Nevada Bankruptcy Laws
All the bankruptcy federal laws are the sole prerogative of the United States congress, but the state governments have jurisdiction on the proceedings of the bankruptcy cases as well as the exemptions that are associated with the cases based on bankruptcy laws . Nevada bankruptcy district courts handle all the bankruptcy cases in the Nevada area are make rulings on all cases that involve debtors who reside in the Nevada region or have their businesses primarily located in the Nevada region. The cases are only adopted if a petition is made successfully and that means meeting the requirements or qualifications that are also set by the state.
The state of Nevada usually has two district court cases which handle the bankruptcy cases. The southern division of the state has its court located in Reno, while the northern division has its court located in Las Vegas. The debtors should file their petitions to the respective c0urts if they are to succeed. When presenting petitions, there are fees that have to be paid to the courts with the chapter 7 cases being the cheapest. When it comes to the payment modes, all the payments to the court should be made by the exact amount of cash, banker’s cahier check or United States postal money order.
Nevada Bankruptcy Exemptions:
Nevada State does have some bankruptcy exemptions that protect most of the personal belongings. For example, yard equipments, unemployment benefits, retirement plans, and any money held in trust for burial.
Nevada Chapter 7 Bankruptcy Laws:
Exemptions in regards to the chapter 7 bankruptcy laws depend on the type of case presented. In most cases the chapter 7 cases have the most number of petitions and attract lots of attention and fuss on the exemptions. The state of Nevada allows most of the federal exemptions and also has its own additional exemptions.
Nevada Chapter 13 Bankruptcy Laws:
Other types of cases that may fall under chapter 11 or 13 may have a few common exemptions but since the cases mostly involve extending the repayment period according to Chapter13 bankruptcy laws, the debtor’s property is all protected.
Previous post: Nebraska Bankruptcy Laws
Next post: New Hampshire Bankruptcy Laws