Las Vegas Bankruptcy and Nevada Bankruptcy Exemptions
Consult a Las Vegas Bankruptcy Lawyer for more information

 The Following is a partial list of Nevada bankruptcy exemptions. Exemptions are those things that you are allowed to protect against seizure by most of your creditors or a bankruptcy trustee. This is NOT A COMPLETE LIST of exemptions, and exemptions may be LIMITED OR DISALLOWED based upon various factors. Also many exemptions do not apply to collection activities by a governmental agency. Make sure you check with a qualified Nevada attorney before assuming that your property is protected!

HOMESTEAD: Up to $550,000 equity in the home that you reside in. One exemption per married couple. The exemption may be limited under the bankruptcy code based upon when the home was purchased, felony convictions and other factors.

VEHICLE: Up to $15,000 value (if paid off) or equity (if encumbered). Unlimited if handicapped equipped for the debtor’s use. Limit one vehicle per debtor.

HOUSEHOLD GOODS: Up to $12,000 per debtor

FIREARMS: Unlimited value – one per debtor.

TOOLS OF THE TRADE/BUSINESS EQUIPTMENT, SUPPLIES, INVENTORY: Up to $10,000. Must be owned by the debtor (not held under a corporation, LLC or other business entity).

WAGES/COMMISSIONS: 75% exempt after mandatory payroll deductions.

CHILD SUPPORT/ALIMONY: 100% exempt

SOCIAL SECURITY BENEFITS: 100% exempt

VETERAN’S BENEFITS: 100% exempt

QUALIFIED PENSIONS: 100% exempt

WORKER’S COMPENSATION: 100% exempt

UNEMPLOYMENT COMPENSATION: 100% Exempt

QUALIFIED IRA/401k: Up to $500,000 per debtor

LIFE INSURANCE BENEFITS AND CASH VALUE: 100% protected if the debtor’s total life insurance premiums are under $15,000 annually – otherwise pro-rated.

ANNUITIES: Principal balance exempt unless annuity set up to hinder creditors. Income exempt up to $600 monthly, thereafter 75% exempt.

PERSONAL INJURY SETTLEMENTS: Up to $16,150.

FEDERAL EARNED INCOME CREDIT: 100% exempt

“WILD CARD” EXEMPTION: $1000 per debtor