Month: December 2023

When hiring a bankruptcy attorney, you must ensure you get it right the first time. When it comes to your financial situation, you may not get a second chance.

If you are filing for bankruptcy and planning to work with a bankruptcy attorney, we highly recommend you ask all bankruptcy attorneys you come in contact with the questions we discuss below to ensure you work with the right bankruptcy attorney.

Preliminary Questions

How Long Have You Been Practicing Bankruptcy Law?

This question is a foundational question to ask a bankruptcy attorney because it gives you an idea of how many bankruptcy cases the bankruptcy attorney has handled for clients, and it may show how qualified a bankruptcy lawyer is to handle your case.

Our Answer To This Question: The Rodney Okano Law Office has over 20 years of experience in Nevada bankruptcy law.

What Is Your Experience With Cases Like Mine?

This question gives an understanding of the bankruptcy lawyer’s track record in handling bankruptcy cases similar to yours, making it a crucial question to ask a bankruptcy attorney.

Additionally, you can ask if they have successfully handled bankruptcy cases similar to yours.

Our Answer To This Question: Our bankruptcy law firm has worked thousands of clients through the bankruptcy process. Making our experience with bankruptcy cases extremely vast.

What Bankruptcy Chapter Should I File

In consultation with a lawyer, if they have not already recommended a bankruptcy chapter be filed, you must ask this question as it’s vital to your bankruptcy case.

Our Answer To This Question: When you go into an initial consultation with an experienced bankruptcy lawyer from our firm, we will understand your bankruptcy case first and then give you the best chapter to file in, along with several factors on why it is the best chapter.

Case Assessment and Information Questions

What Information Do You Need To Get Started On My Case?

This question helps prepare you when looking to work with a bankruptcy attorney as it provides you with a list of what information is necessary when filing bankruptcy. In addition, it may give you an insight into the thoroughness of their approach.

Our Answer To This Question: When you ask a bankruptcy attorney at our firm, you will be provided with a clear list that is tailored to your case success.

What Do You Predict For My Case?

Understanding the potential outcome of your bankruptcy case is helpful for managing your expectations and planning for a future after bankruptcy. Most bankruptcy attorneys will provide you with realistic expectations from the bankruptcy process, so don’t be afraid to ask.

Our Answer To This Question: When you work with a bankruptcy attorney from The Rodney Okano Law Office, the initial meeting you have, you’ll discuss your bankruptcy case with an attorney and receive expectations for your case.

Communication Questions

How Often Will I Be Updated On My Case?

Establishing communication with your bankruptcy lawyer is a must. This question helps accomplish that by ensuring you and your attorney are on the same page regarding the flow of information.

Our Answer To This Question: When you work with us, we will constantly keep you updated on your case. In addition, we will always be available to answer any legal questions regarding your case.

What Is Your Preferred Method Of Communication?

Another part of establishing a line of communication with your bankruptcy attorney is understanding the quickest and most preferred form of communication. Some bankruptcy lawyers may prefer emails, while others prefer video meetings.

Attorneys communicate with their clients in different ways, making this a crucial question to ask.

Our Answer To This Question: Our preferred form of communication is your preferred form of communication, so whatever you prefer will be used. However, clients primarily use the phone to contact our bankruptcy lawyers.

How Quickly Do You Respond To Client Inquiries

This is a good question to ask a prospective attorney as it provides you with an expectation of whether you will be able to receive a prompt response when asking a legal question or about your case.

Our Answer To This Question: We value every client like family, so when you work with us, you can expect a swift response from seasoned bankruptcy attorneys.

Fee and Payment Questions

What Is Your Fee Structure

This goes into the section on essential questions because understanding an attorney’s fee structure is essential for financial planning. You should also ensure that there is a written fee agreement that outlines all the attorney’s fees.

Our Answer To This Question: We work on a flat fee structure, which works in your favor by preventing any unforeseen expenses. A flat fee structure is a free structure many attorneys use. If you want to learn more, read our article on How Much Does a Bankruptcy Lawer Cost?

Are There Any Additional Costs I Should Be Aware Of?

After understanding the fee structure, you should ask this question to be aware of any additional costs that could arise. This could help you anticipate potential expenses and give you a more complete view of how much the entire bankruptcy process will cost.

