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Nebraska Bankruptcy:Attorneys, Statistics, Exemptions and Courts.

Nebraska Bankruptcy Statistics: In 2009, 7,557 bankruptcies were filed in Nebraska.& Business bankruptcies accounted for 318 or 4.21% and personal bankruptcies accounted for 7,239 or 95.79% of the total filings.

Nebraska State Bankruptcy Exemptions

Homestead

The home ("homestead") exemption is limited to $60,000 for a head of household or a married debtor. The homestead cannot exceed 2 lots in a city or town, or 160 acres in a rural area. The profits from the sale of the home are exempt for up to 6 months after the sale.

Personal Property

The following expenses or items are exempt in their entirety in Nebraska:

  1. Burial plot
  2. Clothing
  3. Health aids
  4. Crypts, tombs, vaults
  5. Personal injury damages
  6. Personal possessions
  7. Perpetual care funds
  8. Burial plot

The following expenses or items are exempt up to a specified limit in Nebraska:

  1. Motor Vehicles used for traveling to and from work up to $2,400
  2. Furniture, household goods, appliances, electronics, books, and musical instruments limited to $1,500

Pension

The following individuals' and their survivors’ pension benefits are exempt when filing for bankruptcy in Nebraska:

  1. Public employees deferred compensation
  2. County employees
  3. School employees
  4. State employees

The following pension types are exempt or partially exempt when filing for bankruptcy in Nebraska:

  1. ERISA benefits, IRAs, and Roth IRAs needed for support
  2. Military disability is limited to $2,000

Insurance

The following insurance types are entirely or partially exempt when filing for bankruptcy in Nebraska:

  1. Fraternal benefit society benefits-limited to $100,000 loan from assets more than three years before bankruptcy (no exemption if the beneficiary is convicted of a crime related to those benefits)
  2. Life insurance proceeds and avails limited to $100,000

Public Benefits

The following public benefits are exempt when filing for bankruptcy in Nebraska:

  1. Assistance to disabled, blind, and elderly
  2. Workers' compensation
  3. Unemployment compensation
  4. Public assistance
  5. General assistance to the poor

Tools of the trade

This is a separate exemption. The following items have been considered tools of the trade in the state of Nebraska:

  1. Equipment
  2. Tools
  3. Motor vehicle used for commuting to and from work-limited to $2,400

Wages

In Nebraska, the greater of 75% or more of unpaid, disposable weekly earnings or thirty times the federal hourly minimum wage is exempt. Additionally, a minimum of 85% of earned but unpaid weekly disposable earnings or pension payments.

Miscellaneous

None.

Wildcard

Any personal property up to $2,500, instead of taking the homestead exemption.

Federal Exemptions: No, debtors are not allowed to take federal exemptions when filing for bankruptcy in Nebraska.

Nebraska Bankruptcy Court:

United States Bankruptcy Court, District of Nebraska

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