Legal Question in Real Estate Law in Nevada

I have a first and second mortgage in NV, my house is worth half or less of what I owe. Currently at work, my husband has taken mandatory furlough days, increases in health premiums, deductibles, etc, and no increases for merit or otherwise. I am in a position where i make good money, however, am awaiting news as to the fate of my job. unknown if I will get laid off, take a pay cut which would be quite large. we have no savings and i dont want to wait to find out my fate , id rather be prepared now so that we have some money put away in the event that my income is slashed considerably or all together. I dont want to file bankruptcy but if i get laid off i'll have to. Please help. Thank you


Asked on 8/06/10, 10:21 am

1 Answer from Attorneys
Paul Malikowski Malikowski Law Offices, Ltd.

You may better off saving funds that would have gone to mortgage payments in better times. Nevada law allows all people to claim certain exemptions, including some cash and cash equivalents, from creditors. Your attorney can explain further.

One caution: If you owe money to XYZ Bank, it is usually not a good idea to also have funds on deposit in XYZ Bank, since under Nevada law XYZ bank may exercise its right of setoff at a very inconvenient time. Your attorney can also explain this further as well.

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Answered on 8/11/10, 10:37 pm


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