|
There are many misconceptions about the recent changes to the bankruptcy law… Contrary to popular belief, Chapter 7 Bankruptcy was not eliminated by the 2005 Bankruptcy law changes. In fact, with the assistance of a skilled bankruptcy attorney, many debtors are unaffected by the changes in the law and are able to dissolve all of their debts while keeping their assets and property.
High wage earners that have assets in excess of the Nevada exemptions will be guided by our skilled bankruptcy attorneys in the choice of either a Chapter 13 or Chapter 11 Bankruptcy allowing all property and assets to be unaffected by the Bankruptcy filing under either a Chapter 13 Bankruptcy plan or under a Chapter 11 Bankruptcy plan. The first part of the bankruptcy filing process involves collecting all of your personal financial information. This includes a list of all your secured and unsecured debts. The majority of these will be identified by your bankruptcy attorney through your credit report and through due diligence reporting required under the bankruptcy code. Additionally, your attorney will need copies of your tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have will need to be provided to your bankruptcy attorney.
When all information is compiled, the required forms are completed by your bankruptcy attorney. These forms are collectively referred to as the bankruptcy schedules. They detail and describe your current financial status and recent financial transactions. If you are filing a Chapter 13 Bankruptcy, the proposed repayment plan is prepared and must also be submitted along with the petition. The petition is then filed with the United States Bankruptcy Court for the District of Nevada or the District of Utah. Immediately upon the filing of the bankruptcy petition with the Bankruptcy Court an automatic stay goes into effect. The automatic stay prevents creditors from making direct contact with you, pursuing any collection activities, or staking any claim to your property. Approximately one month after the filing of the bankruptcy petition, the trustee will call a first meeting of creditors. This meeting is called a 341 meeting and requires the presence of the debtor. Creditors rarely, if ever, attend the 341 meeting. Objections to any part of the bankruptcy filing are typically resolved by negotiation between the debtor's bankruptcy attorney and the creditor without the creditor’s attendance at the 341 meeting. The 341 meeting, or meeting of creditors, typically lasts about five minutes. If there are no challenges, you will receive a notice from the court, usually within four to six months, that the bankruptcy is discharged.
NEVADA Chapter 7 Bankruptcy
Nevada is a favorable place to file Chapter 7 Bankruptcy due to the generous exemptions provided by the Nevada State Legislature. Your attorney at Piet & Wright will analyze your financial situation along with your property and assets to develop the most beneficial asset plan possible.
There is usually little or no property that is not exempt in a chapter 7 Bankruptcy plan developed by our bankruptcy attorneys. Almost without exception, there will be no liquidation of the debtor’s assets; these cases are called “no-asset cases.” As stated above, debtors with assets and property that they wish to keep and that are not covered by exemptions file Chapter 13 Bankruptcy or Chapter 11 Bankruptcy.
UTAH Chapter 7 Bankruptcy
A creditor holding an unsecured claim will get a distribution from the bankruptcy estate only if there are assets not covered by the Utah Bankruptcy Exemptions The creditor must file a proof of claim with the bankruptcy court. In most Chapter 7 cases, the debtor receives a discharge that releases the debtor from personal liability for certain dischargeable debts. The debtor normally receives a discharge three to four months after the petition is filed.
Chapter 13 Bankruptcy
Generally, Chapter 13 Bankruptcy is preferred by debtors who have valuable assets, such as a home that is not completely covered by the bankruptcy exemptions they wish to keep. In Chapter 13 Bankruptcy your bankruptcy lawyer develops a debtor plan proposing to repay a portion of their debt to creditors over a three to five year period during which the debtor makes up payments that are overdue and pay into the Chapter 13 plan the equivalent value of any assets not covered by the state or federal exemptions. The Chapter 13 plan developed by your bankruptcy lawyer will require regular monthly or biweekly payments to the Chapter 13 trustee; Chapter 13 Bankruptcy is usually appropriate only where an individual debtor has a regular source of income.
Your Chapter 13 plan is presented to the Nevada Chapter 13 trustee or Utah Chapter 13 trustee for approval and confirmation by the Nevada Bankruptcy Court or Utah Bankruptcy court at a confirmation hearing to ensure that the plan meets the Bankruptcy Code’s requirements for confirmation.
Comparison of Chapter 7 Bankruptcy and Chapter 13 Bankruptcy
Chapter 7 Bankruptcy and chapter 13 Bankruptcy are very different. The greatest difference is that the chapter 13 debtor remains in possession of the property of the estate and makes payments to creditors, through the Chapter 13 trustee based on the debtor’s anticipated income over the life of the plan. Additionally a Chapter 13 Bankruptcy debtor does not receive an immediate discharge of debts. The Chapter 13 debtor must complete the payments required under the plan before bankruptcy discharge is received. In both Chapter 7 bankruptcy and Chapter 13 bankruptcy the debtor is protected from lawsuits, garnishments, and other creditor actions. The Chapter 7 debtor is protected from the bankruptcy filing under the 362 stay and after discharge by the discharge stay. The Chapter 13 Bankruptcy debtor is protected from the filing and all of the time while the plan is in effect and after. Bankruptcy Alternatives
There are several possible alternatives to bankruptcy for those in financial trouble. It is important that when debtors consider these options they investigate the organizations they are dealing with and make sure they do not do anything that places them in a worse situation. Consultation with an experienced Consumer law or Bankruptcy Attorney will ensure the right choice is made. Take advantage of the free debt consultation with an experienced bankruptcy attorney at Piet & Wright. Some bankruptcy alternatives can have a negative impact on the debtor’s ability to file a subsequent bankruptcy. The main alternatives are out-of-court settlement with creditors, debt counseling services, and debt consolidation loans. Out-of-Court Settlement
Rather than file bankruptcy, the debtor may consider settling your unsecured debt at a reduced amount. It is unlikely that an individual could do this independently but a Consumer law attorney or Bankruptcy Attorney at will help you negotiate with your creditors. It is essential that these negotiations are handled properly and the consumer is advised to seek professional help. This because the effect of all of the Bankruptcy alternatives will result in a negative effect on the debtor’s credit rating if not structured properly. Take advantage of the free debt consultation with an experienced attorney at Piet & Wright. Debt Counseling Services
Debt counseling services can be a good start for a select few debtors in helping you deal with your financial difficulty. They can consolidate your monthly payments and obtain payment or interest reductions on your unsecured debts. The major problem with debt counseling is that many people are in such financial trouble that they will not qualify for debt counseling because they will not be able to repay their debt even under the better terms. And again, this option WILL have a significant negative impact on your credit rating. Take advantage of the free debt consultation with an experienced attorney at Piet & Wright.
