Nebraska Bankruptcy Exemptions

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Like all states, Nebraska has its own set of exemptions that you may use when filing for Chapter 7 or Chapter 13 bankruptcy. Exemptions determine what property (such as a home, car, instrument, retirement account, etc.) you may keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy. Some states allow debtors to choose between the state exemption system and a set of federal bankruptcy exemptions – but Nebraska is not one of them. In Nebraska, you must use the state exemptions below. In addition to this list, you may also use any applicable amounts in the federal nonbankruptcy exemptions.

Unless noted otherwise, if a couple is married and filing jointly in Nebraska, each spouse may claim the full amount of each exemption. This is informally called “doubling.”

To learn more about bankruptcy exemptions, including how they work, which state exemption system you should use, and special rules for the homestead exemption, see Bankruptcy Exemptions – What Can I Keep When I File for Bankruptcy? 

Nebraska Bankruptcy Exemptions

Unless otherwise noted, all law references are to the Nevada Revised Statutes Annotated.

Homestead

40-101 - For head of household or unmarried debtor age 65 or older, $60,000, but cannot exceed 2 lots in a city or 160 acres elsewhere. Sale proceeds are exempt for 6 months (40-113). May record homestead declaration. (40-105)

Personal Property

8-1 - Health and medical savings accounts up to $25,000.

12-511 - Perpetual care funds.

12-517 - Burial plot.

12-605 - Tombs, crypts, lots, niches, and vaults.

25-1556 - Health aids; personal possessions; clothing; furniture, household electronics, personal computers, musical instruments, appliances, and books up to $1,500.

25-1563.02 - Recovery for personal injuries.

Wages

25-1558 - For head of family, minimum 85% of earned but unpaid weekly earnings or pension payments. For all others, the greater of the following: 30 times the federal minimum hourly wage or 75% of earned but unpaid earnings. Judge may approve more for low income debtor.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans). 

11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to $1,171,150.

23-2322 - County employees.

25-1559 - Military disability benefits.

25-1563.01 - ERISA-qualified benefits needed for support including IRAs and Roth IRAs.

48-1401 - Public employees' deffered compensation.

79-948 - School employees.

84-1324 - State employees.

Public Benefits

48-149 - Workers' compensation.

48-647 - Unemployment compensation.

68-148 - General assistance to the poor.

68-1013 - Aid to blind, aged, and disabled; public assistance.

Tools of Trade

25-1556 - Tools or equipment up to $2,400, including a motor vehicle use to commute to work. Spouses may double.

Insurance

44-371 - Life insurance or annuity contract proceeds up to $100,000 loan value.

44-1089 - Fraternal benefit society benefits up to loan value of $100,000 unless the beneficiary was convicted of a crime related to the benefits.

Wildcard

25-1552 - $2,500 of any property except wages.

Other 

Add any applicable Federal Nonbankruptcy Exemptions.

Confirming Exemptions

This list includes the majority of bankruptcy exemptions available in Nebraska. However, it may not include all exemptions, and states often create exceptions to specific exemptions. In addition, Nebraska may have changed the amounts since this list was last updated in June of 2011. Consider cross-checking this list with www.legalconsumer.com, which updates the state exemption amounts regularly, or check with your local bankruptcy court. 

 

by: , J.D.

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