What Are The Nevada Bankruptcy Exemptions?
Nevada law protects all or a portion of your property from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so its wise to consult with a Nevada bankruptcy attorney to find which of your assets will be protected in a bankruptcy filed in Nevada. In general, the major Nevada bankruptcy exemptions include:
|GENERAL NEBRASKA EXEMPTIONS|
|Real Estate (the Homestead Exemption)
Up to $350,000 of equity in your homestead can be protected. A provision in the new bankruptcy law caps the homestead exemption at $125,000 if you have not lived in the state for at least 40 months prior to the time you file a bankruptcy petition. In some situations, the cap may be permanent. You should consult with a Nevada bankruptcy attorney for specific information.
Up to $15,000 in equity in one motor vehicle can be protected.
Private libraries not to exceed $ 5,000 in value; all family pictures and keepsakes; necessary household goods not to exceed $12,000 in value; farm trucks, stock, tools, and supplies not to exceed $ 4,500 in value; professional libraries, office equipment, office supplies and the tools, instruments and materials used to carry on the trade of the judgment debtor not to exceed $ 10,000 in value; and the cabin or dwelling of a miner and his cars, implements and appliances not exceeding $ 4,500 in total value.
|View the complete list of Nevada bankruptcy exemptions|
Please remember that this page provides general information only, and is not intended to provide legal advice. The information is not a substitute for the advice of a qualified bankruptcy attorney. If you need legal assistance, consult an attorney.
Which state’s exemption laws apply in your bankruptcy?
Generally, the laws of the state in which you lived for the 730 days (2 years) prior to filing a bankruptcy petition will apply in your bankruptcy.
If you have not lived in the same state for the 2 years immediately prior to filing your bankruptcy petition, the laws of the state in which you lived for the majority of the 180-day period preceding the 2-year period will likely apply.
If application of the preceding general rules renders you ineligible for exemptions under any states laws, you may be allowed to choose the federal exemptions applicable in your bankruptcy.
Is Nevada a community property state?
Yes, Nevada is a community property state. Because it is a community property state, you are responsible for any debts that your spouse incurred while you were married. You are therefore equally liable for your spouses debts even if you did not voluntarily assume liability for them by, for example, cosigning for a loan given to your spouse.
How did your senator vote on the new bankruptcy laws?
Following years of intense lobbying by creditors, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). How did your Senators vote on these largely pro-creditor provisions?
Ensign (R-NV) – YEA
Reid (D-NV) – NAY
Nevada Bankruptcy Court Locations:
Foley Federal Building
300 Las Vegas Boulevard South
Las Vegas, NV 89101
U.S. Federal Building
300 Booth Street
Reno, NV 89509
Note: You may not have to actually go to one of the above bankruptcy courts. Trustees often conduct your meeting at a local venue.
Although bankruptcy is federal law, the bankruptcy courts in each jurisdiction have local rules that must be followed. A local bankruptcy attorney will be familiar with the specific rules in your area.
Nevada Bankruptcy Attorney Locations:
Looking for a Nevada bankruptcy attorney?
Looking for a Las Vegas, Nevada bankruptcy attorney?
Looking for a Reno, Nevada bankruptcy attorney?