Suggestions

“I’m thinking about filing Chapter 7 in Nevada and trying to figure out how people typically handle their assets beforehand. I’ve been really sick and can no longer teach, so income has stopped. I currently have about $30k in my own investment accounts, $13k in a custodial account for my 3-year-old daughter, paid-off cars, and roughly $300k in home equity. A paralegal mentioned that Nevada only lets you exempt around $10k in personal property/investments (I think that’s the wildcard + personal property exemption combined), which is actually less than what’s in my daughter’s account right now. For folks in Nevada who’ve gone through Chapter 7: Did you spend down non-retirement investments or cash to the exempt amount before filing, or did you leave it and let the trustee take whatever wasn’t protected? If you did spend it down, what kinds of things did you use the money for that felt “safe” (paying off the house, necessary medical stuff, living expenses, pre-paying bills, etc.)? Any creative (but totally above-board) ideas you used to preserve more for your family while still passing the means test and keeping the bankruptcy honest? Just looking for real-world experiences from other Nevadans who’ve been through it—thanks!”