December 5, 2019
You won't lose everything when filing for bankruptcy in Nevada. You'll be able to use Nevada's bankruptcy exemptions to protect the property you'll need to work and live, like your home, personal items, and a retirement account.
Some states allow residents to choose between the state and the federal bankruptcy exemptions, but that option isn't available in Nevada. You'll use Nevada's state exemptions and, if applicable, the federal nonbankruptcy exemptions.
Here are some of the more common exemptions in Nevada. When reviewing them, you'll want to keep these things in mind:
21.090(1)(l), (m); 115.010; 115.020 – Equity in a residential property or mobile home up to $605,000. Spouses can't double the exemption and must record a homestead declaration before filing for bankruptcy (115.020). Learn more about the homestead exemption.
21.090(1)(f) – Equity in a motor vehicle up to $15,000. No limit exists for a motor vehicle equipped for a person with a disability. Learn more about protecting vehicles in bankruptcy.
21.090(1)(z) – Any personal property (not real estate) valued up to $10,000. Find out more about the wildcard exemption.
21.090(1)(b) - Household goods, wearing apparel, furniture, appliances, home, and yard equipment up to $12,000 in total.
21.090(1)(a) – All family pictures and keepsakes.
21.090(1)(q) - Medically-prescribed health aids.
21.090(1)(u) - Personal injury compensation up to $16,150.
21.090(1)(v) - Wrongful death awards for survivors.
21.090(1)(x) - Restitution received for a criminal act.
21.090(1)(aa) - Earned state and federal income tax credit refunds.
21.090(1)(bb) - Stock in certain corporations.
21.100 - Metal-bearing ores, geological specimens, paleontological remains, or art curiosities (must be arranged, classified, cataloged, and numbered in reference books). Coin collections are not exempt.
645B.180 - Mortgage impound accounts.
689.700; 21.090(1)(ff) - Funeral service contract money and burial plot purchase money held in trust.
21.090(1)(g) - The greater of the following: 50 times the federal minimum hourly wage per week or minimum of 75% of disposable weekly earnings—or a court-ordered amount.
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 maximum (amount changes).
286.670; 21.090(1)(ii) - Public employee retirement benefits.
422.291; 21.090(1)(kk); 615.270 - Aid to blind, aged and disabled; public assistance.
21.090(1)(ll)- Public assistance for children.
612.710; 21.090(1)(hh) - Unemployment compensation.
615.270; 21.090(1)(jj) - Vocational rehabilitation benefits.
616C.205; 21.090(1)(gg) - Industrial insurance (worker's compensation).
Tools of the Trade
21.090(c), (d), (e), and (i) - 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(1)(k) - 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(1)(ee) - Private disability insurance proceeds.
21.090(1)(n) - Security deposits on a rental residence. A landlord can enforce the terms of the lease or rental agreement, however.
21.090(1)(s) and (t) - Alimony and child support (if ordered by a court).
87.250(2c) - Particular business partnership property.
Add any applicable federal nonbankruptcy exemptions.
Some people can keep all assets, but that isn't always true. Here's what will happen to nonexempt property:
You'll learn more about Chapter 7 and 13 in Which Type of Bankruptcy is Right for Me?
This list includes the majority of bankruptcy exemptions available in Nevada. However, it doesn't cover all exemptions. Also, states often create qualification requirements for specific exemptions, and Nevada might have changed the amounts since this list was last updated. Check the Nevada Revised Statutes or with a local bankruptcy lawyer.
To learn more about bankruptcy exemptions, the state exemption system, and the homestead exemption rules, read Bankruptcy Exemptions – What Can I Keep When I File for Bankruptcy?