Common Nevada Bankruptcy Exemptions
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
21.090(1)(l), (m); 115.010; 115.020 – Equity in a residential property or mobile home up to $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
Personal Property
- 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.
Wages
- 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.
Pensions
- 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.
Public 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.
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