Debt Consolidation Loans
Another option is borrowing against the equity in the debtor’s real estate to pay off higher interest obligations. Often referred to as a home equity loan or line of credit, undertaking this obligation requires a diligent analysis to ensure that the debtor is not getting into a worse position financially. Being unable to pay the equity loan will jeopardize the debtor’s home or property leaving the debtor in a much worse situation than not being able to pay credit card debts. Take advantage of the free debt consultation with an experienced attorney at Piet & Wright.
NRS § 115.010 Exemption from sale on execution and from process of court; amount of exemption; exceptions; extension of exemption
1. The homestead is not subject to forced sale on execution or any final process from any court, except as otherwise provided by subsections 2, 3 and 5, and NRS 115.090 and except as otherwise required by federal law.
2. The exemption provided in subsection 1 extends only to that amount of equity in the property held by the claimant which does not exceed $ 500,000 in value, unless allodial title has been established and not relinquished, in which case the exemption provided in subsection 1 extends to all equity in the dwelling, its appurtenances and the land on which it is located.
3. Except as otherwise provided in subsection 4, the exemption provided in subsection 1 does not extend to process to enforce the payment of obligations contracted for the purchase of the property, or for improvements made thereon, including any mechanic's lien lawfully obtained, or for legal taxes, or for:
(a) Any mortgage or deed of trust thereon executed and given, including, without limitation, any second or subsequent mortgage, mortgage obtained through refinancing, line of credit taken against the property and a home equity loan; or
(b) Any lien to which prior consent has been given through the acceptance of property subject to any recorded declaration of restrictions, deed restriction, restrictive covenant or equitable servitude, specifically including any lien in favor of an association pursuant to NRS 116.3116 or 117.070, by both husband and wife, when that relation exists.
4. If allodial title has been established and not relinquished, the exemption provided in subsection 1 extends to process to enforce the payment of obligations contracted for the purchase of the property, and for improvements made thereon, including any mechanic's lien lawfully obtained, and for legal taxes levied by a state or local government, and for:
(a) Any mortgage or deed of trust thereon; and
(b) Any lien even if prior consent has been given through the acceptance of property subject to any recorded declaration of restrictions, deed restriction, restrictive covenant or equitable servitude, specifically including any lien in favor of an association pursuant to NRS 116.3116 or 117.070, unless a waiver for the specific obligation to which the judgment relates has been executed by all allodial titleholders of the property.
5. Establishment of allodial title does not exempt the property from forfeiture pursuant to NRS 179.1156 to 179.119, inclusive, or 207.350 to 207.520, inclusive.
6. Any declaration of homestead which has been filed before October 1, 2005, shall be deemed to have been amended on that date by extending the homestead exemption commensurate with any increase in the amount of equity held by the claimant in the property selected and claimed for the exemption up to the amount permitted by law on that date, but the increase does not impair the right of any creditor to execute upon the property when that right existed before October 1, 2005. NRS § 21.090. Property exempt from execution
1. The following property is exempt from execution, except as otherwise specifically provided in this section or federal law:
(a) Private libraries works of art, musical instruments and jewelry not to exceed $ 5,000 in value, belonging to the judgment debtor or a dependent of the judgment debtor, to be selected by the judgment debtor, and all family pictures and keepsakes.
(b) Necessary household goods, furnishings, electronics, wearing apparel, other personal effects and yard equipment, not to exceed $ 12,000 in value, belonging to the judgment debtor or a dependent of the judgment debtor, to be selected by the judgment debtor.
(c) Farm trucks, farm stock, farm tools, farm equipment, supplies and seed not to exceed $ 4,500 in value, belonging to the judgment debtor to be selected by him.
(d) Professional libraries, equipment, supplies, and the tools, inventory, instruments and materials used to carry on the trade or business of the judgment debtor for the support of himself and his family not to exceed $ 10,000 in value.
(e) The cabin or dwelling of a miner or prospector, his cars, implements and appliances necessary for carrying on any mining operations and his mining claim actually worked by him, not exceeding $ 4,500 in total value.
(f) Except as otherwise provided in paragraph (o), one vehicle if the judgment debtor's equity does not exceed $ 15,000 or the creditor is paid an amount equal to any excess above that equity.
