Raiders Head Coach’s Wife Protects Assets Through
Bankruptcy Filing

Jocelyn Pierce filed for chapter 11 bankruptcy. It is an involved form of bankruptcy that can be filed by individuals and businesses. Because of how many resources go into a chapter 11 case, it is generally only filed by debtors with significant assets, such as Pierce. Most bankruptcy debtors in Nevada file for chapter 7 bankruptcy. In chapter 7 bankruptcy, the debtor can only keep assets that are protected by applicable bankruptcy exemptions. Nevada bankruptcy debtors are allowed to choose between state and federal bankruptcy exemptions. Everything else can be taken by the bankruptcy trustee and sold, with the proceeds used to pay off debts. Many of the notable assets in Jocelyn Pierce’s bankruptcy petition would not be protected in a Nevada chapter 7 bankruptcy case. Here are some of the exemptions that would apply:

• Homestead Exemption: This exemption protects up to $605,000 equity in a debtor’s home in a Nevada bankruptcy case. This exemption is to be used on the dwelling in which the debtor resides, not investment properties. Therefore, for the Pierces, the homestead would only cover part of the equity in the Maricopa County property. However, Pierce may be able to keep more valuable assets due to filing for chapter 11. In Nevada, bankruptcy debtors are required to record a homestead declaration with the county recorder before filing their bankruptcy petitions. 
• Wildcard Exemption: Nevada has a wildcard exemption of $10,000. A wildcard exemption can be used on any asset, so here Jocelyn Pierce could potentially use it for a singular piece of jewelry, appliance, etc. 
• Motor Vehicle Exemption: Nevada bankruptcy debtors can protect $15,000 equity in a motor vehicle so they can continue traveling to work, school, and their other obligations. This exemption becomes unlimited if the bankruptcy debtor has a physical disability. 
• Home Goods & Furnishings: This exemption in Nevada is worth $12,000. If it applied to Jocelyn Pierce’s bankruptcy case, several thousand dollars of her possessions from this category would be left unprotected. 
• Keepsakes & Pictures: Nevada’s bankruptcy exemption protects all items from this category without assigning a dollar value. The Pierce family has keepsakes and pictures that hold far more financial value than typical family items. A debtor with valuable possessions like a Super Bowl ring and trophy might want to try applying this exemption first before letting those assets go to creditors. 

Do you need assistance determining if your assets would be protected by exemptions in a Nevada bankruptcy filing? Are you wondering whether you qualify for chapter 7, chapter 13, or both? Do you have more questions about the bankruptcy process in general, especially paying bankruptcy costs in a zero-money down payment plan? Schedule your free consultation with Vegas Bankruptcy Lawyers today by calling 702-370-0155.