Like all states, Nevada 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 Nevada is not one of them. In Nevada, 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 Nevada, 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?
Nevada Bankruptcy Exemptions
Unless otherwise noted, all law references are to the Nevada Revised Statutes Annotated.
115.010 & 115.020 - Real property or mobile home up to $550,000. Spouses may not double. Must record a homestead declaration before filing for bankruptcy (115.020).
21.090 - Motor vehicle up to $15,000 (no limit if equipped for the disabled); household goods, furniture, appliances, home and yard equipment up to $12,000 total; books, jewelry, musical instruments, and works of art up to $5,000 total; pictures and keepsakes; health aids; 1 gun; personal injury compensation up to $16,500; wrongful death awards for survivors; restitution recieved for criminal act; earned income tax credit refunds; stock in certain closely-held corporations.
21.100 - Metal-bearing ores, geological specimens, paleontological remains or art curiosities (must be arranged, classified, catalogued, and numbered in reference books).
645B.180 - Mortgage impound accounts.
689.700 - Funeral service contract money and burial plot purchase money held in trust.
21.090 - The greater of the following: 50 times the federal minimum hourly wage per week or minimum of 75% of disposable weekly earnings. Judge may approve more for low income debtor.
In re Christensen, 149 P.3d 40 (2006)
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.
21.090 - Up to $500,000 in an IRA, deferred compensation, Roth IRA, or ERISA-qualified benefits.
286.670 - Public employees.
21.090 - Crime victims' compensation.
422.291 - Aid to blind, aged and disabled; public assistance.
432.036 - Public assistance for children.
612.710 - Unemployment compensation.
615.270 - Vocational rehabilitation benefits.
616C.205 - Industrial insurance (worker's compensation).
Tools of Trade
21.090 - Tools, materials, library, equipment, inventory and supplies up to $10,000; farm trucks, equipment, tools, stock and seed up to $4,500; cabin or dwelling of a miner or prospector, cars, implements and appliances for mining and a mining claim you work up to $4,500; arms, uniforms, and accoutrements you are required to keep.
21.090 - Life insurance policy or proceeds.
687B.260 - Life insurance proceeds if you are not insured.
687B.270 - Health insurance proceeds or avails.
687B.280 - Group life or health policy or proceeds.
687B.290 - Annuity contract proceeds.
695A.220 - Fraternal benefit society benefits.
21.090 - Security deposits on a rental residence. Landlord may enforce the terms of the lease or rental agreement, however.
21.090 - Alimony and child support.
87.250 - Business partnership property.
21.090 - $1,000 of any personal property.
Add any applicable Federal Nonbankruptcy Exemptions.
This list includes the majority of bankruptcy exemptions available in Nevada. However, it may not include all exemptions, and states often create exceptions to specific exemptions. In addition, Nevada may have changed the amounts since this list was last updated in January of 2012. Consider cross-checking this list with www.legalconsumer.com, which updates the state exemption amounts regularly, or check with your local bankruptcy court.