Legal Question in Bankruptcy in Nevada

Re: One spouse declares bankruptcy, but house is in name of other spouse only.

Sounds as if he better do his bankruptcy before he moves. Here in Minnesota, a homestead is exempt up to $200,000 of equity - the house could be worth much more - all they look at is the amount of equity.

People move to MN from other states just to take advantage of the homestead exemption and file their bankruptcies here. If he's going to do it, he should do it right away.

Good luck.

One spouse declares bankruptcy, house titled in name of other spouse only.

The house is not going to be your problem in Nevada. Mr Smith was incorrect in stating that you could claim up to $125K in equity - as of 10/3/03, it was increased to $200K as in Minnesota. Your problem is you want to find the loopholes to let you to keep certain assets. In my 20+ years of experience, without the combination of education & experience, you will find insurmountable problems doing this unless you hire a competent lawyer. The US Trustee's office has become much more aggressive during the past year in investigating questionable Bankruptcy cases. That means they look for things you tried to hide. Anyone representing themselves gets much more scrutiny than someone who has a qualified attorney. Even if you feel you have done something legally, the Court may decide otherwise & the repercussions can be terrible. I urge you to hire someone who appears in court regularly, even if it isn't me.

Re: One spouse declares bankruptcy, but house is in name of other spouse only.

The home is exempt from bankruptcy up to $125,000. Nevada is not a title state but a community property state. You cannot use title to conceal assets from the bankruptcy trustee.