Legal Question in Bankruptcy in Nevada

Bankruptcy or not

My husband and I were realtors in Las Vegas. Due to a major illness with my father in law, we moved back to Hawaii. With the way real estate was in Las Vegas, we borrowed heavily from our credit cards and are now in 100k+ debt. My husband has a salary job that pays him $48k and I am currently unemployed. We still have our home in Las Vegas because we don't have the money to cover the negative from selling our house. We are vacation rentaling it but it isn't working out. We are considering bankruptcy. How would that affect our home in Las Vegas, our 2 cars - 1 given to us by our mother, the other is being financed by my father. he loaned the money for us to buy it and I have to pay it back but his name is not on the title. Would we lose our house and cars? Also, would only 1 of us be able to file bankruptcy? Most of the debt and the house and both cars are under my name only. Also do we file bankruptcy in Nevada or Hawaii?


Asked on 9/17/07, 3:34 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: Bankruptcy or not

The rule says where you have lived for the last 180 days. If you own property in Las Vegas, you can stay you still live in Las Vegas. You will have to come back to Las Vegas for a meeting with the Trustee.

You could lose one of the cars and you could file under your name alone.

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Answered on 9/17/07, 4:15 pm


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