Nevada Bankruptcy Laws

Nevada 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. Nevada bankruptcy district courts are located in four places- Elko, Ely, Las Vegas, and Reno.

Properties Exemptions Under The Nevada Bankruptcy Laws

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

•Homestead Exemptions include any real or mobile properties up to 125,000 dollars in value. Please note that even if you are a married couple and have filed for bankruptcy jointly, you will be allowed to exempt only that much. You will not be able to exempt the double amount. The Nevada bankruptcy laws restricts you in this regard.
•Insurance Exemptions include fraternal benefit society benefits, specific Life insurance proceeds, Health proceeds or avails, Group life or health policy or proceeds etc.
•Annuity contract proceeds are also included under the insurance exemptions as per the Nevada bankruptcy laws. The maximum amount exemptible in this regard is 350 dollars on a per month basis.
•Books have been declared as exemptible personal properties up to fifteen hundred dollars in value.
•Other personal properties, such as furniture and other household appliances are exemptible up to the value of three thousand dollars in total.
•Cars or any other motor vehicle is also exemptible as per the Nevada bankruptcy laws up to fifteen hundred dollars in value. Here, the Nevada bankruptcy laws have given relief for the disabled as they are allowed to keep motor vehicles irrespective of its value – there is just no restriction for them in this regard.
•Pension funds are also exempted under the Nevada bankruptcy laws, but only Public employees are eligible for such exemptions.
•Wild Card exemptions are not allowed.