NEVADA BANKRUPTCY LAW

Nevada Bankruptcy:Attorneys, Statistics, Exemptions and Courts.

Nevada Bankruptcy Statistics: In Nevada, 29,808 bankruptcies were filed in Nevada.Business bankruptcies accounted for 978 or 3.28% and personal bankruptcies accounted for 28,830 or 96.72% of the total filings.

Nevada State Bankruptcy Exemptions

Homestead

The home ("homestead") exemption is limited to $550,000. Nevada defines "homestead" to include real property and mobile homes. The debtor must file a homestead declaration prior to filing for bankruptcy.

Personal Property

The following expenses or items are exempt from bankruptcy in their entirety in Nevada:

1. Restitution for crime
2. Wrongful death award
3. Health aids
4. Pictures
5. Mortgage impound accounts
6. Funeral service contract money held in trust
7. Money held in trust to buy a burial plot
8. Geological specimens, arranged and classified paleontological remains, metal bearing ores
9. Disabled person’s motor vehicle

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

1. Personal injury damages-limited to $16,500
2. Firearms-one allowed
3. Motor vehicle-limited to $15,000
4. Books, art, musical instruments, and jewelry-limited to $5,000
5. Household goods, furniture, electronics, home and yard equipment, and appliances owned by debtor or debtor’s dependent—limited to $12,000 total

Pension

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

1. Public employees

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

1. IRAs, SEPs, ERISA qualified benefits, deferred compensation and higher education plans limited to $500,000

Insurance

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

1. Annuity contract proceeds limited to $350 a month
2. Fraternal benefit society
3. Group life or health policy
4. Health proceeds or avails
5. Life insurance policy or proceeds if the yearly premiums are under $1,000
6. Life insurance proceeds if the debtor is not the insured

Public Benefits

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

1. Public assistance to the elderly, disabled, children and the blind
2. Crime victims' compensation
3. Workers' compensation
4. Unemployment compensation
5. Vocational rehabilitation benefits

Tools of the trade

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

1. Uniforms, arms, and accoutrements that you are required to hold on to
2. Dwelling of miner or prospector, mining claim, implements, cars and appliances-limited to $4,500
3. Farming trucks, tools, equipment, stock and seed-limited to $4,500
4. Supplies, tools, inventory, equipment, library and other materials-limited to $10,000

Wages

In Nevada, the greater of 75% or more of disposable weekly earnings, or fifty times the weekly federal hourly minimum wage.

Miscellaneous

The following miscellaneous benefits are exempt when filing for bankruptcy in Nevada:

1. Alimony
2. Child support
3. Property of a business partnership

Wildcard: None.

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

Nevada Bankruptcy Court:

United States Bankruptcy Court, District of Nevada