Legal Question in Bankruptcy in Nevada

It depends on what your business is and what the assets are of that business. You are allowed to keep $10,000 ($20,000 if you are married) in assets that are considered "tools of the trade" if you own the business in your own name.

So, if you have a service business, and you own a computer system, telephone system, and other office furniture, equipment & supplies, you are good.

If you have accounts receivable, those accounts are not protected and you would have to forfeit them to your Bankruptcy Trustee.

If your business assets are held by a corporation or llc, in my opinion, you will lose them by filing a Chapter 7. You might want to consider a Chapter 13 instead.

Good luck!

It depends. There are a number of variables. The first variable is how do you own this business and how is the business formed(i.e., LLC, Corp. S Corp)? If say the business is an S Corp, any stock that you own is fully exempt under Nevada law and you would be allowed to keep the business.

The second variable is what type of bankruptcy will you qualify and file under. If you qualify for a Chapter 13 bankruptcy, and say your business is a Sole Proprietorship, you could keep the business as long as the Chapter 13 plan is sufficiently funded. This is a simply put as possible and there are many other issues.

These are just two of many variables to consider. If you have any additional questions feel free to contact me at [email protected] or (702) 869-8801.