(g) For any workweek, 75 percent of the disposable earnings of a judgment debtor during that week, or 50 times the minimum hourly wage prescribed by section 6(a)(1) of the federal Fair Labor Standards Act of 1938, 29 U.S.C. Section 206(a)(1), and in effect at the time the earnings are payable, whichever is greater. Except as otherwise provided in paragraphs (n), (r) and (s), the exemption provided in this paragraph does not apply in the case of any order of a court of competent jurisdiction for the support of any person, any order of a court of bankruptcy or of any debt due for any state or federal tax. As used in this paragraph: (1) "disposable earnings" means that part of the earnings of a judgment debtor remaining after the deduction from those earnings of any amounts required by law to be withheld.
(2) "earnings" means compensation paid or payable for personal services performed by a judgment debtor in the regular course of business, including, without limitation, compensation designated as income, wages, tips, a salary, a commission or a bonus. The term includes compensation received by a judgment debtor that is in the possession of the judgment debtor, compensation held in accounts maintained in a bank or any other financial institution or, in the case of a receivable, compensation that is due the judgment debtor.
(h) All fire engines, hooks and ladders, with the carts, trucks and carriages, hose, buckets, implements and apparatus thereunto appertaining, and all furniture and uniforms of any fire company or department organized under the laws of this State.
(i) All arms, uniforms and accouterments required by law to be kept by any person, and also one gun, to be selected by the debtor.
(j) All courthouses, jails, public offices and buildings, lots, grounds and personal property, the fixtures, furniture, books, papers and appurtenances belonging and pertaining to the courthouse, jail and public offices belonging to any county of this State, all cemeteries, public squares, parks and places, public buildings, town halls, markets, buildings for the use of fire departments and military organizations, and the lots and grounds thereto belonging and appertaining, owned or held by any town or incorporated city, or dedicated by the town or city to health, ornament or public use, or for the use of any fire or military company organized under the laws of this State and all lots, buildings and other school property owned by a school district and devoted to public school purposes.
(k) All money, benefits, privileges or immunities accruing or in any manner growing out of any life insurance, if the annual premium paid does not exceed $ 15,000. If the premium exceeds that amount, a similar exemption exists which bears the same proportion to the money, benefits, privileges and immunities so accruing or growing out of the insurance that the $ 15,000 bears to the whole annual premium paid.
(l) The homestead as provided for by law, including a homestead for which allodial title has been established and not relinquished and for which a waiver executed pursuant to NRS 115.010 is not applicable.
(m) The dwelling of the judgment debtor occupied as a home for himself and family, where the amount of equity held by the judgment debtor in the home does not exceed $ 350,000 in value and the dwelling is situated upon lands not owned by him.
(n) All property in this State of the judgment debtor where the judgment is in favor of any state for failure to pay that state's income tax on benefits received from a pension or other retirement plan.
(o) Any vehicle owned by the judgment debtor for use by him or his dependent that is equipped or modified to provide mobility for a person with a permanent disability.
(p) Any prosthesis or equipment prescribed by a physician or dentist for the judgment debtor or a dependent of the debtor.
(q) Money, not to exceed $ 500,000 in present value, held in: (1) An individual retirement arrangement which conforms with the applicable limitations and requirements of Section 408 or 408a of the Internal Revenue Code, 26 U.S.C. sections 408 and 408a;
(2) A written simplified employee pension plan which conforms with the applicable limitations and requirements of Section 408 of the Internal Revenue Code, 26 U.S.C. Section 408;
(3) A cash or deferred arrangement which is a qualified plan pursuant to the Internal Revenue Code;
(4) A trust forming part of a stock bonus, pension or profit- sharing plan which is a qualified plan pursuant to sections 401 et seq. of the Internal Revenue Code, 26 U.S.C. Sections 401 et seq.; and
(5) A trust forming part of a qualified tuition program pursuant to chapter 353B of NRS, any applicable regulations adopted pursuant to chapter 353B of NRS and section 529 of the Internal Revenue Code, 26 U.S.C. Section 529, unless the money is deposited after the entry of a judgment against the purchaser or account owner or the money will not be used by any beneficiary to attend a college or university.
(r) All money and other benefits paid pursuant to the order of a court of competent jurisdiction for the support, education and maintenance of a child, whether collected by the judgment debtor or the State.
(s) All money and other benefits paid pursuant to the order of a court of competent jurisdiction for the support and maintenance of a former spouse, including the amount of any arrearages in the payment of such support and maintenance to which the former spouse may be entitled.
(t) Payments, in an amount not to exceed $ 16,150, received as compensation for personal injury, not including compensation for pain and suffering or actual pecuniary loss, by the judgment debtor or by a person upon whom the judgment debtor is dependent at the time the payment is received.
(u) Payments received as compensation for the wrongful death of a person upon whom the judgment debtor was dependent at the time of the wrongful death, to the extent reasonably necessary for the support of the judgment debtor and any dependent of the judgment debtor.
(v) Payments received as compensation for the loss of future earnings of the judgment debtor or of a person upon whom the judgment debtor is dependent at the time the payment is received, to the extent reasonably necessary for the support of the judgment debtor and any dependent of the judgment debtor.
(w) Payments received as restitution for a criminal act. 2. Except as otherwise provided in NRS 115.010, no article or species of property mentioned in this section is exempt from execution issued upon a judgment to recover for its price, or upon a judgment of foreclosure of a mortgage or other lien thereon.
