The Nevada bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Nevada. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Nevada you may also use certain federal exemptions in addition to your Nevada exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
Homestead | Real property or mobile home to $125,000 (husband and wife may not double) Must record homestead declaration before filing for bankruptcy. | 21.090(1) (m), 115.010 115.020 |
Insurance | Annuity contract proceeds to $350 per month Fraternal benefit society benefits Group life or health policy or proceeds Health proceeds or avails Life insurance policy or proceeds if annual premiums not over $1000 Life insurance proceeds if you?re not the insured | 687B.290 695A.220 687B.280 687B.270 21.090(1) (k) 687B.260 |
Miscellaneous | Property of business partnership | 87.250 |
Pensions | ERISA-qualified benefits to $100,000 Public employees | 21.090(1) (q) 286.670 |
Personal Property | Appliances, household goods, furniture, home and yard equipment to $3000 total Books to $1500 Burial plot purchase money held in trust Funeral service contract money held in trust Health aids Keepsakes & pictures Metal-bearing ores, geological specimens, art curiosities or paleontological remains, must be arranged, classified, catalogued & numbered in reference books Motor vehicle to $1500; no limit if vehicle equipped to provide mobility for disabled person One gun |
21.090(1) (b) 21.090(1) (a) 452.550 689.700 21.090(1) (p) 21.090(1) (a)
21.100 21.090(1) (f), (o) 21.090(1) (i) |
Public Benefits | Aid to blind, disabled, AFDC Industrial insurance (workers? compensation) Unemployment compensation Vocational rehabilitation benefits | 422.291 616.550 612.710 615.270 |
Tools of Trade | Arms, uniforms & accouterments you?re required to keep Cabin or dwelling of miner or prospector; cars, implements & appliances for mining claim you work to $4500 total Farm trucks, stock, tools, equipment & seed to $4500 Library , equipment, supplies, tools & materials to $4500 | 21.090(1) (j) 21.090(1) (e) 21.090(1) (c) 21.090(1) (d) |
Wages | Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low -income | 21.090(1) (g) |
Wild Card | None |
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For more information on filing bankruptcy in Nevada explore Nevada Bankruptcy Law.
