Many people are worried about losing their property if they file for Chapter 7 or Chapter 13 bankruptcy in Nevada. The good news is that there are several Nevada bankruptcy exemptions in place that can help protect some or all of the property.
Nevada has opted out of the Federal bankruptcy exemptions and requires debtors to use these state exemptions instead. With that said, Nevada residents are still entitled to federal non-bankruptcy exemptions, which protect things like veteran’s benefits and federal retirement accounts.
Finally, married couples filing for joint bankruptcy may double the state’s exemptions.
Homestead Bankruptcy Exemption:
Up to $605,000 in equity in a home or mobile home. You are required to record a homestead declaration before filing for bankruptcy to claim this exemption in bankruptcy.
Motor Vehicle Exemption in Bankruptcy:
Up to $15,000 of motor vehicle equity, or unlimited equity in a motor vehicle equipped for a person with a disability. Nev. Rev. Stat. § § 21.090(1)(f), 21.090(1)(p).
- Funeral service or burial plot funds held in trust
- Health aids
- Photographs and keepsakes
- 1 gun
- Mortgage impound accounts
- Criminal restitution
- Survivors’ wrongful death awards
- Refunds on income tax attributable to Nevada or federal Earned Income Credit
- Geological samples, paleontological remains, and cataloged and arranged ores, which are indicated in reference books
- Up to $5,000 of equity in art, books, jewelry, and musical instruments
- Up to $12,000 of equity in furniture, appliances, household goods, electronics, clothing, yard, and home equipment
- Up to $16,500 in awards for personal injury
Other Bankruptcy Exemptions in Nevada:
Other exemptions may cover items like public benefits, retirement accounts and benefits, wages and other income.
Bankruptcy is a delicate and complex proceeding, and you want someone with plenty of experience to consult you and guide you through the process and help you determine the scope of the discharge.
If you would like to find out whether bankruptcy is the right option for you, please request a call-back by submitting a short online form. All initial consultations are free and confidential.