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The Silver State’s Economy Tarnished
"The slow housing market, volatility in the stock market, decline in business activity and consumer spending all portray the overall weakness in our state's economy," Governor Gibbons states. "I am very concerned that the Legislature's decision to override my veto of their huge tax package will bring even more economic pressure and misery to Nevada's citizens and businesses." Bankruptcies filed in 2008 hit record levels with nearly 19,000 in Nevada alone, and over 97% of those filed by consumers. It is estimated that 1.4 million consumer bankruptcies will be filed in the U.S. in 2009.
The Federal Bankruptcy Law involves processes, procedures and evaluations which can be complex and confusing. Seek the advice of a Nevada law firm with specific long-term experience in Nevada bankruptcy matters. Check references, if possible. A competent Nevada attorney will help you weigh your different options, make informed decisions, help you protect the security of your family and reduce your stress, while facing the realities of the situation.
Because of bankruptcy filing abuses, the law was changed in 2005 to include the following:
Exemptions – Which Property is Exempt in Nevada?
Certain property, or values of property, is exempt from being included in the debtor’s estate and these exemptions vary from state to state. Some states have their own set of exemptions which replace the federal list, and other states allow you to choose between the state or federal list of exemptions. The exemptions, which change frequently, vary widely from jurisdiction to jurisdiction and understanding your options is a very important aspect of evaluating your position.
Final Words on Nevada Bankruptcy
Nevadans continue to suffer, as the State’s economy struggles to recover. Decisions you make and actions you take now can have a positive or negative effect on the outcome of your bankruptcy proceedings. Although some filers elect to handle their bankruptcy on their own, The U.S. Bankruptcy Court cautions that “Bankruptcy has long-term financial and legal consequences -- hiring a competent attorney is strongly recommended.”Click here to find Nevada attorney resources in your area.