3. Any exemptions specified in subsection (d) of section 522 of the Bankruptcy Act of 1978, 11 U.S.C. Section 522(d), do not apply to property owned by a resident of this State unless conferred also by subsection 1, as limited by subsection 2. NRS § 687B.260. Exemption of proceeds of certain policies
1. If a policy of insurance, whether issued before, on or after January 1, 1972, is effected by any person on his own life, or on another life, in favor of a person other than himself, or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to any such person, the lawful beneficiary or assignee thereof, other than the insured or the person so effecting such insurance or executors or administrators of the insured or the person so effecting such insurance, is entitled to its proceeds and avails against the creditors and representatives of the insured and of the person effecting the same, whether or not the right to change the beneficiary is reserved or permitted and whether or not the policy is made payable to the person whose life is insured or to the executors or administrators of such person if the beneficiary or assignee predeceases the person. Except as otherwise provided in this subsection, such proceeds and avails are exempt from all liability for any debt of the beneficiary existing at the time the proceeds and avails are made available for his use. Subject to the statute of limitations, the amount of any premiums for such insurance paid with intent to defraud creditors, with interest thereon, inures to the benefit of the creditors from the proceeds of the policy. The insurer issuing the policy is discharged of all liability thereon by payment of its proceeds in accordance with its terms, unless, before the payment, the insurer has received written notice at its home office, by or in behalf of a creditor, of a claim to recover for transfer made or premiums paid with intent to defraud creditors, with specification of the amount claimed along with such facts as will assist the insurer to ascertain the particular policy.
2. For the purposes of subsection 1, a policy shall also be deemed to be payable to a person other than the insured if and to the extent that a facility-of-payment clause or a similar clause in the policy permits the insurer to discharge its obligation after the death of the individual insured by paying the death benefits to a person as permitted by such a clause.
3. This section does not apply to insurance issued pursuant to this code to a creditor covering his debtors to the extent that such proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued. NRS § 687B.270. Exemption of proceeds: Health insurance
1. Except as otherwise expressly provided by the policy or contract, the proceeds and avails of all contracts of health insurance and of provisions providing benefits on account of the disability of the insured which are supplemental to life insurance or annuity contracts effected before, on or after January 1, 1972, are exempt from all liability for any debt of the insured, and from any debt of the beneficiary existing at the time the proceeds are made available for his use.
2. This section does not apply to insurance issued pursuant to this code to a creditor covering his debtors to the extent that such proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued. NRS § 687B.280. Exemption of proceeds: Group insurance
1. A policy of group life insurance or group health insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder shall not be liable, either before or after payment, to be applied by any legal or equitable process to pay any debt or liability of such insured individual or his beneficiary or of any other person having a right under the policy. The proceeds thereof, when not made payable to a named beneficiary or to a third person pursuant to a facility-of-payment clause, shall not constitute a part of the estate of the individual insured for the payment of his debts.
2. This section does not apply to group insurance issued pursuant to this code to a creditor covering his debtors, to the extent that such proceeds are applied to payments of the obligation for the purpose of which the insurance was so issued. NRS § 687B.290. Exemption of proceeds: Annuities; assignability of rights
1. The benefits, rights, privileges and options which under any annuity contract issued prior to or after January 1, 1972, are due or prospectively due the annuitant shall not be subject to execution nor shall the annuitant be compelled to exercise any such rights, powers or options, nor shall creditors be allowed to interfere with or terminate the contract, except:
(a) As to amounts paid for or as premium on any such annuity with intent to defraud creditors, with interest thereon, and of which the creditor has given the insurer written notice at its home office prior to the making of the payment to the annuitant out of which the creditor seeks to recover. Any such notice shall specify the amount claimed or such facts as will enable the insurer to ascertain such amount, and shall set forth such facts as will enable the insurer to ascertain the annuity contract, the annuitant and the payment sought to be avoided on the ground of fraud.
(b) The total exemption of benefits presently due and payable to any annuitant periodically or at stated times under all annuity contracts under which he is an annuitant shall not at any time exceed $ 350 per month for the length of time represented by such installments, and such periodic payments in excess of $ 350 per month shall be subject to garnishee execution to the same extent as are wages and salaries.
(c) If the total benefits presently due and payable to any annuitant under all annuity contracts under which he is an annuitant, at any time exceed payment at the rate of $ 350 per month, then the court may order such annuitant to pay to a judgment creditor or apply on the judgment, in installments, such portion of such excess benefits as to the court may appear just and proper, after due regard for the reasonable requirements of the judgment debtor and his family, if dependent upon him, as well as any payments required to be made by the annuitant to other creditors under prior court orders.
2. If the contract so provides, the benefits, rights, privileges or options accruing under such contract to a beneficiary or assignee shall not be transferable or subject to commutation, and if the benefits are payable periodically or at stated times, the same exemptions and exceptions contained in this section for the annuitant shall apply with respect to such beneficiary or assignee. § 695A.220. Benefits not liable to attachment, garnishment or other process
No money or other benefit, charity, relief or aid to be paid, provided or rendered by any society is liable to attachment, garnishment or other process, or to be seized, taken, appropriated or applied by any legal or equitable process or operation of law to pay any debt or liability of a benefit member or beneficiary, or any other person who may have a right thereunder, either before or after payment by the society. NRS § 616C.205. Compensation not assignable; exempt from attachment, garnishment and execution; accrued compensation payable to dependents
Except as otherwise provided in this section and NRS 31A.150 and 31A.330, compensation payable or paid under chapters 616A to 616D, inclusive, or chapter 617 of NRS, whether determined or due, or not, is not, before the issuance and delivery of the check, assignable, is exempt from attachment, garnishment and execution, and does not pass to any other person by operation of law. In the case of the death of an injured employee covered by chapters 616A to 616D, inclusive, or chapter 617 of NRS from causes independent from the injury for which compensation is payable, any compensation due the employee which was awarded or accrued but for which a check was not issued or delivered at the date of death of the employee is payable to his dependents as defined in NRS 616C.505. NR§ 612.710. Assignment of benefits void; exemption from execution and attachment
Except as otherwise provided in NRS 31A.150:
1. Any assignment, pledge or encumbrance of any right to benefits which are or may become due or payable under this chapter is void, except for a voluntary assignment of benefits to satisfy an obligation to pay support for a child.
