Bankruptcy

Nevada Bankruptcy Exemptions

Having the basic knowledge on how Nevada bankruptcy exemptions work is very important for those who are filing bankruptcy petition under chapter 7. However, it is very important for you to keep in mind that not every bankruptcy case is same and the exact details of the exemptions may vary depending upon the factors involved in your specific case. Therefore, it is always better to discuss your case with an experienced Nevada bankruptcy attorney. Nevada does not allow you to replace the state-specific exemptions with the federal set of exemptions, but federal supplemental exemptions can be used in conjunction with the same.

Wild Card And Wages

Debtors cannot avail any wild card exemptions in the state of Nebraska. However, certain amount of wages can be exempted; the maximum limit is: either fifty times the minimum hourly wage as set by federal laws or at least 75% of unpaid but earned weekly wages, whichever is greater. Debtors with very low monthly income however can qualify for a much higher exemption limit provided the court approves the same.

Tools Of Your Trade

Nevada bankruptcy exemptions for tools of trade can be availed in the following manner.

- Up to total value of $10000 in materials, inventory, tools, supplies, equipment, and library.
- Up to total value of $4,500 in seed, equipment, tools, stock, and farm trucks
- Up to $4,500 (aggregate total) in appliances, implements, cars, mining claim, and cabin or dwelling of miner or prospector
- Accoutrements, uniforms, and arms can be exempted up to an extent that you need for your job.

Public Benefits

Nevada bankruptcy exemptions are available in full for certain types of public benefits that include the following.

- Vocational rehabilitation benefits
- Unemployment compensation
- Public assistance for children
- Workers’ compensation
- Industrial insurance
- Crime victims’ compensation
- Public assistance
- Aid to blind, aged, disabled

Personal Property

The following personal properties and assets are exemptible under Nevada bankruptcy laws.

- 100% of the proceeds related to wrongful death awards to survivors
- 100% of the restitution received for criminal act
- Up to $16,500 ion personal injury compensation
- One gun
- Disabled person can keep their vehicle that is specifically designed for them – no maximum limit
- Up to $15,000 in motor vehicle
- 100% of proceeds from mortgage impound accounts
- 100% of paleontological remains, art curiosities, geological specimens, and Metal-bearing ores. But, in order to qualify for these Nevada bankruptcy exemptions, everything must be numbered, catalogued, classified, and arranged in reference books.
- 100% of keepsakes & pictures
- 100% of Health aids
- 100% of Funeral service contract (money held in trust) or burial plot purchase (money held in trust)
- Up to $5,000 in aggregate total value for jewelry, musical instruments, works of art, and books
- Up to an aggregate total of $12,000 in yard equipment, clothing, electronics, furniture, household goods, and appliances (owned either by the debtors him/her self or by anyone dependent on the debtor)

Pensions

Public employees pensions can be exempted in full. In addition to that, up to $500,000 is exemptible in IRAs, Roth IRA, SEP IRA, deferred compensation, or other ERISA-qualified benefits.

Miscellaneous

In the miscellaneous category, Nevada bankruptcy exemptions can be availed in full for Property of business partnership and payments received as part of child support and/or alimony.

Insurance

- Life insurance proceeds provided you are not the insured
- Life insurance proceeds or policy provided the yearly premiums do not exceed $1000. Married couple can avail double exemptions (up to $2000)
- 100% of health proceeds or avails, group life or health policy or proceeds, and fraternal benefit society benefits
- Up to $350 per month in annuity contract proceeds

Homestead

Husband & wife do not get double exemption in this category. For everybody, the maximum value that can be exempted in homestead properties is $550,000 (applicable to mobile home or any other real property). However, like many other states, Nevada also requires you to record homestead declaration before filing petition in order to be eligible to avail the Nevada bankruptcy exemptions in this category.


Custom Search

Tags: ,
Posted in Bankruptcy, Bankruptcy Exemptions | 1 Comment »

One Response to “Nevada Bankruptcy Exemptions”

  1. Macc says:

    Very wonderful tips. A very nice article written on the insolvency exemptions in the state Nevada. Every insolvency case is not same and not similar to any other matter. You should always contact a registered qualified advocate before filling a application of economic failure in Nevada as per state law there are so many factors which can effect your exemption limits. No wild card exclusion is allowed in the state. Your total inventory in your business can be exempted as per the limit specified in the law. Some general procedures are included in the rules to take the exemption. Different limits of exclusions have been fixed for the persons holding the property in their own name or their other half. Amount invested in different annuity schemes of govt. and non govt. organizations are under exemptions. Properties can be taken in exclusion if it has a joint business holding. Premium paid for life insurance is exempted as per limits. Farm house properties are exempted provided you declare these before filling of insolvency. It is always advisable to contact an advocate of state before any proceedings to file the case of economic failure.

Leave a Reply

You must be logged in to post a comment.