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Nevada Bankruptcy Exemptions

by on 2/26/2013

When considering filing for bankruptcy, there are many factors you should be aware of. One is whether or not you will be able to keep the equity you have in your property. Each state has their own way of protecting your assets. These rules allowing you to protect your assets are called Exemptions. It can be difficult to determine which set of exemptions apply to your case. This is where an experienced bankruptcy attorney can make all the difference.

Nevada has its own exemptions.  The Nevada exemptions can be found in the Nevada Revised Statutes 21.090 [NRS 21.090]. Below is a chart that summarizes the exemptions:

Private Libraries, works of art, musical instruments and jewelry $5,000 21.090(1)(a)
Household good, furnishings, electronics $12,000 21.090(1)(b)
Farm trucks, stock, tools, equipments & supplies $4,500 21.090(1)(c)
Tools of the trade $10,000 21.090(1)(d)
Miner’s exemption $4,500 21.090(1)(e)
One vehicle / debtor**Any vehicle owned by the debtor for use by the judgment debtor or the judgment debtor’s dependent that is equipped or modified to provide mobility for a person with a permanent disability, the vehicle is completely exempt regardless of value. $15,000 / debtor 21.090(1)(f)21.090(1)(p)
Disposable earnings (part of the debtor’s earnings remaining after the deduction from those earnings of any amounts required by law to be withheld) of a debtor during a week. 75% of a week’s disposable earnings or 50 times minimum hourly wage, whichever is greater (currently $7.25) 21.090(1)(g)
One gun / debtor No Limit 21.090(1)(i)
All money, benefits, privileges or immunities accruing or in any manner growing out of any life insurance No Limit 21.090(1)(k)
Homestead $550,000 21.090(1)(m)115.010 115.020
Security Deposits with Landlord Reasonable 21.090(1)(n)
Equipment prescribed by a physician or dentist for the debtor or a dependent of the debtor No Limit 21.090(1)(q)
Qualified Retirement Account(s) $500,000 21.090(1)(r)
Court ordered child support No Limit 21.090(1)(s)
Court ordered spousal support No Limit 21.090(1)(t)
Personal Injury Award (not including pain and suffering) $16,150 21.090(1)(u)
Wrongful death award Reasonable & Necessary 21.090(1)(v)
Payments for lost future earnings Reasonable & Necessary 21.090(1)(w)
Restitution received from a criminal act No Limit 21.090(1)(x)
Social Security Benefits No Limit 21.090(1)(y)
Wild Card / debtor $1,000 21.090(1)(z)
Tax refund from earned income credit No Limit 21.090(1)(aa)
Certain Corporate Stock (NRS 78.746)  No Limit 21.090(1)(bb)
Certain Trust assets or distributions No Limit 21.090(1)(cc)21.090(1)(dd)
Disability Proceeds No Limit 21.090(1)(ee)

If exemptions in Nevada are confusing you, schedule a free consultation with our experienced attorneys in our conveniently located Reno, Nevada office. We care about your future and we're here to help.