Yes, You Get to Retain Property When You File a Chapter 7!
I am always asked; do I lose all of my property when I file a Chapter 7? The answer is a NO!. Under Nevada Law, you are able to keep a good portion of your property, if not all of your property. Nevada has a very generous exemption. If your property is exempt and you have equity in the property, then you get to keep it! Here are the most common exemptions (if you file jointly, then each of you get a separate exemption):
· $5,000.00 – for works of art, musical instruments and jewelry
· $12,000.00 – household goods, furnishings, electronics and wearing apparel
· $15,000.00 – for one vehicle
· No dollar limit – one gun
· $605,000 – residence (this is a single exemption and is not doubled if you file jointly)
· $1,000,000 – IRA, 401K
· No dollar limit – Child Support or Alimony
· $16,150.00 – personal injury action
· No dollar limit – restitution
· $10,000 – wildcard exemption on any personal property
Keep in mind that exemptions differ per state and depending how long you reside in a state may change your applicable exemptions.It is EXTREMELY important to prepare to file bankruptcy and consult with a competent bankruptcy attorney