2. Benefits are exempt from levy, execution, attachment, or any other remedy provided for the collection of debt. Benefits received by any person, if they are not mingled with other money of the recipient, are exempt from any remedy for the collection of all debts, except debts incurred for necessaries furnished to the person or his spouse or dependents during the time when the person was unemployed.
3. Any other waiver of any exemption provided for in this section is void. NRS § 286.670. Right to benefits not subject to taxes, process, bankruptcy, assignment or assessment for impairment or insolvency of insurance company; exceptions
1. Except as otherwise provided in NRS 31A.150 and 286.6703 and as limited by subsection 2, the right of a person to a pension, an annuity, a retirement allowance, the return of contributions, the pension, annuity or retirement allowance itself, any optional benefit or death benefit or any other right accrued or accruing to any person under the provisions of this chapter, and the money in the various funds created by this chapter, is:
(a) Exempt from all state, county and municipal taxes.
(b) Not subject to execution, garnishment, attachment or any other process.
(c) Not subject to the operation of any bankruptcy or insolvency law.
(d) Not assignable, by power of attorney or otherwise.
(e) Exempt from assessment for the impairment or insolvency of any life or health insurance company.
2. The system may withhold money from a refund or benefit when the person applying for or receiving the refund or benefit owes money to the system. NRS § 645A.170. Limitations on execution or attachment of money deposited in escrow; commingling prohibited
1. Money deposited in escrow is not subject to execution or attachment on any claim against the escrow agent or agency.
2. An escrow agent or agency shall not knowingly keep or cause to be kept any money in any bank, credit union or other financial institution under any name designating the money as belonging to the clients of any escrow agent or agency, unless the money was actually entrusted to the agent or agency by the client for deposit in escrow. NRS § 21.080. Property liable to execution; property not affected by execution until levy; exemption of spendthrift trusts
1. All goods, chattels, moneys and other property, real and personal, of the judgment debtor, or any interest therein of the judgment debtor not exempt by law, and all property and rights of property seized and held under attachment in the action, shall be liable to execution. Subject to the provisions of chapter 104 of NRS, shares and interests in any corporation or company, and debts and credits and other property not capable of manual delivery, may be attached in execution in like manner as upon writs of attachments. Gold dust and bullion shall be returned by the officer as so much money collected, at its current value, without exposing the same to sale. Until a levy, property shall not be affected by the execution.
2. This chapter does not authorize the seizure of, or other interference with, any money, thing in action, lands or other property held in spendthrift trust for a judgment debtor, or held in such trust for any beneficiary, pursuant to any judgment, order or process of any bankruptcy or other court directed against any such beneficiary or his trustee, where the trust has been created by, or the fund so held in trust has proceeded from, any person other than the judgment debtor or beneficiary himself. NRS § 21.100. Collections of minerals, art curiosities and paleontological remains exempt from execution
1. Any bona fide owner of a collection or cabinet of metal-bearing ores, geological specimens, art curiosities, or paleontological remains who shall properly arrange, classify, number and catalog in a suitable book or books of reference any such collection of ores, specimens, curiosities or remains, whether the same be kept at a private residence or in a public hall or in a place of public business or traffic, shall be entitled to hold the same exempt from execution as other property is exempted from execution under the provisions of NRS 21.090.
2. The owner of any collection or cabinet as described in subsection 1 shall keep constantly at or near such collection or cabinet, for free inspection of all visitors who may desire to examine the same, written or printed catalogs as provided in subsection 1. Any person owning such collection or cabinet who fails or neglects to comply with the provisions of this section shall forfeit all right to hold such collection or cabinet exempt from legal execution as provided herein.
3. Nothing in this section shall be construed so as to exempt from execution any numismatic collection, such as gold and silver coins, paper currency, bank notes, legal tender currency, national or state bonds, or any negotiable note, or valuable copper, bronze, nickel, platinum or other coin. NRS § 422.291. Assistance not assignable or subject to process or bankruptcy law
Assistance awarded pursuant to the provisions of this chapter is not transferable or assignable at law or in equity and none of the money paid or payable under this chapter is subject to execution, levy, attachment, garnishment or other legal process, or to the operation of any bankruptcy or insolvency law. NRS § 615.270. Maintenance not assignable or subject to attachment, execution or other legal process
The right of a handicapped individual to maintenance under this chapter shall not be transferable or assignable at law or in equity, and none of the moneys paid or payable or rights existing under this chapter shall be subject to execution, levy, attachment, garnishment or other legal process, or to the operation of any bankruptcy or insolvency law. NRS § 87.250. Nature of partner's right in specific property of partnership
1. A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.
2. The incidents of this tenancy are such that:
(a) A partner, subject to the provisions of this chapter and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes; but he has no right to possess such property for any other purpose without the consent of his partners.
(b) A partner's right in specific partnership property is not assignable except in connection with the assignment of rights of all the partners in the same property.
(c) A partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws.
(d) On the death of a partner his right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his right in such property vests in his legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.
(e) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to widows, heirs or next of kin. UTAH State Bankruptcy Exemptions UTC § 78-23-3. Homestead exemption -- Definitions -- Excepted obligations -- Water rights and interests -- Conveyance -- Sale and disposition -- Property right for federal tax purposes
(1) For purposes of this section:
(a) "Household" means a group of persons related by blood or marriage living together in the same dwelling as an economic unit, sharing furnishings, facilities, accommodations, and expenses.
