Nevada Bankruptcy Exemptions

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The Essential Nevada Bankruptcy Information Guide

Nevada Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to Nevada Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Nevada Bankruptcy Exemptions

All law references are to Nevada Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real property or mobile home up to $350,000.	115.010
HOMESTEAD	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 $1000	21.090
	Life insurance proceeds if you are not the insured	687B.260
MISCELLANEOUS	Property of business partnership	87.250
MISCELLANEOUS	Alimony and child support.	21.090
PENSIONS	Up to $500,000 in an IRA, deferred compensation, Roth IRA, or ERISA-qualified benefits.	21.090
	Public employees	286.670
	Tax exempt retirement accounts; Traditional and Roth IRAs up the $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Household goods, furniture, home and yard equipment up to $12,000 total; personal injury compensation up to $16,500; wrongful death awards for survivors; restitution received for criminal act.	21.090
	Books, jewelry, musical instruments, and works of art up to $5,000 total	21.090
	Burial plot purchase money held in trust	452.550
	Funeral service contract money held in trust	689.700
	Health aids	21.090
	Keepsakes & pictures	21.090
	Metal-bearing ores, geological specimens, art curiosities or paleontological remains, must be arranged, classified, catalogued & numbered in reference books	21.100
	Motor vehicle to $1500; no limit if vehicle equipped to provide mobility for disabled person	21.090
	One gun	21.090
	Mortgage impound accounts.	645B.180
PUBLIC BENEFITS	Aid to blind, disabled, AFDC	422.291
	Industrial insurance (workers’ compensation)	616.550
	Unemployment compensation	612.710
	Vocational rehabilitation benefits	615.270
	Crime victims' compensation.	21.090
TOOLS OF TRADE	Arms, uniforms & accouterments you are required to keep	21.090
	Cabin or dwelling of miner or prospector; cars, implements & appliances for mining claim you work to $4500 total	21.090
	Farm trucks, stock, tools, equipment & seed to $4500	21.090
	Tools, materials, library, equipment, and supplies up to $10,000	21.090
WAGES	The greater of the following: 30 times the federal minimum hourly wage per week or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtor.	21.090

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