Nebraska Bankruptcy Exemptions 2023
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Written by Upsolve Team.
Reviewed September 29, 2021
It's important to understand what the exemptions for Nebraska are and how they're most often used in a bankruptcy case.
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether or not you will be able to keep your property.
That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
If you're looking for a deep understanding of bankruptcy exemptions, read this article.
Does Nebraska allow federal exemptions?
Nebraska does not recognize the federal exemptions.
Every state has its own set of property exemptions. And some states also allow you choose between their exemptions and a set of federal bankruptcy exemptions. When they do, they will generally let you to choose the system that is the best fit for you. Although some states allow you to use the federal bankruptcy exemptions, others do not.
Nebraska Exemptions
Neb. Rev. Stat. § 23-2322
Most people use Neb. Rev. Stat. § 23-2322 to cover county pension. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 24-710.02
Most people use Neb. Rev. Stat. § 24-710.02 to cover legislators retirement benefits. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 25-1553
Most people use Neb. Rev. Stat. § 25-1553 to cover earned income tax credit. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 25-1556 (1)(b)
Most people use Neb. Rev. Stat. § 25-1556 (1)(b) to cover clothing. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 25-1556 (1)(c)
Most people use Neb. Rev. Stat. § 25-1556 (1)(c) to cover household goods, electronics, books, musical instruments etc.. . For single debtors filing, it has a coverage limit of $3,000.
Neb. Rev. Stat. § 25-1556 (1)(d)
Most people use Neb. Rev. Stat. § 25-1556 (1)(d) to cover tools of trade. For single debtors filing, it has a coverage limit of $5,000.
Neb. Rev. Stat. § 25-1556 (1)(e)
Most people use Neb. Rev. Stat. § 25-1556 (1)(e) to cover motor vehicle (one). For single debtors filing, it has a coverage limit of $5,000. This exemption has a limit to the number of assets it can cover.
Neb. Rev. Stat. § 25-1556 (1)(f)
Most people use Neb. Rev. Stat. § 25-1556 (1)(f) to cover health aids. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 25-1556 (1)(a)
Most people use Neb. Rev. Stat. § 25-1556 (1)(a) to cover personal possessions. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 25-1558
Most people use Neb. Rev. Stat. § 25-1558 to cover unpaid wages (nonhead of family) - 75% or 30 times the federal hourly min. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 25-1559
Most people use Neb. Rev. Stat. § 25-1559 to cover military disability. For single debtors filing, it has a coverage limit of $2,000.
Neb. Rev. Stat. § 25-1563.01
Most people use Neb. Rev. Stat. § 25-1563.01 to cover iras, roth iras & erisa-qualified benefits needed for support. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 25-1563.02
Most people use Neb. Rev. Stat. § 25-1563.02 to cover personal injury. For single debtors filing, it has a coverage limit of $24,060.
Neb. Rev. Stat. § 44-1089
Most people use Neb. Rev. Stat. § 44-1089 to cover fraternal benefits (more than three years prior to bankruptcy). For single debtors filing, it has a coverage limit of $100,000.
Neb. Rev. Stat. § 44-371
Most people use Neb. Rev. Stat. § 44-371 to cover life insurance proceeds. For single debtors filing, it has a coverage limit of $100,000.
Neb. Rev. Stat. § 48-1401
Most people use Neb. Rev. Stat. § 48-1401 to cover deferred compensation of public employees. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 48-149
Most people use Neb. Rev. Stat. § 48-149 to cover workers' compensation. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 48-647
Most people use Neb. Rev. Stat. § 48-647 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 68-1013
Most people use Neb. Rev. Stat. § 68-1013 to cover aid to disabled, blind, aged; public assistance. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 68-148
Most people use Neb. Rev. Stat. § 68-148 to cover general assistance to poor persons. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 79-948
Most people use Neb. Rev. Stat. § 79-948 to cover school pension. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 81-2032
Most people use Neb. Rev. Stat. § 81-2032 to cover state institutions retirement benefits. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 84-1324
Most people use Neb. Rev. Stat. § 84-1324 to cover state employees retirement benefits. For single debtors filing, it has no coverage limit.
11 U.S.C. § 522(b)(3)(C)
Most people use 11 U.S.C. § 522(b)(3)(C) to cover tax exempt retirement accounts. For single debtors filing, it has no coverage limit.
5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2)
Most people use 5 U.S.C. §§ 8437(e)(g), 11 U.S.C. § 541(c)(2) to cover thrift savings plan. For single debtors filing, it has no coverage limit.
Neb. Rev. Stat. § 25-1552 to 25-1562
Most people use Neb. Rev. Stat. § 25-1552 to 25-1562 to cover wildcard. For single debtors filing, it has a coverage limit of $5,000.
