New Median Income Figures for Nevada Bankruptcy Cases Effective November 1, 2012Generally, the median income is used for the “Means Test” in determining whether you qualify to file under Chapter 7 or Chapter 13.  To qualify for Chapter 7, the debtor’s income must typically be below the median income.

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One of the primary goals of bankruptcy is obtaining a discharge of all of your dischargeable debts.  We have already discussed when the discharge order should be issued (i.e., approximately 120 days from the day you file bankruptcy).  A lot of people have asked us, “what do the bankruptcy discharge papers actually look like.”  It seems a little underwhelming, but the discharge order is actually just a few sentences and reads:

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Debts that you discharge through bankruptcy have no tax consequences.  Specifically under current law, the amount discharged is not to be treated as income.  See 26 U.S.C. § 108(a)(1)(A)

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New Median Income Figures for Nevada Bankruptcy Cases Effective November 1, 2012Taxes are the debts that are most frequently nondischargeable in bankruptcy cases.  The dischargeability of taxes can be complicated.   In a Chapter 7, you are able to discharge certain personal federal and/or state income taxes if you meet the following criteria:

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Although it is very rare, it is possible to have your discharge revoked.  In order to have your discharge revoked, a complaint must be filed against you within a relatively short time frame and allege the existence of one of the following sets of circumstances:

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New Median Income Figures for Nevada Bankruptcy Cases Effective November 1, 2012The “automatic stay” codified in section 362(a) of the Bankruptcy Code is a statutory injunction that occurs immediately upon filing of a bankruptcy petition.

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New Median Income Figures for Nevada Bankruptcy Cases Effective November 1, 2012“Exempt” property or an “exemption” refers to property you get to keep after filing for bankruptcy.  In Nevada, one of the exemptions is a “wildcard” exemption.  The wildcard exemption can be applied to any property that otherwise would not be exempt in bankruptcy.  In Nevada, the wildcard exemption is $1,000 if you are single filer or $2,000 if you are filing with your spouse.

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