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Understanding Exemptions in Bankruptcy

There are certain bankruptcy laws designated throughout the state of Nevada to allow people debt relief without fear of losing all they own. Asset protection is often a huge concern for individuals considering bankruptcy, as they are under the misconception that all of your personal belongings can be ripped from you during the process. There are exemptions under bankruptcy law that will protect your property and personal assets from liquidation.

What qualifies as exempt?

When claiming exemption on your home, car or other personal belongings, it is critical that you understand what falls under Nevada state laws. Home equity is protected, but your actual property is often a bit trickier of a situation. You may only claim protection for your homestead valued higher than $146,450 if you have lived in the residence at least three years and four months. Speak to an attorney if you have lived in Nevada for less than 2 years or are considering moving to another state as the laws vary.

Certain laws are laid down to protect retirement and pension savings from being tampered with during bankruptcy, as well as life insurance. You clothes, furniture, home appliances, tools, keepsakes, and any expensive jewelry, art or books valued under $5,000. Any motor vehicle under $15,000 in value can be exempt, but more pricey automobiles, RVS, boats or other excess modes of transportation may not be. Past compensation for personal injuries, wrongful death claims, interest from certain trust accounts and tax refunds can also be considered protected.

For further, more detailed information on bankruptcy exemptions, it is best to speak with a qualified attorney who understands the laws at stake. Since it is your future and property that are at stake, you want to be completely clear on what will happen to each of your possessions before entering a bankruptcy contract.

Chapter 7 vs. Chapter 13

While filing for Chapter 7 may dismiss almost all of your debts, except for student loans, child support and spousal support, it can often put your belongings and assets at a greater risk. There is a chance your car or truck could be taken by creditors and all of your non-exempt items must be given up for distribution.

For Chapter 13 bankruptcy, you may still have debt that you owe, but it is placed in a more manageable payment plan that is on course to be paid off in three to five years. Other assets and non-exempt property are all protected as well as your home and vehicle with this plan.

Severity of the Bankruptcy Situation in the U.S.

With more than 1 million people filing for bankruptcy in 2011 alone, it has become a viable option for debt relief and increasingly necessary to help families stuck in a financial trap. The total of consumer debt in the United States reached $2.43 trillion in 2011, with an average of $16,000 of debt per household.

Young Americans are often at risk the most as are often pursuing a college education that can result in thousands of dollars in loans. One in five people ages 18-24 named themselves as being in "debt hardship" and they are the second highest rate of bankruptcy in the nation, behind adults 35-44 years old. With statistics like this, it is vital to consider bankruptcy as an option.

Gaining the Assistance of a Firm You Can Trust

Stepping into bankruptcy can be a frightening experience if you are going it alone. Allow our legal professionals at Price Law Group to bring a sense of calm to your financial situation and negotiate a positive end result. Do not let debt continue to control your life or the fears of losing everything stop you from pursuing financial freedom. Contact our office today for more information on what we can do to assist you!

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