Legal Question in Bankruptcy in Nevada
I am in the state of NV and have asked to different attorneys in two different firms and gotten two different answers.
If I filed chapter 7 bankruptcy in the state of NV could my creditors get my equity in my house and could they get my 401K?
Asked on 10/07/10, 4:45 pm
1 Answer from Attorneys
If you are eligible for Nevada exemptions (by having lived in Nevada for more than 2 years), the equity in your house is protected up to a minimum of $125,000. Your 401K is protected up to $500,000.
The list of most Nevada exemptions is available at this link.
http://www.leg.state.nv.us/NRS/NRS-021.html#NRS021Sec090
If you have not lived in Nevada for at least 2 years, you won't qualify for Nevada exemptions & that could be the reason why you are getting different answers.
Answered on 10/13/10, 8:10 am
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