Nevada Residency Requirements for Filing Bankruptcy
Transcript:
Hi, Matt McArthur, attorney at Clear Counsel Law Group. I'm a bankruptcy attorney. We're going to speak to you a little bit about the timing of filing for bankruptcy. Nevada is known as a transient state. There's a lot of people coming and going from in and out of state, from places like nearby California or far away New York. It's not uncommon that I meet with people that are new to the area, and they're looking to file for bankruptcy. The related question to just having moved here and needing to file bankruptcy is how long do you have to live in Nevada before you can file for bankruptcy here.
The bankruptcy rule is that the court has jurisdiction over you as long as you have lived in Nevada over 90 days of the last 180 days. The actual rule states that the greater part of the last 180 days you have to have made Nevada your residence. If you've been here for three months continuously, you can file for bankruptcy here in the State of Nevada.
One other consideration that you may want to think about if you're new to the area, is which state's laws will apply inside of your bankruptcy. In a chapter seven case, which laws applies is of great importance, in particular because a chapter seven is a liquidation bankruptcy. Any property that you own that cannot be protected is subject to liquidation by the court. The court can sell your property, which isn't protected, and take the money from that sale and give that money to your creditors in exchange for the wipeout of your debt.Which protections are we allowed to take? That depends on state law and which state's law applies depends on how long you've been in Nevada. If you've been in Nevada for two years constantly, Nevada's laws will apply. Nevada is generally known as having very generous protection laws or exemptions when filing for chapter seven bankruptcy. Keep that in mind. If you've been here less than two years, make sure you bring it up with your attorney when you're talking about potentially filing for bankruptcy so that they're aware of any potential exemption issues that may affect your personal or real property.
My name is Matt McArthur, a bankruptcy attorney at Clear Counsel Law Group. If you're thinking about filing for bankruptcy and you're new to the Nevada area, please come and speak with me and I'll let you know exactly where you stand.
