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Nevada Bankruptcy Exemptions

When considering filing for bankruptcy, there are many factors you should be aware of. One is whether or not you will be able to keep the equity you have in your property. Each state has their own way of protecting your assets. These rules allowing you to protect your assets are called Exemptions. It can be difficult to determine which set of exemptions apply to your case. This is where an experienced bankruptcy attorney can make all the difference.

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California's Exemptions & How They Work

California is one of the states that has opted out of the federal exemptions (11 USC 522) and have created their own exemption scheme. CCCP 703.130 states specifically that if California is your domiciled state, according to 11 USC 522, then you do not have the option to use the federal exemptions. Simply put, you must choose one of the California state exemptions schemes.

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How To Protect Your Property In Bankruptcy

Just because you file for bankruptcy does not mean you will lose everything you own. When the bankruptcy rules were created, it was understood that for the rules to accomplish the purpose of a “fresh start” the creditors could not be allowed to take everything from you. You needed to be allowed to keep some of your assets to help you move forward with your fresh start.  Having no debt, but also no money, no vehicle, and nowhere to live was hardly a "fresh start.”

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Priority Debt in Bankruptcy

Priority debt is one of the three general categories debt is divided up into when filing for bankruptcy. A priority debt is a debt that is entitled to priority in payment in a bankruptcy case. A general listing of priority debts is provided in 11 U.S.C. § 507 of the Bankruptcy Code. The two most common types of priority debt in a consumer bankruptcy are (1) alimony, maintenance, or support and (2) income taxes that become due within the three year period before the bankruptcy filing date.

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Exemptions: Protecting Your Real & Personal Property in Bankruptcy

Filing for bankruptcy is a great legal tool used to assist people who have fallen on tough financial times. There are many intricacies involved in bankruptcy that you should discuss with a knowledgeable attorney, none more important than exemptions. Exemptions determine what property (i.e. home, car, retirement accounts, cash-on-hand, etc.) you may keep in a Chapter 7 bankruptcy and are one of the mechanisms used to determine how much you must pay to certain creditors in a Chapter 13 bankruptcy. When you “exempt” a particular piece of property, you are essentially protecting it from being liquidated by your bankruptcy trustee to pay back your creditors. The attorneys at Bankruptcy Law Group can help you maximize the amount of real and personal property you are allowed to retain when filing for bankruptcy.

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Filing Bankruptcy: What Should You Do?

Deciding whether you qualify to file a certain chapter of bankruptcy, whether you qualify for a discharge, and whether you should file a particular chapter are three distinct questions.

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