Nebraska Bankruptcy Laws

Nebraska bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Nebraska bankruptcy district courts are located in three places – Lincoln, North Platte, and Omaha.

Properties Exemptions Under The Nebraska Bankruptcy Laws

As per the Nebraska bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the Nebraska bankruptcy district courts.

•Homestead Exemptions are allowed up to 12500 dollars in value. Note that the exempted homestead properties cannot be more than two lots in a town. However, if the homestead properties are located elsewhere, you are allowed to exempt up to 160 acres of the same.
•Insurance Exemptions include fraternal benefit society benefits, but only up to ten thousand dollars in value.
•The value exempted for Life insurance or annuity contract proceeds is also ten thousand dollars as per the Nebraska bankruptcy laws.
•Pension funds are also exempted under the Nebraska bankruptcy laws, but only following individuals are eligible for such exemptions.
◦State employees
◦School employees
◦County employees
•Military disability benefits are also considered under pension exemptions, but only up to two thousand dollars.
•Under the personal properties exemptions, the Nebraska bankruptcy laws have specifically mentioned Furniture & kitchen utensils, which are exemptible up to the amount of fifteen hundred dollars.
•Exemptible public benefits include Unemployment compensation, Workers’ compensation, disability compensation etc.
•Tools of trade exemptions include Equipment or tools up to fifteen hundred dollars in value. If you are a married couple, you will be allowed to exempt up to three thousand dollars in this regard.
•Wild Card exemptions include any personal property up to 2500 dollars in value in lieu of homestead. However, the personal properties here do not include wages of any kind.