Major exemptions available when filing for bankruptcy in Nevada are listed below, with a brief description of each exemption. Nevada has opted not to allow its residents to utilize the federal exemptions, so only Nevada statutes that define and list the exemptions can be used. A lawyer should be consulted to determine all available exemptions that may be filed.
1) Homestead (equity in dwelling used as residence)
- Up to $550,000 in value (cannot double if married).
- Burial plot or funeral service money held in trust.
2) Equity in Automobile
- Up to $15,000 in value in one motor vehicle.
- No limit if the vehicle if equipped for use by disabled.
3) Personal Property
- Household items (Family pictures, school supplies, clothes, etc.) up to 12,000 in value.
- Books, jewelry, musical instruments and works of art up to $5,000 in value.
- One gun.
- Any other personal property not already mentioned. Up to $1,000 in value.
- 75% of wages or 50 times the federal minimum wage, whichever is greater.
- Personal injury award up to $16,500 in value.
5) Tools of the Trade
- Up to $4,500 in farm equipment.
- Up to $4,500 in miner equipment.
- Disability benefits
- Unmatured life insurance is also usually exempt, but exceptions apply
- ERISA qualified benefits needed for support
- Public employees retirement benefits
8) Public Benefits
- Crime victim’s compensation
- Workers compensation
- Public assistance for children
- Social security
- Veteran’s benefits
9) Alimony and Child Support
- Amount reasonably necessary for support of debtor and dependents
Do I Need a Bankruptcy Lawyer?
Bankruptcy is a very complicated process and filing an exemption incorrectly can lead to that property being seized, even if the property would have been exempt had the exemption been filed correctly. The Nevada bankruptcy exemption statute must be used when filing for exemptions. A bankruptcy lawyer knows the particulars of filing for bankruptcy, and can recommend what chapter of bankruptcy is right for you. A bankruptcy lawyer can also ensure that your exemptions are filed correctly.