What are the repercussions of amending my NV bankruptcy sch C form?

Asked over 2 years ago - Gardnerville, NV

we've completed our 341 meeting and left out using my wild card exemption to protect $2000 in cash & checking acct

Attorney answers (3)

  1. Rodney K. Okano

    Contributor Level 8

    1

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    Answered . You may amend your schedule C to claim an exemption. The Trustee or other party generally has 30 days from the conclusion of the Meeting of Creditors, or 30 days from your amendment to object to your exemption. You should be okay in amending.

    Rodney K. Okano ,Esq
    2400 S. Cimarron Road, Suite 130
    Las Vegas, NV 89117
    (702) 566-3600
    www.okanolaw.com

  2. Dorothy G Bunce

    Pro

    Contributor Level 20

    Answered . Your question ought to be "what are the repercussions to not amend." If you fail to amend, the trustee can demand the cash & money in the savings account.

    Be sure to use the Nevada local cover sheet form when you file this amendment. The cover sheet form should be available on the court website.

    Hope this perspective helps!

  3. Peter Walter Weston

    Pro

    Contributor Level 17

    Answered . You should confer with your attorney to ask the effect of amending your exemptions, in your situation.

    In general, if you do not use exemptions, they are waived, and the trustee may demand turnover of the asset, for the benefit of unsecured creditors.
    Often the trustee will comment, on whether there are any unclaimed exempt assets, at the creditor's meeting, and that comment should be followed up by your amendment, within 30 days.

    If you do amend, the time to object is extended another 30 days, to claimed exemptions.

    General legal advice is offered for educational purposes only. A consultation with a qualified attorney is... more

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