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Bankruptcy is a federal process that eliminates or restructures your debts. If you live in Nevada at the time of declaring bankruptcy, certain aspects of your case will be governed by Nevada state law. If you've only resided in the state a short time, however, another state may have jurisdiction, so make sure to consult an attorney if you've been a Nevada resident for less than six months. Read on if you'd like to some of the considerations surrounding how to file for Nevada bankruptcy.
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When Can I Qualify For A Mortgage After A Chapter 7 Bankruptcy?
This video is narrated by a bankruptcy attorney licensed to practice in Nevada. After a chapter 7 bankruptcy, it will be at least 2 years after you receive your discharge before you can qualify for a government backed mortgage. You'll also need to have a downpayment, and should not have any late payments noted on your credit report for the past two years.
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Introduction
- Bankruptcy procedures are governed by federal law, and are basically the same in all states. However, some specifics, such as the income levels you need to be below to qualify for Chapter 7 bankruptcy will be determined by the state you reside in when you file for bankruptcy.
Step 1: What is Chapter 7 Bankruptcy?
- Chapter 7 bankruptcy, sometimes referred to as straight bankruptcy or liquidation, is a legal process to eliminate your debts and allow you to start with a financial clean slate. Not all assets need to be sold, and not all debts will be eliminated, however— the specifics can vary from state to state. If you don't qualify for Chapter 7 bankruptcy, you may be able to file under Chapter 13, which restructures your debt rather than wiping it away.
Step 2: Chapter 7 Nevada Income Test
- You need to have a family income less than the Census Bureau determined median income for similarly sized families in Nevada, in order to pass the Chapter 7 bankruptcy means test.
Step 3: Chapter 7 Nevada Exemptions
- Nevada bankrupts can keep a number of assets when they file for Chapter 7 bankruptcy, including $350,000 of equity in a house or mobile home, up to $15,000 in equity in an automobile, and $12,000 of household goods and yard tools.Lawyers.com: Bankruptcy in Nevada Other items that are exempt from liquidation in a Nevada bankruptcy include:
- $1,500 of personal booksLawyers.com: Bankruptcy in Nevada
- Money held in trust to purchase a burial plotLawyers.com: Bankruptcy in Nevada
- Health aids, pictures, and keepsakesLawyers.com: Bankruptcy in Nevada
- Collections of minerals, art curiosities and paleontological remainsLawyers.com: Bankruptcy in Nevada
- One gunLawyers.com: Bankruptcy in Nevada
- $350 per month in income from an annuityLawyers.com: Bankruptcy in Nevada
- Group life or health policy or proceeds, and fraternal society benefitsLawyers.com: Bankruptcy in Nevada
- Life insurance policy as long as the annual premium is not over $15,000Lawyers.com: Bankruptcy in Nevada
- $500,000 of ERISA-qualified pension benefitsLawyers.com: Bankruptcy in Nevada
- Unemployment compensation, aid to blind, disabled and AFDC paymentsLawyers.com: Bankruptcy in Nevada
- Property owned by a business partnershipLawyers.com: Bankruptcy in Nevada
- Arms, uniforms and accouterments that are required for employmentLawyers.com: Bankruptcy in Nevada
- $4,500 of mining property, equipment, or claimsLawyers.com: Bankruptcy in Nevada
- Farm trucks, livestock, tools, equipment and seed to $4,500Lawyers.com: Bankruptcy in Nevada
- Business tools and materials used to carry on trade to $4,500Lawyers.com: Bankruptcy in Nevada
- Up to 50 times the federal minimum wage in earned but unpaid wages, or 75% of the total due, whichever is lowerLawyers.com: Bankruptcy in Nevada
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