Nevada Bankruptcy Exemptions

Federal bankruptcy exemptions are not available in the State of Nevada.

There is property that you can exempt or protect from creditors when you file bankruptcy. You have the option of utilizing the state exemptions. After filing for bankruptcy, this property is safe. Be aware that there are certain debts, which you will not be able to erase in bankruptcy. These are non-dischargeable debts.

There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item, such as home or vehicle, secured by a loan and payments are made on time, the equity is protected by your exemptions. A debtor must generally pay the trustee the value of the non-exempt property to keep the property. If you choose to keep the property, continual timely payments ensure that the property is protected through the bankruptcy.

This is a list of some of the available exemption in the State of Nevada. You can obtain and more detailed list of exemptions by contacting a qualified Nevada bankruptcy attorney in your area. They will be able to list and explain all of the state exemptions. There is certain property, which is excluded or exempt that the debtor can keep based on their specific situation and personal income.

The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy attorney which can evaluate your individual case and guide you through the process. Contact an bankruptcy lawyer today.

Assets

Homestead: Real property or mobile home to $350,000, Homestead exemption must be filed before bankruptcy

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit sharing, and money purchase plans, SEP and SIMPLE IRAs and defined-benefit plans. Traditional and Roth IRAs to $1,095,000, ERISA-qualified benefits, deferred compensation, SEP IRA, Roth IRA or IRA to $5,000

Insurance: Annuity contract proceeds to $350 per month, Fraternal benefit society benefits, Health proceeds or avails, Life insurance proceeds if you are not the insured, Life insurance policy or proceeds if annual premiums not over $1,000, Group life or health policy or proceeds

Miscellaneous: Property of business partnership, Alimony and child support

Personal Property: Household goods, appliances, furniture, home and yard equipment to $12,000 total, Health aids, Motor vehicle up to $15,000; on vehicle equipped for disabled person- no limit, One gun, Works of art, books, jewelry and musical instruments to $5,000, Funeral service contract money held in trust, Burial plot purchase money held in trust, Pictures and keepsakes, Personal injury compensation to $16,500, Wrongful death awards to survivors, Restitution for criminal act, Mortgage impound account, Geological specimens, art curiosities, metal-bearing ores and paleontological remains. All must be arranged, catalogued, classified and numbered in reference books.

Public Benefits: Unemployment compensation, Workers’ compensation, Crime victims’ compensation, Aid to blind, aged, and/or disabled, Public assistance, Public assistance for children, Vocational rehabilitation benefits

Tools of Trade: Farm trucks, tools, equipment, stock and seed to $4,500, Library, supplies, equipment, tools, inventory and materials to $10,000, Arms, uniforms and accoutrements required to keep for employment, dwelling or cabin of miner or prospector; mining cars, implements, claim and appliances to $4,500

Wages: Minimum 75% of disposable weekly earnings or 30 times the federal minimum hourly wage per week, whichever is more; bankruptcy judge may order more for low-income debtors

Wildcard: None

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