State of Nevada had opted out from the exemption list of federal government. The 2005 Act substantially changed the domiciliary provision found in former section 522(2)(A). The new requirements are found in Section 522(b)(3)(A). These domiciliary requirements also determine which state law will be used to determine whether the debtor may elect to claim the federal bankruptcy exemptions.
Whether State Exemptions Laws Applies?
The state exemption law that applies to a debtor is determined by the state in which the debtor’s domicile has been located for the 730 days immediately preceding petition filing date. If the debtor’s domicile has not been located in a single state for the 730-day period, the applicable state exemption law is that of the state in which the debtor was domiciled for the 180 days immediately preceding the 730-day period, or in which the debtor was domiciled for the longer portion of such 180-day period than in any other place.
Nevada State Exemptions?Nevada has opted out from the federal bankruptcy exemptions. The purpose of this article is only highlighting the Nevada exemptions.
Exemptions Exemption Amount Statutes
Homestead Real property or mobile home to $550,000 (husband and wife may not double)
Must record homestead declaration before filing for bankruptcy. 21.090(1) (m), 115.010
115.020
Public Benefits Aid to blind, disabled, AFDC
Industrial insurance (workers’ compensation)
Unemployment compensation
Vocational rehabilitation benefits 422.291
616.550
612.710
615.270
Personal Property Appliances, household goods, furniture, home and yard equipment to $24,000 total
Books to $10000
Burial plot purchase money held in trust
Funeral service contract money held in trust
Health aids
Keepsakes & pictures
Metal-bearing ores, geological specimens, art curiosities or paleontological remains, must be arranged, classified, catalogued & numbered in reference books
Motor vehicle to $15000; no limit if vehicle equipped to provide mobility for disabled person
One gun 21.090(1) (b)
21.090(1) (a)
452.550
689.700
21.090(1) (p)
21.090(1) (a)
21.100
21.090(1) (f), (o)
21.090(1) (i)
Tools of Trade Arms, uniforms & accouterments you’re required to keep
Cabin or dwelling of miner or prospector; cars, implements & appliances for mining claim you work to $4500 total
Farm trucks, stock, tools, equipment & seed to $4500
Library , equipment, supplies, tools & materials to $4500 21.090(1) (j)
21.090(1) (e)
21.090(1) (c)
21.090(1) (d)
Wages Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low income 21.090(1) (g)
Wild Card None
Insurance Annuity contract proceeds to $350 per month
Fraternal benefit society benefits
Group life or health policy or proceeds
Health proceeds or avails
Life insurance policy or proceeds if annual premiums not over $1000
Life insurance proceeds if you’re not the insured 687B.290
695A.220
687B.280
687B.270
21.090(1) (k)
687B.260
Miscellaneous Property of business partnership 87.250
Pensions ERISA-qualified benefits to $100,000
Public employees 21.090(1) (q)
286.670
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