Our Answer To This Question: We have no hidden, additional, or surprise fees as we calculate your entire bankruptcy case cost and make one flat fee.

Is There a Possibility Of A Payment Plan

If the fees for filing for bankruptcy are too much due to your current financial situation, you may want to ask your attorney about possible payment arrangements. By asking this question, you open the chance that the attorney fees can be paid on a repayment plan that could span weeks to months.

If you are filing for bankruptcy but seeking to do so for free due to an extreme financial situation, read our article Can You File Bankruptcy For Free In Nevada?

Our Answer To This Question: For a clear answer to this question, schedule a free initial consultation by calling (702) 565-3060.

Legal Team and Resources Questions

Will You Personally Handle My Case, Or Will It Be Delegated To Someone Else?

When you consult with a bankruptcy attorney, it’s important to know if they will be personally handling your case. This helps you feel confident by giving you clarity on the level of attention and expertise you can expect.

Our Answer To This Question: Clients who work with us will have their bankruptcy case personally handled by Bankruptcy Attorney Rodney Okano.

How Will Collaboration With Other Professionals Be Managed?

If the attorney has stated that collaboration with other professionals may take place, it’s necessary to ask this question to understand how it will be managed.

Our Answer To This Question: Our firm possesses the resources necessary to handle a client’s case in the scope of our firm, so outside help is not needed.

Talk With A Experienced Las Vegas Bankruptcy Attorney

If you are filing for bankruptcy in Las Vegas, NV, and are seeking an experienced attorney, contact The Rodney Okano Law Office. We have over 20 years of experience in helping people file for bankruptcy and achieve financial relief.

Our firm can help you get a fresh start; call (702) 565-3060 to schedule a free consultation with a Las Vegas bankruptcy attorney.

Frequently Asked Questions (FAQ)

Nevada bankruptcy exemptions will play a crucial role in your bankruptcy filing. These exemptions can protect your most valuable assets, making it important to know if you will file for bankruptcy in Nevada.

Nevada exemptions are especially prevalent in Chapter 7 bankruptcy, where assets are liquidated for debt relief. The bankruptcy exemptions will allow you to keep your most important assets during the liquidation process.

In short, whether you are a Nevadan filing for bankruptcy or a novice bankruptcy lawyer, you need to know these Nevada bankruptcy exemptions to be prepared for the landscape of Nevada bankruptcy.

Where To Find A List Of Nevada Bankruptcy Exemptions

When looking to find the Nevada bankruptcy exemptions, you can search at the following resources:

• Nevada Legislation – The Nevada State Legislature website provides Nevada Revised Statutes NRS-021 covering bankruptcy exemptions.

• Consulting A Bankruptcy Attorney – A Bankruptcy attorney can provide valuable information on your bankruptcy case, including the bankruptcy exemptions relating to your case.

• Nevada Legal Portals – Websites that provide legal information can be a good source of information on Nevada’s bankruptcy exemptions.

Nevada Motor Vehicle Exemption

One of Nevada’s bankruptcy exemptions is a motor vehicle exemption. This is there to protect debtors’ means of transportation, which can be vital to keeping up with a Chapter 13 bankruptcy repayment plan.

In Chapter 7 bankruptcy, the motor vehicle exemption allows individuals to shield a certain amount of equity value in their vehicles from liquidation.

Limits on Nevada Motor Vehicle Exemption

This exemption is not limitless and is capped at the following equity value. In this context, equity is the vehicle’s market value minus outstanding loans or liens.

• Unmarried – If you are unmarried, this bankruptcy code will protect up to $15,000 in equity in your vehicle.

• Married – If you are married, the bankruptcy code will cover up to $30,000 in equity in your vehicle.

If the equity in the vehicle exceeds the allowed limit, it could be subjected to liquidation in a Chapter 7 bankruptcy. However, vehicles meant to help with a disability will be completely exempt, no matter the equity in the car.

Nevada Homestead Exemption

The Nevada homestead exemption shields the debtor’s primary residence from the liquidation process.

We go into a deep dive into the Nevada homestead exemption in our article Can You File Bankruptcy And Keep Your House? However, we provide key features on exempt property to understand:

• Primary Residence – In bankruptcy cases, this exemption will apply to the debtor’s primary residence.

