 annually, as individuals commonly find themselves in an impossible financial situation. Bankruptcy protection may be an answer to individuals who are looking for debt relief, but before filing, it is important to find out if it the best answer.

Bankruptcy can be defined as either the legal inability to pay debts or the state of having been legally declared bankrupt. Obtaining bankruptcy protection can be a grueling process, and because bankruptcy laws can be complicated due to the many different types of bankruptcy, it is highly recommended that you hire a bankruptcy lawyer or attorney. He or she will help you with your case – especially if you own a business and have valuable assets.

A bankruptcy lawyer or attorney will be well-versed in Nevada bankruptcy laws including statutes, codes, and exemption laws. They will discuss the different types of bankruptcy with you and advise you on which one is best for your situation.

Once a Nevada bankruptcy lawyer or attorney has explained your options, they will oversee your case, ensuring that you never have to make a difficult decision alone. In some situations, the individual or business will go before a Nevada judge and negotiate a payment plan. They will either have a partial or full discharge of the debt.

In Nevada there are certain bankruptcy exemptions, which is a list of the kinds and values of property that creditors or bankruptcy trustees are legally unable to reach. The debtor is allowed to keep the property that is considered exempt, and what is exempt and the amount that is exempt varies from state to state. In Nevada, a homestead or real property or a mobile home are exempt up to $550,000. A motor vehicle is exempt up to $15,000, household goods, home and yard equipment, appliances, and furniture are exempt up to $12,000 total. Works of art, musical instruments, books, and jewelry are exempt up to $5,000 total. Personal injury compensation is exempt up to $16,500, which is restitution received for a criminal act. Pictures and keepsakes, health aids, a gun are all exempt, as well as up to $1,000 in personal property. Wages greater than 30 times the federal minimum hourly wage per week or minimum 75% disposable weekly earnings are exempt. In addition, pensions, tax exempt retirement accounts, crime victim\'s compensation, public assistance for children, unemployment compensation, vocational rehabilitation benefits and industrial insurance are all exempt. Equipment, inventory, tools, materials, and supplies are exempt up to $10,000, as well as life insurance, alimony and child support.

Before you file for bankruptcy you need to understand what the negatives there are, as well as the positives. If you file for bankruptcy in the state of Nevada, your debts will be discharged, but your credit will be ruined, in some cases, upwards of 10 years. A Nevada bankruptcy lawyer or attorney will explain the risks to you as well as offer other possible alternatives to bankruptcy. Keep in mind that a bankruptcy lawyer or attorney will have extensive knowledge about debt management.

Don\'t hesitate to contact a Nevada bankruptcy lawyer or attorney to explore your options for debt relief, or visit the American Bar Association ( ABA ) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Nevada. Access to the site and profiles is free. In Nevada, in 2008, a cumulative 18,337 people filed for bankruptcy, 70% for Chapter 7 and 30% for Chapter 13. This number may only grow as economic situations worsen, and many people will need help.

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