Nevada Bankruptcy Exemptions

Nevada Bankruptcy Exemptions

Nevada has 2 ‘systems’ of bankruptcy exemptions.

You must choose one. Each has different exemption provisions.

Nevada Bankruptcy Exemptions – System # 1

Real or personal Property you occupy including a mobile home, boat, stock cooperative, community apartment, planned development or condo to $75,000.00 if single and not disabled; $100,000.00 for families if no other member has a homestead; $150,000 if age 65 or older, or physically or mentally disabled; $100,000 if 55 or older, single and earn under $15,000 or married and earn under $20,000 and creditors seek to force the sale of your home; sale proceeds exempt for 6 months after received (husband and wife may not double the amount and may file a homestead declaration. D

$75,000

Insurance:

  • Disability or health benefits
  • Fraternal unemployment bonds
  • Life insurance proceeds or avails if clause prohibits proceeds from being used to pay beneficiary’s creditors
  • Fidelity bonds
  • Homeowners’ insurance proceeds for 6 months after received, to homestead exemption amount
  • Matured life insurance benefits needed for support
  • Unmatured life insurance policy loan value to
    $10,775 husband and wife may double to $21,550

Pensions

  • County employees
  • County firefighters
  • County peace officers
  • Private retirement benefits, including IRA’s and KEOGHS
  • Public employees
  • Public Retirement benefits

Miscellaneous

  • Property of business partnership
  • Business or professional license, except liquor licenses
  • Inmates’ trust funds to $1,350 (husband and wife may not double)

Personal Property

  • Appliances, furnishings, clothing and food needed
  • Bank deposits from Social Security Administration to $2,700 ($4,050 for husband and wife.
    Note on Social Security:
    Bank accounts which receive direct deposits from Social Security are exempt without making a claim if they have $2,700 or less (if one depositor is designated payee) or $4,050 (if two or more depositors are designated payees). Balances over the designated amount are completely exempt as long as traceable to Social Security.
  • Building materials to $2,700 to repair or improve home (husband and wife may not double amount)
  • Burial Plot
  • Health aids
  • Jewelry, heirlooms and art to $6,750 total (may not be doubled)
  • Motor vehicles to $2,550 in auto insurance if vehicle(s) lost, damaged or destroyed (may not be doubled)
  • Personal injury causes of action
  • Personal injury recoveries needed for support; if receiving installments at least 75%
  • Wrongful death causes of action
  • Wrongful death recoveries needed for support; if receiving installments, at least 75%

Public Benefits

  • Aid to blind, aged, disabled, AFDC (Aid to Families with Dependant Children)
  • Financial Aid to Students
  • Relocation benefits
  • Union benefits due to labor dispute
  • Unemployment benefits
  • Worker’s Compensation

Tools of Trade

  • Tools, implements, materials, instruments, uniforms, books, furnishings, equipment, vessel, motor vehicle to $6,750 total (Motor vehicle limited to $4,850); to $13,475 total (Motor vehicle limited to $9,700) if used by both spouses in same occupation (cannot claim motor vehicle under both tools of trade exemption and motor vehicle exemption.

Wages

  • Public employees vacation credits; if receiving installments, at least 75%
  • 75% of wages paid within 30 days of filing for bankruptcy

NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.

Nevada Bankruptcy Exemptions – System # 2

Homestead – Unused portion of homestead may be applied to any property. D

$20,725

Insurance:

  • Disability or health benefits
  • Life insurance proceeds or avails needed for support
  • Unmatured life insurance contract accrued avails to $11,075
  • Unmatured life insurance policy other than credit

Miscellaneous

  • Alimony, child support needed for support

Pensions

  • ERISA qualified benefits needed for support

Personal Property

  • Animals, crops, appliances, furnishings, household goods, books, musical instruments and clothing to $525 per item
  • Burial plot to $20,725, in lieu of homestead
  • Health Aids
  • Jewelry to $1,350
  • Motor vehicle to $3,300
  • Personal injury recoveries to $20,775 (not to include pain and suffering or pecuniary loss)
  • Wrongful death recoveries needed for support

Public Benefits

  • Crime victims’ compensation
  • Public Assistance
  • Social Security
  • Unemployment benefits
  • Veterans’ benefits

Tools of Trade

$2,075

Wild Card

  • $1,100 of any property plus unused portion of homestead or burial exemption of any property. Total wildcard = $21,825

NOTE: These are the major bankruptcy exemptions.
Check with your bankruptcy lawyer for a full exemptions list.


e-Mail Vanessa Childs Map to Office

I am Bankruptcy Attorney Vanessa Childs. Every day I meet good people struggling financially. I have dedicated my law practice to helping people find solutions to tough situations. It is my mission to help clients facing a debt crisis to get control of their finances and start on a path to a financially secure future. It is a very rewarding experience to meet with a client who is facing the loss of their car, home, or their family’s life style as they currently know it because it all about to fall apart; to hear about the stress, anxiety, the loss of sleep, yet we are able to make a legal plan to immediately and drastically improve their situation.

When you visit me, I will likely be able to reduce your anxiety so that you will walk out of my office with real hope and you’ll be looking forward to a tangible and fresh start. It is my experience that anyone is but one job loss or one unexpected medical emergency away from the need for a bankruptcy attorney. Being in debt doesn’t make you a bad person. Good people can fall victim to bad circumstances. I am here to help.

Knowledge is Power and we will share our knowledge with you when you have us partner with you in stopping further damage and harassment from mortgage lenders, banks, and other creditors while getting your financial life back in order.

Call our office to schedule an appointment with attorney Vanessa Childs. Our offices are open 9 am – 5 pm, Monday through Friday, and our service can reach us if you have a pressing after-hours matter.

Call (702) 666-0408


e-Mail Vanessa Childs Map to Office
I am Bankruptcy Attorney Vanessa Childs. Every day I meet good people struggling financially. I have dedicated my law practice to helping people find solutions to tough situations. It is my mission to help clients facing a debt crisis to get control of their finances and start on a path to a financially secure future. It is a very rewarding experience to meet with a client who is facing the loss of their car, home, or their family's life style as they currently know it because it all about to fall apart; to hear about the stress, anxiety, the loss of sleep, yet we are able to make a legal plan to immediately and drastically improve their situation. When you visit me, I will likely be able to reduce your anxiety so that you will walk out of my office with real hope and you'll be looking forward to a tangible and fresh start. It is my experience that anyone is but one job loss or one unexpected medical emergency away from the need for a bankruptcy attorney. Being in debt doesn’t make you a bad person. Good people can fall victim to bad circumstances. I am here to help. Knowledge is Power and we will share our knowledge with you when you have us partner with you in stopping further damage and harassment from mortgage lenders, banks, and other creditors while getting your financial life back in order.
Call our office to schedule an appointment with attorney Vanessa Childs. Our offices are open 9 am – 5 pm, Monday through Friday, and our service can reach us if you have a pressing after-hours matter. Call (702) 666-0408