James E. Smith, Attorney at Law, Las Vegas , Nevada

Nevada Bankruptcy

There are two types of consumer bankruptcy:

Chapter 7 is straight bankruptcy where you wipe out all your bills and you keep all your exempt property. Exemptions would include $550,000 equity in your house, $10,000 equity in household furniture, $15,000 equity in a vehicle, IRAs and 401Ks up to $500,000, life insurance, tools of the trade, family heirlooms, and libraries, etc. Non-exempt assets would have to be either sold or re-purchased by the debtor. You must meet the means test to file Chapter 7 bankruptcy, or you will go into Chapter 13, and you must have credit counseling before filing.

2.	Chapter 13 is a reorganization bankruptcy for the individual debtor whereby the debtor pays back at least some of the creditors over a 3-5 year plan. This is mainly used by people who owe taxes, are behind on mortgage payments, have had their car repossessed or who own a lot of non-exempt property.

Chapter 11 is also available for corporate reorganization. Corporations can also file Chapter 7. Husband and wife can file together or just one.

When you file bankruptcy there is an injunction issued by the court on the day you file preventing the creditors from coming after you. You will have to go to a creditor's meeting and provide certain documents to the bankruptcy trustee.

If you are going to file do not transfer property to others, take cash advances or incur large debt just before filing. Disclose to your attorney all debts and all assets. Bankruptcy is federal law. You have to be a 6 month resident. Make sure you have a copy of your tax return for the last year.

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