Common Nevada Bankruptcy Exemptions
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When filing for bankruptcy, there are a few exemptions in place that help protect some or all of your property.
- Joint filings: Generally in Nevada when spouses file together, each can claim the full exemption amount, which is informally referred to as “doubling," as long as both spouses had ownership interest.
- Verify and list exemptions: To claim an exemption, you must list it on your official bankruptcy forms. You may qualify for non-standard exemptions or you may be required to meet certain qualification requirements.
- Legal citations: Listed below are the statutes in the federal law or the Nevada Revised Statutes.
Nevada Homestead Exemption Amount
According to Nevada Revised Statutes 21.090(1)(l), (m); 115.010; 115.020 – Exemptions from a sale on execution only apply to residential properties or mobile homes whose value does not exceed $605,000. Spouses can’t double the exemption and must record a homestead declaration before filing for bankruptcy (115.020).
Nevada Motor Vehicle Exemption
21.090(1)(f) – Equity in a motor vehicle up to $15,000. No limit exists for a motor vehicle equipped for a person with a disability.
Nevada Wildcard Exemption
21.090(1)(z) – Any personal property (not real estate) valued up to $10,000.
Other Nevada Exemptions
- 21.090(1)(b) - Household goods, wearing apparel, furniture, appliances, home, and yard equipment up to $12,000 in total.
- 21.090(1)(a) – All family pictures and keepsakes.
- 21.090(1)(q) - Medically-prescribed health aids.
- 21.090(1)(u) - Personal injury compensation up to $16,150.
- 21.090(1)(v) - Wrongful death awards for survivors.
- 21.090(1)(x) - Restitution received for a criminal act.
- 21.090(1)(aa) - Earned state and federal income tax credit refunds.
- 21.090(1)(bb) - Stock in certain corporations.
- 21.100 - Metal-bearing ores, geological specimens, paleontological remains, or art curiosities (must be arranged, classified, cataloged, and numbered in reference books). Coin collections are not exempt.
- 645B.180 - Mortgage impound accounts.
- 689.700; 21.090(1)(ff) - Funeral service contract money and burial plot purchase money held in trust.
- 21.090(1)(g) - The greater of the following: 50 times the federal minimum hourly wage per week or minimum of 75% of disposable weekly earnings—or a court-ordered amount.
- 11 U.S.C. § 522 - 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).
- 11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to maximum (amount changes).
- 286.670; 21.090(1)(ii) - Public employee retirement benefits.
- 422.291; 21.090(1)(kk); 615.270 - Aid to blind, aged and disabled; public assistance.
- 21.090(1)(ll)- Public assistance for children.
- 612.710; 21.090(1)(hh) - Unemployment compensation.
- 615.270; 21.090(1)(jj) - Vocational rehabilitation benefits.
- 616C.205; 21.090(1)(gg) - Industrial insurance (worker's compensation).
Tools of the Trade
- 21.090(c), (d), (e), and (i) - Tools, materials, library, equipment, inventory and supplies up to $10,000; farm trucks, equipment, tools, stock and seed up to $4,500; cabin or dwelling of a miner or prospector, cars, implements and appliances for mining and a mining claim you work up to $4,500; arms, uniforms, and accouterments you are required to keep.
- 21.090(1)(k) - Life insurance policy or proceeds.
- 687B.260 - Life insurance proceeds if you are not insured.
- 687B.270 - Health insurance proceeds or avails.
- 687B.280 - Group life or health policy or proceeds.
- 687B.290 - Annuity contract proceeds.
- 695A.220 - Fraternal benefit society benefits.
- 21.090(1)(ee) - Private disability insurance proceeds.
- 21.090(1)(n) - Security deposits on a rental residence. A landlord can enforce the terms of the lease or rental agreement, however.
- 21.090(1)(s) and (t) - Alimony and child support (if ordered by a court).
- 87.250(2c) - Particular business partnership property.
- Add any applicable federal non-bankruptcy exemptions.
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