Can an ex-husband lose any of his sole possessions such as a "free" new car, "free" Harley Davidson if he files bankruptcy? He lives in Lyon County in Nevada and does not want to file with wife. They would have had to stay married to jointly do this and he was against this.The soon to be ex said he will file bankruptcy on his own, not with current wife. As I mentioned he has a home free and clear built for injured vets, donated new car, donated motorcycle. He also owes back social security, has had two vehicles and a boat repossessed. Do these debts disappear with bankruptcy? Will they come after his (soon to be) ex-wife if he agreed in court to file the bankruptcy? thanks again..........
Anytime someone puts quotes around something it makes me suspect what is within the quotes. What do you mean by "free" and why do you think it matters?
Is your question - Can someone who files bankruptcy in Nevada and who has lived in Nevada more than two (2) years protect a fully paid-off car and fully paid-off motorcycle from a bankruptcy trustee requiring that person to turnover one of them or cash in an amount equal to one item's value?
If that is your question then the answer is No. Nevada exemptions provides protection for ONE vehicle up to $15k in equity (i.e. the vehicle's value minus the amount of the secured car loan owed on it.) Nevada exemptions also provides for an exemption for up to $1,000.00 on any other personal property. Hypothetically if the car is worth $12k and the motorcycle worth $10k, if the person files bankruptcy, the person can choose to keep either the car or the motorcycle. The person would then either need to give the car or motorcycle to the BK trustee to sell and give that money to creditors, or that person would need to give the BK trustee cash equal to the value of the non-exempt car or non-exempt motorcycle to the trustee for the trustee to give that money to creditors.
There is an option though - depending on the value of either the car or motorcycle, the person may be able to sell one of them and put part or all of the sales proceeds into a Roth IRA, possibly pay some of the excess money towards the current mortgage, pay the IRS (if the IRS is owed back taxes for the past three tax years), or have some medically necessary work done - i.e. root canals, tooth fillings, tooth implant, etc. Before doing this, though, the ex-husband should talk to a highly Avvo rated bankruptcy attorney where he will be filing bankruptcy.
William Devine, II
Devine Law Firm, PLLC
I am an attorney, just not your attorney (yet). Any answers here are to be deemed informational unless and until you retain me as your attorney for actual legal services and legal advice. I offer free in-person consultations so feel free to contact me offline by email or phone. If you like my answer, please hit the thumbs up button.
My suggestion to you is to look at the provisions of Nevada law that protect property - specifically, NRS 21.090. You can find this law on the state website. When your ex does file bankruptcy, you can pull his file by establishing an account at www.pacer.gov . If he left any assets off his Schedules A & B, the authorities at the office of the US trustee (not the Chapter 7 panel trustee) will investigate any report of dishonesty. They have offices in Reno. Hope this perspective helps!
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