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Nevada Bankruptcy Exemptions

The State of Nevada is very generous in terms of what types and amount of property you are allowed to keep.  The property you are allowed to keep is called exempt property.  For certain items, the exemption amounts may be doubled if you file a joint petition with your spouse.  In order to qualify for some of these exemptions there are certain residency requirements.  This means that you are required to have lived in the State of Nevada for a certain amount of time before qualifying for the exemption.  If you have any questions, please contact us.  Remember, we are here to help.

In Nevada, some of the more popular exemptions are as follows:

Homestead

•     Real Property or mobile home up to $550,000 (husband and wife may not double). 115.010; 21.090(1)(m)
•     Must record homestead declaration before filing for bankruptcy. 115.020

Insurance

•     Annuity contract proceeds to $350 per month. 687B.290
•     Fraternal benefit society benefits. 695A.220
•     Group life or health policy or proceeds. 687B.280
•     Health proceeds or avails. 687B.270
•     Life insurance policy or proceeds if annual premiums not over $1,000 (husband & wife may double).  21.090(1)(k); In re Bower, 234 B.R. 109 (Nev. 1999)

Miscellaneous

•     Alimony and child support. 21.090(1)(s)(t)
•     Property of business partnership. 87.250

Pensions

•     ERISA-qualified benefits or IRAs to $500,000. 21.090(1)(r)
•     Public employees. 286.670

Personal Property

•     Appliances, household goods, furniture, home & yard equipment to $12,000. 21.090(1)(b)
•     Books to $5,000.00. 21.090(1)(a)
•     Burial plot purchase money held in trust. 689.700
•     Funeral service contract money held in trust. 689.700
•     Health aids. 21.090(1)(p)
•     Keepsakes and pictures to $5,000.00. 21.090(1)(a)
•     Metal-bearing ores, geological specimens, art curiosities or paleontological remains; must be arranged, classified, catalogued & numbered in reference books. 21.100
•     Mortgage impound accounts. 645B.180
•     Motor vehicle to $15,000; no limit on vehicle equipped for disabled person. 21.090(1)(f), (o)
•     One gun. 21.090(1)(i)

Public Benefits

•     Aid to blind, aged, disabled, public assistance. 422.291
•     Industrial insurance (workers’ compensation). 616C.205
•     Unemployment compensation. 612.710
•     Vocational rehabilitation benefits. 615.270

Tools of Trade

•     Arms, uniforms and accoutrements you are required to keep. 21.090(1)(j)
•     Cabin or dwelling of miner or prospector; mining claim, cars, implements and appliances to $4,500 total (for working claim only). 21.090(1)(e)
•     Farm trucks, stock, tools, equipment and seed to $4,500. 21.090(1)(c)
•     Library, equipment, supplies, tools and materials to $10,000. 21.090(1)(d)

Wages

•     Minimum 75% of disposable weekly earnings or 30 times the federal minimum hourly wage per week, whichever is more; bankruptcy judge may authorize more for low-income debtors. 21.090(1)(g)