{"id":286862,"date":"2021-04-15T08:34:37","date_gmt":"2021-04-15T13:34:37","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/bankruptcy\/bankruptcy-laws-by-state\/nevada-bankruptcy-exemptions-and-law.html"},"modified":"2021-04-15T09:38:29","modified_gmt":"2021-04-15T14:38:29","slug":"nevada-bankruptcy-exemptions-and-law","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/bankruptcy\/bankruptcy-laws-by-state\/nevada-bankruptcy-exemptions-and-law.html","title":{"rendered":"Nevada Bankruptcy Exemptions and Law"},"content":{"rendered":"\n
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Nevada Bankruptcy Exemptions and Law<\/h1>\n
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\n By J.P. Finet, J.D.<\/a> | Legally reviewed by Bridget Molitor, JD<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

If you are deeply in debt and being harassed by collections agencies over bills you know you can’t pay, bankruptcy may offer a solution to your debt problems. Filing for bankruptcy will stop all collection efforts and give you the breathing room you need to either reorganize your debt so that it can be paid off or eliminate it entirely. Additionally, Nevada has enacted its own rules on the property you can keep after you file for bankruptcy.<\/blockquote>\r\n

Nevada Bankruptcy Law
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U.S. bankruptcy cases take place in federal courtrooms under federal law, but Nevada has opted to put some of its own rules in place to protect the property of people who file for bankruptcy in the state. The property that is protected from your creditors is known as exempt property that should be available to help you move on with your life after you have finished with bankruptcy. The U.S. Bankruptcy Code<\/a> lets states create their own rules regarding exempt property and Nevada has done so.<\/p>\r\n

The Bankruptcy Code provides a set of federal exemptions, but Nevada has decided that if you file for bankruptcy in the state you must use its exempt property rules<\/a>. Fortunately, most of the Nevada exemptions are more generous than the federal exemptions and allow you to keep more property than you would under federal law.<\/p>\r\n

<\/a>Nevada’s Bankruptcy Exemptions<\/h2>\r\n

We list the Nevada bankruptcy exemptions below. Exempt property is protected from creditors during bankruptcy and you can keep it to restart your life after you have completed bankruptcy. Additionally, if you are married and file for bankruptcy in Nevada, both you and your spouse are entitled to a full set of exemptions for any property you own together. That often lets couples double their exemptions.<\/p>\r\n

Homestead Exemption<\/h3>\r\n

Nevada will let you exempt up to $605,000 of the equity you have in your home or mobile home. That amount doubles to $1.21 million if you file for joint bankruptcy with your spouse and you both own the home. However, before claiming the homestead exemption, you must first file a homestead declaration in the recorder’s office for your county.<\/p>\r\n

Wage Exemption<\/h3>\r\n

You can exempt up to 75% of your disposable earnings of more than $770 for a week and 82% of your disposable earnings of $770 or less. Future earnings are also exempt to the extent they are necessary for your support.<\/p>\r\n

Motor Vehicle Exemption<\/h3>\r\n

Nevada grants you a $15,000 exemption for your equity in a motor vehicle. If the motor vehicle has been equipped for use by a disabled person, the entire value of the vehicle is exempt.<\/p>\r\n

The motor vehicle exemption does not apply to recreational vehicles, boats, and additional automobiles.<\/p>\r\n

Wildcard Exemption<\/h3>\r\n

The state gives you a $10,000 wildcard exemption that you can apply to any of your personal property.<\/p>\r\n

Personal Property Exemptions<\/h3>\r\n

Nevada lets you exempt the following personal property:<\/p>\r\n