(b) "Mobile home" is as defined in Section 57-16-3.
(c) "Primary personal residence" means a dwelling or mobile home, and the land surrounding it, not exceeding one acre, as is reasonably necessary for the use of the dwelling or mobile home, in which the individual and the individual's household reside.
(d) "Property" means:
(i) a primary personal residence;
(ii) real property; or
(iii) an equitable interest in real property awarded to a person in a divorce decree by a court.
(2) (a) An individual is entitled to a homestead exemption consisting of property in this state in an amount not exceeding:
(i) $ 5,000 in value if the property consists in whole or in part of property which is not the primary personal residence of the individual; or
(ii) $ 20,000 in value if the property claimed is the primary personal residence of the individual.
(b) If the property claimed as exempt is jointly owned, each joint owner is entitled to a homestead exemption; however
(i) for property exempt under Subsection (2)(a)(i), the maximum exemption may not exceed $ 10,000 per household; or
(ii) for property exempt under Subsection (2)(a)(ii), the maximum exemption may not exceed $ 40,000 per household.
(c) A person may claim a homestead exemption in either or both of the following:
(i) one or more parcels of real property together with appurtenances and improvements; or
(ii) a mobile home in which the claimant resides.
(3) A homestead is exempt from judicial lien and from levy, execution, or forced sale except for:
(a) statutory liens for property taxes and assessments on the property;
(b) security interests in the property and judicial liens for debts created for the purchase price of the property;
(c) judicial liens obtained on debts created by failure to provide support or maintenance for dependent children; and
(d) consensual liens obtained on debts created by mutual contract.
(4) (a) Except as provided in Subsection (4)(b), water rights and interests, either in the form of corporate stock or otherwise, owned by the homestead claimant are exempt from execution to the extent that those rights and interests are necessarily employed in supplying water to the homestead for domestic and irrigating purposes.
(b) Those water rights and interests are not exempt from calls or assessments and sale by the corporations issuing the stock.
(5) (a) When a homestead is conveyed by the owner of the property, the conveyance may not subject the property to any lien to which it would not be subject in the hands of the owner.
(b) The proceeds of any sale, to the amount of the exemption existing at the time of sale, is exempt from levy, execution, or other process for one year after the receipt of the proceeds by the person entitled to the exemption.
(6) The sale and disposition of one homestead does not prevent the selection or purchase of another.
(7) For purposes of any claim or action for taxes brought by the United States Internal Revenue Service, a homestead exemption claimed on real property in this state is considered to be a property right. UTC § 78-23-5. Property exempt from execution
(1) (a) An individual is entitled to exemption of the following property:
(i) a burial plot for the individual and his family;
(ii) health aids reasonably necessary to enable the individual or a dependent to work or sustain health;
(iii) benefits the individual or his dependent have received or are entitled to receive because of disability, illness, or unemployment from any source;
(iv) benefits paid or payable for medical, surgical, or hospital care to the extent they are used by an individual or his dependent to pay for that care;
(v) veterans benefits;
(vi) money or property received, and rights to receive money or property for child support;
(vii) one clothes washer and dryer, one refrigerator, one freezer, one stove, one microwave oven, one sewing machine, all carpets in use, provisions sufficient for 12 months actually provided for individual or family use, all wearing apparel of every individual and dependent, not including jewelry or furs, and all beds and bedding for every individual or dependent;
(viii) works of art depicting the debtor or the debtor and his resident family, or produced by the debtor or the debtor and his resident family, except works of art held by the debtor as part of a trade or business;
(ix) proceeds of insurance, a judgment, or a settlement, or other rights accruing as a result of bodily injury of the individual or of the wrongful death or bodily injury of another individual of whom the individual was or is a dependent to the extent that those proceeds are compensatory;
(x) except as provided in Subsection (1)(b), any money or other assets held for or payable to the individual as a participant or beneficiary from or an interest of the individual as a participant or beneficiary in a retirement plan or arrangement that is described in Section 401(a), 401(h), 401(k), 403(a), 403(b), 408, 408A, 409, 414(d), or 414(e) of the United States Internal Revenue Code of 1986, as amended; and
(xi) the interest of or any money or other assets payable to an alternate payee under a qualified domestic relations order as those terms are defined in Section 414(p) of the United States Internal Revenue Code of 1986, as amended.
(b) The exemption granted by Subsection (1)(a)(x) does not apply to:
(i) an alternate payee under a qualified domestic relations order, as those terms are defined in Section 414(p) of the United States Internal Revenue Code of 1986, as amended; or
(ii) amounts contributed or benefits accrued by or on behalf of a debtor within one year before the debtor files for bankruptcy. This may not include amounts directly rolled over from other funds which are exempt from attachment under this section.
(2) Exemptions under this section do not limit items which may be claimed as exempt under Section 78-23-8. UTC § 78-23-8. Value of exempt property -- Exemption of implements, professional books, tools, and motor vehicle
(1) An individual is entitled to exemption of the following property up to an aggregate value of items in each subsection of $ 500:
(a) sofas, chairs, and related furnishings reasonably necessary for one household;
(b) dining and kitchen tables and chairs reasonably necessary for one household;
(c) animals, books, and musical instruments, if reasonably held for the personal use of the individual or his dependents; and
(d) heirlooms or other items of particular sentimental value to the individual.
(2) An individual is entitled to an exemption, not exceeding $ 3,500 in aggregate value, of implements, professional books, or tools of his trade.
