The foundation for United States bankruptcy laws is found in the U.S. Constitution. Even our Founding Fathers realized that everyone deserves a second chance.
As a Nevada resident or business, you may be entitled to protections under both federal and state bankruptcy laws. Title 11 of the United States Code provides the law for bankruptcy procedures. Nevada state law guarantees your property rights within the bankruptcy process.
Individuals, married couples, and businesses are all entitled to seek bankruptcy protections so long as they meet certain conditions. Usually, individuals or married couples file for bankruptcy protection under Chapter 7 or Chapter 13 of Title 11 of the United States Code. Businesses usually file for protection under Chapter 11, with farmers or fisherman filing under Chapter 12. There are exceptions. Consult with a qualified Nevada bankruptcy attorney to determine whether bankruptcy is available to you and to determine which chapter of bankruptcy is appropriate for your individual situation.