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      January 17, 2019

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Debt Consolidation in Nevada

Nevada MapWhen considering consumer debt in the state of Nevada, statistics vary widely across a number of dimensions. For example, Nevada ranks absolutely last when looking at the proportion of college graduates with debt. Only 43% of students receive their diplomas with any remaining student loans. And, for those who do have loans, the average amount of that debt is $21,666, placing them 48th out of 50 states.

However, foreclosure rates in Nevada are some of the worst in the nation, with an average of one in every 495 homes in the state in foreclosure. These rates may correlate with the median sales price of $184,500 for single-family homes. Foreclosure can sometimes be avoided with the help of a debt consolidation agency, to develop a plan before oneís debt becomes unmanageable.

Credit card debt in Nevada is the fifth-highest in America, with the average citizen carrying a credit card balance of $9,107.19. However, Nevada is one of four states experiencing the greatest drop in per capita debt, going from $88,500 to $49,350 in a five-year period.

Bankruptcy rates are also high, with over 10,500 Nevadans filing for individual bankruptcy in an average year, representing a rate of 4.28 filings out of every 1000 people. This puts Nevada in 7th place in the country. Debt consolidation is one strategy available to residents seeking to avoid filing for bankruptcy.

Nevada residents should be aware of the laws governing debt collection in the state - especially that for most debts, there is a six-year statute of limitations. This statute of limitations does apply to medical debt in the state of Nevada. State law does allow for wage garnishment for the collection of most kinds of debt. Additionally, debt collection agencies are required to be licensed by the State Commissioner.


In first state of state, Sisolak proposes long list of spending increases, pledges 'no new taxes'

During his first State of the State address, Nevada's newly elected Gov. Steve Sisolak proposed several spending measures within a balanced budget that includes no new taxes. Sisolak emphasized Nevada ...

Published:  Thu, 17 Jan 2019 06:06:00 GMT

The Latest: GOP applauds Sisolak for no tax increase call

Steve Sisolak's State of the State address (all times local): 7:20 p.m. Nevada Republicans are applauding Gov. Steve Sisolak's pledge not to increase taxes. The Senate Republican Caucus released a sta...

Published:  Wed, 16 Jan 2019 19:24:00 GMT

The Latest: Sisolak wants pot tax revenues for school safety

Steve Sisolak's State of the State address (all times local): 6:30 p.m. Nevada Gov. Steve Sisolak said he wants to spend a portion of a 10 percent marijuana tax on school safety. The Democrat said in ...

Published:  Wed, 16 Jan 2019 18:31:00 GMT

Nevada Gov. Sisolak gets praise, criticism for ambitious plan - VIDEO

The Nevada State Education Association also commended Sisolak ... But he liked Sisolak's commitment on no new taxes and maintaining a rainy day fund. Nonetheless, he said the speech left him with an u...

Published:  Wed, 16 Jan 2019 21:52:00 GMT

Sisolak announces board to oversee Nevada's legal marijuana industry

... Nevada's new Democratic governor reveals budget priorities, no new taxes in first State of the State address. Check out this story on ...

Published:  Wed, 16 Jan 2019 19:35:00 GMT

'Hyatt 3' Oral Argument And Potential State Tax Implications

The dispute in Franchise Tax Board v. Hyatt originates in a state tax residency audit. Hyatt was a long-standing California resident who moved to Nevada. The California Franchise Tax Board, or FTB, qu...

Published:  Mon, 14 Jan 2019 14:09:00 GMT

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