Legal Question in Bankruptcy in Nevada

My husband has been off work for a few months due to a medical issue and is applying for disability. I am still working but our income is less than half of what it was when he was still working. My grandmother willed me a car that is worth about $14,000 (and paid off) that is still in probate right now. We are planning on filing for bankruptcy to get out from under our credit cards, medical bills and mortgage. Will I be forced to sell my car in order to pay some of the debt?


Asked on 8/16/10, 8:00 pm

1 Answer from Attorneys
Dorothy Bunce

Good news! If you and your husband file bankruptcy together, and you have lived in Nevada for more than 2 years, you may EACH keep a vehicle with up to $15,000 equity. If you have another vehicle that is paid for valued at less than $15,000, you may also keep that vehicle, as long as you file Bankruptc with your husband. And if you have a vehicle worth $25,000 and you owe $10,000 on it, the equity in the vehicle is ($25,000 - $10,000) $15,000, and you can keep that too, as long as you continue making the payments.

Good luck!

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Answered on 8/22/10, 10:08 am


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