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When an individual files for bankruptcy, there are usually two options they have for relief:
  • Chapter 7 Bankruptcy – If a debtor qualifies a Chapter 7 Bankruptcy, the bankruptcy trustee appointed to your case will administer your bankruptcy estate by selling off any non-exempt property and then distributing the proceeds to your creditors. The borrower keeps all exempt assets post discharge.

See a list of the common Nevada Bankruptcy Exemptions HERE.
  • Chapter 13 Bankruptcy – If a debtor qualifies for a Chapter 13 Bankruptcy, they will get to keep most of their personal assets. However, the trustee appointed to administer the bankruptcy estate will approve a structured payment plan based upon the greater of your non-exempt property, your disposable income, or your non-dischargeable debt (usually support obligations, most tax liens, etc.). The re-payment plan usually lasts three to five years and once completed the debtor receives a full discharge and fresh start.

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Common Bankruptcy Exemptions List

When filing for bankruptcy, there are a few exemptions in place that help protect some or all of your property.

Joint filings: Generally, in Nevada, when spouses file together, each can claim the full exemption amount, which is informally referred to as “doubling," as long as both spouses had ownership interest.

Exemptions: To claim an exemption, you must list it on your official bankruptcy forms. You may qualify for non-standard exemptions or you may be required to meet certain qualification requirements.


Listed below are the statutes in the federal law or the Nevada Revised Statutes.

Nevada Homestead Exemption

21.090(1)(l), (m); 115.010; 115.020 – Equity in a residential property or mobile home up to $605,000. Spouses can’t double the exemption and must record a homestead declaration before filing for bankruptcy (115.020).

Nevada Motor Vehicle Exemption

21.090(1)(f) – Equity in a motor vehicle up to $15,000. No limit exists for a motor vehicle equipped for a person with a disability (21.090(1)(p).

Nevada Wildcard Exemption

21.090(1)(z) – Any personal property (not real estate) valued up to $10,000.

Personal Property

21.090(1)(a) – Books, art, musical instruments, and jewelry up to $5,000 in total.

21.090(1)(b) - Household goods, wearing apparel, furniture, appliances, home, and yard equipment up to $12,000 in total.

21.090(1)(i) – One gun and uniform (if required by law)

21.090(1)(q) - Medically-prescribed health aids.

21.090(1)(u) - Personal injury compensation up to $16,150.

21.090(1)(v) - Wrongful death awards for survivors.

21.090(1)(x) - Restitution received for a criminal act.

21.090(1)(aa) - Earned state and federal income tax credit refunds.

21.090(1)(bb) - Stock in certain corporations.

21.100 - Metal-bearing ores, geological specimens, paleontological remains, or art curiosities (must be arranged, classified, cataloged, and numbered in reference books). Coin collections are not exempt.

645B.180 - Mortgage impound accounts.

689.700; 21.090(1)(ff) - Funeral service contract money and burial plot purchase money held in trust.


Public Benefits

422.291; 21.090(1)(kk); 422A.325; 615.270 – Aid and public assistance to the blind, aged, and disabled.

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