The primary reasons for filing personal bankruptcy are unforeseen medical expenses, excessive credit card debt, loss of employment, and divorce. Needless to say many of these events create not only financial difficulty but also a tremendous amount of disruption and distress in and of themselves. This makes it especially important that individuals consider all available options and bankruptcy alternatives to make sure whatever action they settle upon is in their long-term interest.
If one determines that personal bankruptcy is the best option available then one should learn more about the federal bankruptcy law. Bankruptcy is an important decision and the law and it application to one's particular situation can be very complicated.
The stated goal of Nevada Bankruptcy Court is to provide the honest debtor with a fresh start. The filing of a petition through Nevada Bankruptcy Court Forms commences a bankruptcy case. You must also file a statement of your assets and liabilities and schedules listing your creditors. Through a bankruptcy declaration, creditors may be able to recover at least a part of the money owed to them. For the debtor, the process is a way of making a fresh financial start, released from liability for unsecured debts and therefore free of the risk of prosecution by creditors.
The Nevada Bankruptcy Courts are located at Elko, Ely, Las Vegas and Reno having all the counties in the state under its jurisdiction.
Verify Nevada Bankruptcies Online
An extensive list of Nevada Bankruptcy Court Records is made online with the help of various official and quasi-official databases. They are made open to public to make them aware of the Bankruptcy law, deeds and verdicts. This also facilitates troubled people in getting over their debts and to stand in a firm financial ground.
The online bankruptcy based informational database can serve you in different ways. These online databases include information pertaining to the bankruptcy laws under jurisdiction of the state of Nevada, the laws and the different clauses under which the bankruptcy cases filed, the clauses provided in the chapters 7, 11, 13 and parameters which determine which cases should be filed under which chapter.
In the year 2002, there have been 19,736 cases remained filed in the Nevada Bankruptcy Court. While in the calendar year 2007 of Bankruptcy Court Information, the Las Vegas and Reno Courts counted 10,874 new cases. In 2008, the numbers increased 18,389 of which Las Vegas counted 15,789 while the rest 2,600 were in Reno. Quite interestingly, the 2009 ratio increased quite steeply and is standing at 13,795 till the month of June (half-yearly). In Las Vegas, there had been 11,669 cases so far. Records of all the years and every courts of Nevada clearly denotes that the Bankruptcy file suits dramatically increases during the last quarter of each year, that is, from October to December.
Very much like most of the states, Nevada has most of the Bankruptcy suits filed under Chapter 7 rather than 13. Chapter 7 speaks of liquidating your present assets to pay off your debts whereas Chapter 13 states that if you are an individual or a sole proprietor, you can file a bankruptcy to pay off all or part of your debts over three to five years. Rather than wiping out debts immediately, this option allows you to reorganize them so you have time to pay. In this year, in comparison there have been 9,770 cases of Chapter 7 to 3,814 of Chapter 13.