(3) (a) As used in this Subsection (3), "motor vehicle" does not include any motor vehicle designed for or used primarily for recreational purposes, such as:
(i) an off-highway vehicle as defined in Section 41-22-2, except a motorcycle the individual regularly uses for daily transportation; or
(ii) a recreational vehicle as defined in Section 13-14-102, except a van the individual regularly uses for daily transportation.
(b) An individual is entitled to an exemption, not exceeding $ 2,500 in value, of one motor vehicle.
(4) This section does not affect property exempt under Section 78-23-5. UTC § 78-23-9. Exemption of proceeds from property sold, taken by condemnation, lost, damaged, or destroyed -- Tracing exempt property and proceeds
(1) If property, or a part thereof, that could have been claimed exempt under Subsection 78-23-5(1)(a)(i) or (ii), or personal property subject to a value limitation under Subsection 78-23-8(1)(a), (b), or (c) has been sold or taken by condemnation, or has been lost, damaged, or destroyed and the owner has been compensated therefor, the individual is entitled to an exemption of proceeds that are traceable for one year after the proceeds are received. The exemption of proceeds under this subsection does not entitle the individual to claim an aggregate exemption in excess of the value limitation otherwise allowable under Section 78-23-3 or 78-23-8.
(2) Money or other property exempt under Subsection 78-23-5(1)(a)(iii), (iv), (v), or (vi), or exempt to the extent reasonably necessary for support under Section 78-23-6, remains exempt after its receipt by, and while it is in the possession of, the individual or in any other form into which it is traceable.
(3) Money or other property and proceeds exempt under this chapter are traceable under this section by application of the principle of first-in first-out, last-in last-out, or any other reasonable basis for tracing selected by the individual.
UTC § 78-23-15. Exemption provisions applicable in bankruptcy proceedings
No individual may exempt from the property of the estate in any bankruptcy proceeding the property specified in Subsection (d) of Section 522 of the Bankruptcy Reform Act (Public Law 95-598), except as may otherwise be expressly permitted under this chapter. § 39-1-47. Military property exempt from civil process
All military property issued to or owned by members of the National Guard shall be exempt from all civil process. UTC § 35A-3-112. Assistance not assignable -- Exemption from execution, garnishment, bankruptcy, or insolvency proceedings
Public assistance provided under this chapter is not assignable, at law or in equity, and none of the money paid or payable under this chapter is subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law. UTC § 34A-2-422. Compensation exempt from execution
Compensation before payment shall be exempt from all claims of creditors, and from attachment or execution, and shall be paid only to employees or their dependents, except as provided in Sections 26-19-5 and 34A-2-417. UTC § 35A-4-103. Void agreements -- Child support obligations -- Penalties
(1) (a) Any agreement by an individual to waive, release, or commute his rights to benefits or any other rights under this chapter is void.
(b) Any agreement by any individual in the employ of any person or concern to pay all or any portion of an employer's contributions, required under this chapter from the employer, is void.
(c) An employer may not directly or indirectly:
(i) make, require, or accept any deduction from wages to finance the employer's contributions required from the employer;
(ii) require or accept any waiver of any right under this chapter by any individual in the employer's employ;
(iii) discriminate in regard to the hiring or tenure of work on any term or condition of work of any individual on account of the individual claiming benefits under this chapter; or
(iv) in any manner obstruct or impede the filing of claims for benefits.
(d) (i) Any employer or officer or agent of an employer who violates Subsection (1)(c) is, for each offense, guilty of a class B misdemeanor.
(ii) Notwithstanding Sections 76-3-204 and 76-3-301, a fine imposed under Subsection (1) shall be not less than $ 100, and a penalty of imprisonment shall be not more than six months.
(2) An individual claiming benefits may not be charged fees or costs of any kind in any proceeding under this chapter by the department or its representatives, or by any court or any officer of the court.
(3) (a) Any individual claiming benefits in any proceeding before the department or its representatives or a court may be represented by counsel or any other duly authorized agent.
(b) A counsel or agent may not either charge or receive for the counsel's or agent's services more than an amount approved by the division or administrative law judge in accordance with rules made by the department.
(c) Any person who violates any provision of Subsection (3) is guilty of a class B misdemeanor for each offense.
(d) Notwithstanding Sections 76-3-204 and 76-3-301, a fine imposed under Subsection (3) shall be not less than $ 50 nor more than $ 500, and a penalty for imprisonment shall be not more than six months.
(4) Except as provided for in Subsection (5):
(a) any assignment, pledge, or encumbrance of any right to benefits that are or may become due or payable under this chapter is void;
(b) rights to benefits are exempt from levy, execution, attachment, or any other remedy provided for the collection of debt;
(c) benefits received by any individual, so long as they are not mingled with other funds of the recipient, are exempt from any remedy for the collection of all debts except debts incurred for necessaries furnished to the individual or the individual's spouse or dependents during the time when the individual was unemployed; and
(d) any waiver of any exemption provided for in Subsection (4) is void.
(5) (a) An individual filing a new claim for unemployment compensation shall, at the time of filing the claim, disclose whether or not the individual owes:
(i) child support obligations; or
(ii) an uncollected overissuance of food stamp benefits.
(b) If the individual owes child support obligations, and is determined to be eligible for unemployment compensation, the division shall notify the state or local child support agency charged with enforcing that obligation that the individual is eligible for unemployment compensation.
