Raiders Head Coach’s Wife Protects Assets Through Bankruptcy Filing

While a lot of us can say that more money would solve a lot of our problems, people who are relatively wealthy can still struggle with debt and face collection efforts by creditors. Wealthy people can still default on loans, have assets repossessed, and otherwise deal with debts, which means they might be able to remedy their situation with bankruptcy. Antonio Pierce, head coach of the Las Vegas Raiders, has found himself in hot water after defaulting on payments tied to his role as an investor in car dealerships. This led his wife, Jocelyn Pierce, to file for chapter 11 bankruptcy. The filing will stop creditors from repossessing their shared assets, at least for now. 

The Pierce family has substantial assets that provide a comfortable lifestyle, even from the perspective of the professional athletic field. Seeking bankruptcy before these assets are lost can give debtors the opportunity to retain legal counsel to guide them through the matter. Some of their assets include:

• A home in Maricopa County, Arizona worth $3.36 million
• An investment property in Los Angeles, California worth $1.85 million
• An investment property in Inglewood, California worth $389,350
• Jewelry, including wedding rings and Rolex watches, worth $300,000
• Collectibles like a Super Bowl ring and trophy worth $1,000,000
• Household appliances worth $200,000
• A security deposit at a property in Las Vegas worth $1.35 million
• Checking account balances totaling $131,000

While the Pierces have significant assets-their investment properties yielded them $175,800 in rental income last year- they are insufficient to pay their reported liabilities. Nissan Motor Acceptance Corporation holds a judgment against Pierce for $22.4 million, and Hyundai Capital America has a judgment for $5.8 million. Judge Paul Sala indicated that the key issue in this case would be which assets are considered community property. Under community property law, assets and debts acquired while a couple is legally married are both spouses’ community property. Property and debts acquired before or after the marriage are separate property. Property acquired during the marriage through gift or inheritance is also separate property. The automatic stay from Jocelyn’s bankruptcy filing will only protect assets that are community property or her separate property- not Antonio’s separate property.

Applying Nevada’s Bankruptcy Exemptions To These Assets

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. 

Bankruptcy During Divorce

It’s important to understand how bankruptcy and divorce interact if you expect to be going through both types of legal matters. One of the key features of bankruptcy is the automatic stay, which freezes assets to stop creditors from collecting, at least while the case is proceeding. But this asset freeze doesn’t just have an effect on creditors. A divorce case will also be delayed by the automatic stay, making it impossible to finalize property division and a dissolution of marriage until the bankruptcy is discharged or dismissed. 

Although a bankruptcy filing can halt divorce proceedings, it can make the divorce process faster under certain circumstances. If a married couple qualifies for chapter 7 bankruptcy, they can discharge their debts before filing for divorce to avoid dealing with debts during property division. This not only saves money by clearing debts, but avoiding attorney’s fees during property division, as divorce attorneys typically charge by the hour. This strategy works better with chapter 7, as chapter 13 locks the married couple into a 3- or 5-year payment plan. Need help timing your bankruptcy filing based on what’s going on in your life? Review your situation with an experienced bankruptcy lawyer with your free consultation- call 702-370-0155 to get started today. 

Considering Your Own Bankruptcy Filing In Las Vegas, Nevada? Start & End Your Search For Legal Representation Here. 

To reap the most benefits out of a bankruptcy filing, a debtor needs a full understanding of Nevada bankruptcy law and experience handling a variety of case issues. Figuring all of this out on your own can be frustrating and difficult, and have devastating effects if there are serious errors in your filing. A bankruptcy attorney can streamline the process so you know exactly what will happen to all of your debts and expenses. Your attorney can also help prepare you for what to expect during your case and after your case has been discharged. If you’re wondering how you might be able to afford a bankruptcy attorney while considering going bankrupt, our firm offers free consultations and payment plan options starting at Zero Dollars Down. Learn more about our firm’s services today with your free consultation- call 702-370-0155. 

Las Vegas Bankruptcy Lawyers

LAS VEGAS
7251 W Lake Mead BLVD #300
Las Vegas, NV89128
Office: 702-879-2499
Email: [email protected]

HENDERSON
1489 W Warm Springs Rd. Ste 110
Henderson, NV 89014
Email: [email protected]

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