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Nevada Personal Property Exemptions: The Property Creditors Can Not Touch!!!

In a U.S. federal bankruptcy case, your bankruptcy attorneys can use Nevada state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Nevada bankruptcy exemptions that an attorney can use to help keep creditor's hands off your possessions. The Nevada bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a bankruptcy case is often very involved. Additionally, the Nevada bankruptcy exemptions below are not an exhaustive list, therefore you should contact a Nevada bankruptcy attorney to determine the other types of property that you own which may be exempt.

Homestead Nevada Bankruptcy Exemptions

These Nevada bankruptcy exemptions can be used to protect up to $125,000 in equity in your house. Unfortunately you can't use this exemption to protect a rental property or a house you are not living in.

Motor Vehicle Nevada Bankruptcy Exemptions

Your Nevada bankruptcy attorneys can use this exemption to protect $1,500 per debtor in value of any one motor vehicle listed in your U.S. federal bankruptcy. Additionally, your vehicle is 100% exempt if it is equipped for a disability you have.

Clothing, Textbooks, Bible, Family Pictures Nevada Bankruptcy Exemptions

These Nevada bankruptcy exemptions allow your U.S. federal bankruptcy attorneys to protect 100% of your interest in various personal items such as your clothing and personal heirlooms.

Life Insurance Proceeds Nevada Bankruptcy Exemptions

These Nevada bankruptcy exemptions can protect a payment under a life insurance contract that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).

Alimony, Support Nevada Bankruptcy Exemptions

Your U.S. federal bankruptcy attorneys may also be able to exempt 100% of your alimony, support, or separate maintenance, to the extent reasonably necessary to help support you during your U.S. federal bankruptcy.

Qualified Retirement Plan Nevada Bankruptcy Exemptions

Your lawyers can prevent creditors from touching the proceeds of your hard-earned retirement plan. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings are in a qualified retirement plan.

Tools of the Trade, Professional Books Nevada Bankruptcy Exemptions

These are useful Nevada bankruptcy exemptions that we use to protect up to $4,500 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.

Unemployment Compensation Benefits Nevada Bankruptcy Exemptions

Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.

Learn more about New Jersey bankruptcy exemptions.