(c) The division shall deduct and withhold from any unemployment compensation payable to an individual that owes child support obligations:
(i) any amount required to be deducted and withheld from unemployment compensation under legal process, as defined in the Social Security Act, 42 U.S.C. Sec. 659(i), properly served upon the department;
(ii) the amount determined under an agreement submitted to the division under Subsection 454(19)(B)(i) of the Social Security Act, 42 U.S.C. Sec. 654, by the state or local child support enforcement agency, except if Subsection (5)(c)(i) is applicable; or
(iii) the amount specified by the claimant to the division if neither Subsection (5)(c)(i) nor (ii) is applicable.
(d) The division shall notify the state food stamp agency that an individual is eligible for unemployment compensation if the individual:
(i) owes an uncollected overissuance of food stamp benefits; and
(ii) is determined to be eligible for unemployment compensation.
(e) The division shall deduct and withhold from any unemployment compensation payable to an individual who owes an uncollected overissuance of food stamp benefits:
(i) the amount specified by the individual to the division to be deducted and withheld under this Subsection (5)(e);
(ii) the amount, if any, determined pursuant to an agreement submitted to the state food stamp agency under Section 13(c)(3)(B) of the Food Stamp Act of 1977; or
(iii) any amount otherwise required to be deducted and withheld from unemployment compensation pursuant to Section 13(c)(3)(B) of the Food Stamp Act of 1977.
(f) Any amount deducted and withheld under Subsection (5)(c) or (e) shall:
(i) be paid by the department to the appropriate:
(A) state or local child support enforcement agency; or
(B) state food stamp agency; and
(ii) for all purposes, be treated as if it was paid to the individual as unemployment compensation and then paid by the individual to the appropriate:
(A) state or local child support enforcement agency in satisfaction of the individual's child support obligation; or
(B) state food stamp agency in satisfaction of the individual's uncollected overissuance.
(g) For purposes of Subsection (5):
(i) "Child support obligation" means obligations that are enforced under a plan described in Section 454 of the Social Security Act, 42 U.S.C. Sec. 654, that has been approved by the Secretary of Health and Human Services under Part D of Title IV of the Social Security Act, 42 U.S.C. Sec. 651 et seq.
(ii) "State food stamp agency" means the Department of Workforce Services or its designee responsible for the collection of uncollected overissuances.
(iii) "State or local child support enforcement agency" means any agency or political subdivision of the state operating under a plan described in Subsection (5).
(iv) "Uncollected overissuance" is as defined in Section 13(c)(1) of the Food Stamp Act of 1977.
(v) "Unemployment compensation" means any compensation payable under this chapter, including amounts payable under an agreement directed by federal law that provides compensation assistance or allowances for unemployment.
(h) Subsection (5) is applicable only if appropriate arrangements have been made for reimbursement by the state or local child support enforcement agency or state food stamp agency for the administrative costs of the department under Subsection (5) that are directly related to the enforcement of child support obligations or the repayment of uncollected overissuance of food stamp benefits. § 53B-20-106. Property exempt from taxes and assessments
The property of the institutions governed by the board is exempt from all taxes and assessments. UTC § 31A-9-603. Exemption of fraternal benefits
No money or other benefit, charity, relief, or aid to be paid, provided, or rendered by any domestic or nondomestic fraternal is liable to attachment, garnishment, or other process, or may be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay a debt or liability of a member or beneficiary, or any other person who may have a right to them, either before or after their payment by the fraternal. UTC § 48-1-22. Nature of a partner's right in specific partnership property
(1) A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.
(2) The incidents of this tenancy are such that:
(a) A partner, subject to the provisions of this chapter and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes; but he has no right to possess such property for any other purpose without the consent of his partners.
(b) A partner's right in specific partnership property is not assignable, except in connection with the assignment of rights of all the partners in the same property.
(c) A partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt, the partners, or any of them, or the representative of a deceased partner, cannot claim any right under the homestead or exemption laws.
(d) On the death of a partner his right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his right in such property vests in his legal representatives. Such surviving partner or partners, or the legal representatives of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.
(e) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to widows, heirs or next of kin. UTC § 49-11-612. Nonassignability of benefits or payments -- Exemption from legal process
(1) Except as provided in Subsections (2), (3), and (4), the right of any member, retiree, participant, or beneficiary to any retirement benefit, retirement payment, or any other retirement right accrued or accruing under this title and the assets of the funds created by this title are not subject to alienation or assignment by the member, retiree, participant, or their beneficiaries and are not subject to attachment, execution, garnishment, or any other legal or equitable process.
(2) The office may, upon the request of the retiree, deduct from the retiree's allowance insurance premiums or other dues payable on behalf of the retiree, but only to those entities that have received the deductions prior to February 1, 2002.
(3) (a) The office shall provide for the division of an allowance, defined contribution account, continuing monthly death benefit, or refund of member contributions upon termination to former spouses and family members under an order of a court of competent jurisdiction with respect to domestic relations matters on file with the office.
(b) The court order shall specify the manner in which the allowance, defined contribution account, continuing monthly death benefit, or refund of member contributions shall be partitioned, whether as a fixed amount or as a percentage of the benefit.
(c) Allowances, continuing monthly death benefits, and refunds of member contributions split under a domestic relations order are subject to the following:
(i) the amount to be paid or the period for which payments shall be made under the original domestic relations order may not be altered if the alteration affects the actuarial calculation of the allowance;
(ii) payments to an alternate payee shall begin at the time the member or beneficiary begins receiving payments; and
(iii) the alternate payee shall receive payments in the same form as allowances received by the member or beneficiary.
(4) In accordance with federal law, the board may deduct the required amount from any benefit, payment, or other right accrued or accruing to any member of a system, plan, or program under this title to offset any amount that member owes to a system, plan, or program administered by the board.
(5) The board shall make rules to implement this section.
|