• Equity Limit – In Nevada, the equity limit is $605,000. If you are above this limit, you may not be able to keep your house in a Chapter 7 bankruptcy.

• Married Couples = Married people in Nevada have a higher equity limit in the homestead exemption.

It’s crucial for all homeowners in Nevada who are filing for bankruptcy to understand this exemption.

Personal Property Exemptions

Nevada’s personal property exemptions protect essential personal property from creditors and liquidation. This personal property could include clothing, furniture, household goods, yard equipment, and even tools of the trade.

Maximum Value Of Items

There are limitations that come with this property exemption. According to the Nevada State law, the following apply:

• Private libraries, art, instruments, and jewelry can not exceed $5,000

• Household goods, furniture, electrons, clothing, and yard equipment can not exceed $12,000

• Fram trucks, stock, tools, and supplies can not exceed $4,500

• Tools, inventory, instruments, and materials used to carry a business or trade can not exceed $10,000

Tools Of The Trade Exemption

This Nevada bankruptcy exemption is a lifeline for those dependent on specialized tools and equipment to earn a living. From mechanics to artisans, this exemption is critical for those who work a trade and are filing for bankruptcy.

It’s important to note that the limit for the tools of trade exemption follows the personal property exemption maximum value limits.

Nevada Bankruptcy Wildcard Exemption

The Nevada wildcard exemption is unlike any other exemption as it’s not tied to a specific asset but allows debtors to exempt $10,000 for an individual and $20,000 for a couple to any property they choose.

This wildcard exemption is extremely beneficial for Nevadans whose financial situation depends on unique or unexpected assets. In addition, the exemption allows adaptability, allowing the debtor to tailor exemptions that better fit their situation.

However, even though the wildcard exemption may seem large, it can go fast when filing for bankruptcy. We recommend contacting a bankruptcy lawyer to walk you through Nevada law and statically using the wildcard amount.

Pension and Retirement Exemptions

State law recognizes the importance of retirement savings and has exemptions to protect pension and retirement assets. The specifics of Neada’s pension and retirement exemptions include:

• IRAs – Individual Retirement Accounts (IRAs) are protected up to a certain limit. In Nevada, IRAs and Roth IRAS are protected up to $500,000.

• ERISA-Qualified Plans – ERISA-qualified retirement plans such as 401(k)s, and pension plans are exempt from the bankruptcy process in Nevada.

• Public Employee Pensions – Pensions for public employees, such as those from state and local government agencies, are protected from creditors.

Additional Nevada Exemptions

Above, we covered the well-known Nevada bankruptcy protections. However, some more unknown exemptions can benefit your situation.

Public Benefits

Public benefits such as social security, unemployment compensation, veterans’ compensation, and workers’ compensation are protected if you file bankruptcy.

Alimony and Child Support

In Nevada, alimony and child support payments you may receive are exempt when you file for bankruptcy.

Life Insurance Proceeds

The process from a life insurance policy is protected by a clause that prohibits the funds from life insurance to pay off creditors.

Health Aids

Health aids such as wheelchairs or hearing aids necessary for your health are exempt from bankruptcy.

Federal Bankruptcy Exemptions

Federal law has a set of federal bankruptcy exemptions that apply to all U.S. states. Some of the federal exemptions are:

• Homestead Exemption – The federal homestead exemption protects $25,150 of equity in the debtor’s primary residence.

• Motor Vehicle Exemption – The federal exemption on motor vehicles protects up to $4,000 in equity for your vehicle.

• Personal Items – The federal exemption on personal property covers household items, furnishings, clothing, appliances, and books up to $13,400.

• Jewelry Exemption – Federal law protects jewelry up to $1,700.

• Tools of Trade – Federal exemption law covers up to $2,525 for tools and equipment like farm trucks.

Work With A Las Vegas Bankruptcy Attorney Today

Are you filing for bankruptcy in Nevada? If so, you need skill, compassion, and experience on your side. At The Rodney Okano Law Office, we have over 20 years of experience in Nevada bankruptcy law and have helped hundreds of people begin their financial reset.

To get a free consultation with a bankruptcy lawyer call (702) 565-3060.

Frequently Asked Questions (FAQs)