Individuals who file for bankruptcy can keep certain personal assets, known as exemptions. Couples who file together can double the value of the exempt property they may retain.
Before submitting a bankruptcy petition in Nevada, review the common exemptions state law allows.
Nevada residents can keep equity in a primary residence, whether a home or mobile home. The limit for equity is $605,000 if the couple files a homestead declaration with the county before filing for bankruptcy.
Certain benefits and funds also receive a Nevada bankruptcy exemption. Examples include:
- Unlimited restitution received as a crime victim, as a wrongful death award or for workers’ compensation benefits
- Social Security, public assistance, unemployment and vocational benefits
- Personal injury awards valued at no more than $16,150
- Federal and state income tax refunds
- Retirement benefits for public workers
- Qualifying retirement accounts
People who file for bankruptcy in Nevada may also keep:
- Up to $15,000 in equity in a vehicle (no limit for an individual who has a disability)
- Up to $12,000 in home and yard tools, clothes, electronics, furniture and appliances
- Up to $10,000 as a wildcard exemption that can apply to any personal property
- Up to $5,000 in jewelry, art, books and musical instruments
- Up to $4,500 equity in farm equipment and tools
Nevada residents may also retain legally required work uniforms and one firearm.
Individuals who are considering Chapter 7 bankruptcy should review the full list of state exemptions to help inform the right choice for their situation.