Posts Tagged ‘bankruptcy exemptions in Nebraska’

Nebraska Bankruptcy Exemptions

You can use federal supplemental exemptions in addition to the state-specified Nebraska bankruptcy exemptions. But, the state laws prohibit you from using federal set of exemptions as an alternative option. The following is a general overview on the different types of assets and properties that can be exempted in the state of Nebraska when someone gets bankrupt under chapter 7 of the bankruptcy code. If you want a more detailed and more accurate version of the exact exemptions that you may avail depending upon the factors involved in your speciofic case, you are strongly recommended to discuss your case with a qualified and experienced Nebraska bankruptcy attorney.

Wild Card Exemptions

Any personal properties or assets that are otherwise not exemptible under the personal property category can be exempted under wildcard exemptions up to a maximum value of $2500. However, it is important to note that you can include wages under Nebraska bankruptcy exemptions in the wild card category.

Wages

If you are not head of the family, you can exempt either thirty-times the minimum hourly wage as applicable under federal laws or at least seventy-five percent of unpaid but earned weekly wages. On the other hand, those who are head of their families are allowed to exempt at least eighty-five percent of unpaid but earned pension payments or weekly wages. The court however is authorized to offer a much higher exemption to very low-income debtors.

Tools Of Your Trade

Up to $2500 can be exempted in tools of trade, such as equipment or other tools, including any vehicle that you use for the purpose of commuting to your main work place. Married couple that files for bankruptcy through a joint petition can get double exemptions (up to $5000) for tools of trade.

Public Benefits

You can avail Nebraska bankruptcy exemptions for four types of public benefits that include workers’ compensation, unemployment compensation, general assistance to poor persons, public assistance, and aid to aged, blind, and disabled.

Personal Property

Personal assets and properties that are exemptible in full in this state include personal possessions, personal injury recoveries, perpetual care funds, health aids, clothing, burial plot, and vaults, niches, tombs, lots, and crypts. Besides that, you can also exempt musical instruments, books, personal computers, household electronics, household goods & appliances, and furniture up to a maximum value of $1,500 (aggregate total, not per item).

Pensions

As per the state laws, you can avail Nebraska bankruptcy exemptions for the following pension benefits (whichever is applicable in your case)

- 100% of state employees pensions
- 100% of school employees
- Up to $2,000 in military disability benefits
- ERISA-qualified benefits, Roth IRAs, and IRAs up to an extent that is reasonably needed for support. Here, it is important to note that it is up to the bankruptcy trustee to decide what is reasonable in your case.
- 100% of deferred compensation of public employees
- 100% of county employees pensions

Alimony And Child Support Payments

No exemptions are allowed in the miscellaneous category. It means any property in a partnership business (if there is any) or alimony or child support payments (if you are receiving the same) can be used in settlement of your debts to your creditors.

Insurance Benefits

Nebraska bankruptcy exemptions allow you to keep up to $100,000 from life insurance proceeds and avails. Fraternal benefit society benefits are not exemptible in cases where the debtor has been convicted of a crime related to the benefits. In other cases, fraternal benefit society benefits can be exempted up to a maximum loan value of $100,000 provided it is related to assets established over 3 years before filing bankruptcy petition.

Homestead

The state laws require you to record homestead declaration before filing your bankruptcy petition in order to be eligible to avail the Nebraska bankruptcy exemptions for homestead properties. The maximum value of exemption in this category is $60,000, but there are certain other limitations as well, such as the total area of the property must not exceed 160 acres in farms and two lots in city or village.


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