Nevada Bankruptcy Lawyers

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.

Legal Advice in Nevada

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.  

Major Changes Made in 2005 Will Impact your Nevada Bankruptcy

Because of bankruptcy filing abuses, the law was changed in 2005 to include the following:

• Required pre-bankruptcy counseling
• Strict guidelines to qualify for a Chapter 7 filing (liquidation proceeding) including a “Means Test” to determine your ability to pay debts
• Tight restrictions on repeat filers
• Random audits to verify accuracy of bankruptcy filing
• Enhanced oversight for Chapter 11 (reorganization) small business cases

Debts Which Generally Cannot be Discharged in Your Nevada Bankruptcy:

• Taxes owed to government agencies, such as the I.R.S., State of Nevada, County, etc.
• Student loans (unless undue hardship can be proved),
• Debts incurred after the bankruptcy is filed
• Debts owed to a spouse for divorce-related obligatory expenses
• Debts not listed or scheduled or which the debtor waived discharge
• Debts for willful and malicious injury by the debtor to another person or property owned by another 

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.

• If you are at risk of filing for bankruptcy or already in the process, Submit Your Case for a Free Review from a Bankruptcy Attorney in Nevada.

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.