Nevada Bankruptcy Exemptions

You can protect property in a Nevada bankruptcy using Nevada's bankruptcy exemption laws.

February 1, 2019

You won’t lose everything when filing for bankruptcy in Nevada. You’ll be able to use Nevada’s bankruptcy exemptions to protect property you’ll need to work and live, like your home, personal items, and a retirement account.

Find out more about filing a Nevada bankruptcy case.

Nevada Exemptions v. Federal Bankruptcy Exemptions

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 helpful, the federal nonbankruptcy exemptions.

Common Nevada Bankruptcy Exemptions

Here are some of the more common exemptions in Nevada. When reviewing them, you’ll want to keep these things in mind:

  • Joint filing. Unless otherwise noted, when spouses file together in Nevada, each spouse can claim the full amount of the exemption (informally called “doubling”) as long as each spouse has an ownership interest in the property.
  • List and verify your exemptions. You must claim an exemption by listing it in the official bankruptcy forms. You might qualify for exemptions not included in this article, or be required to meet qualification requirements. Consulting with a local bankruptcy attorney is the best way to ensure that you’re protecting your assets.
  • Legal citations. You’ll find each of the statutes in the Nevada Revised Statutes or the federal law.

Nevada Homestead Exemption

21.090(1)(l), (m); 115.010; 115.020 – Equity in a residential property or mobile home up to $550,000. Spouses can’t double the exemption and must record a homestead declaration before filing for bankruptcy (115.020).

Nevada Motor Vehicle Exemption

21.090(1)(f) – Equity in a motor vehicle up to $15,000. No limit exists if the motor vehicle is equipped for a person with a disability.

Nevada Wildcard Exemption

21.090(1)(z) – Any personal property (not real estate) valued up to a $10,000.

Other Nevada Exemptions

Personal Property

21.090(1)(b) - Household goods, wearing apparel, furniture, appliances, home and yard equipment up to $12,000 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.

Wages

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.

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 maximum (amount changes).

286.670; 21.090(1)(ii) - Public employee retirement benefits.

Public 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.

Insurance

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.

Other

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.

Nonexempt Property—Property You Can’t Protect With a Nevada Exemption

Some people can keep all assets, but that isn’t always true. Here’s what will happen to nonexempt property:

  • In a Chapter 7 bankruptcy, the bankruptcy trustee appointed to administer your case will sell nonexempt property and distribute the proceeds to creditors. Find out more about the bankruptcy process and the Chapter 7 documents you'll need at each stage.
  • In a Chapter 13 bankruptcy, it works differently. You can keep everything you own, but you’ll pay creditors the value of the nonexempt property, your disposable income, or your nondischargeable debt (support obligations, most taxes, and the like), whichever is more, through your Chapter 13 repayment plan.

You’ll learn more about Chapter 7 and 13 in Which Type of Bankruptcy is Right for Me?

Confirming Nevada Exemptions

This list includes the majority of bankruptcy exemptions available in Nevada. However, doesn’t include 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?

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