In order to file for Chapter 13, you have to be an individual (i.e., you cannot be a corporation or partnership).
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When you file for Chapter 7 bankruptcy everything you own is temporarily not yours. Your property becomes part of the “bankruptcy estate” which means it is subject to the bankruptcy court’s authority. While much of your property will be exempt, there are certain common categories of property which will be lost by filing bankruptcy.
The answer to this question is as often as you like. However, you cannot receive a Chapter 7 discharge if you have obtained a Chapter 7 discharge within the past eight (8) years. You calculate the time period from the date that you filed your last Chapter 7 petition. The date that you actually received your Chapter 7 discharge has no bearing on the calculation.
When a court grants you a final Chapter 7 discharge, the vast majority of debts are automatically wiped out.
“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, as of 2017, the wildcard exemption is $10,000 if you are single filer or $20,000 if you are filing with your spouse.
The bankruptcy trustee typically looks at all of your economic activities for two years prior to the filing date of your bankruptcy petition.
The most common question that we receive, is when will I receive my Chapter 7 bankruptcy discharge.
In Nevada, the law with respect to mortgage deficiency judgments changed on October 1, 2009.
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