Exempt Property in Reno Bankruptcy
Exempt Property in Truckee Tahoe Bankruptcy
Bankruptcy attorney Bert Guerra LLP in Reno, Nevada, also practicing in the Tahoe and Truckee area, can help you get free of burdensome debt with through a Chapter 7 bankruptcy. When you file a bankruptcy you are entitled to keep your exempt assets while at the same time discharge your dischargeable debt. It is not uncommon that people come out of a Chapter 7 bankruptcy with most of their assets intact and most of their debt discharged.
Nevada Exemption Laws
California Exemption Laws
All states have exemption laws which exempt certain property from execution by creditors. Nevada law is one of the most beneficial to individuals in terms of exempt property; whereas California law may in be seen as less generous. For example, Nevada’s homestead exemption allows you to protect as much as $550,000 ofequity in your home; but California allows amounts up to $150,000.
In addition to the homestead exemption, there are many other types of exemptions under Nevada and under California law. Those other types of exemptions under Nevada and California bankruptcy law allow for equity in your primary automobile, household goods, furniture, family heirlooms, clothing, personal jewelry and retirement accounts. Other exemptions include wildcard exemption amounts to cover anything you wish to keep which is not otherwise exempt. Bert Guerra and Associates, Ltd., an experienced Reno and Truckee Tahoe bankruptcy lawyer firm, can help you understand these and other exemptions as they apply to your personal situation and assets.
Reno Bankruptcy Attorneys
Tahoe Truckee Bankruptcy Attorneys
The bankruptcy laws are written to offer a fresh start to individuals and families who have run into financial difficulty. Contact Bert Guerra LLP,in Reno, Nevada, for a personal consultation with an experienced Reno – Truckee – Tahoe bankruptcy attorney. We can help you find the best solution for you, whether it is a Chapter 7, Chapter 13, or a non-bankruptcy loan modification or debt settlement.