

Therefore, it is a good idea to talk with an seasoned bankruptcy lawyer in Nevada, Iowa. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each particular case, the counsel of a Nevada bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Nevada, Iowa

There are 3 bankruptcy options that are typically used in Nevada: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Nevada, Iowa are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the qualifying property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will normally be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.



How Can a Nevada Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Nevada is not one to be made easily, and it definitely should not be made without first obtaining the advice of an accomplished Nevada bankruptcy attorney.