Nevada Bankruptcy Exemptions 2020
Written by Upsolve Team.
Updated August 9, 2020
It's important to understand what the exemptions for Nevada 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 Nevada allow federal exemptions?
Nevada 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.
Nevada Exemptions
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.
Nev. Rev. Stat. Ann. § 21.090 (1)(a)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(a) to cover books, works of art, musical instruments, jewelry. For single debtors filing, it has a coverage limit of $5,000.
Nev. Rev. Stat. Ann. § 21.090 (1)(a)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(a) to cover keepsakes and pictures. For single debtors filing, it has a coverage limit of $5,000.
Nev. Rev. Stat. Ann. § 21.090 (1)(aa)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(aa) to cover earned income credit, tax refunds from the earned income credit. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(b)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(b) to cover household goods, furniture, electronics, clothing etc., electronics, equipment for sports and hobbies, clothing. For single debtors filing, it has a coverage limit of $12,000.
Nev. Rev. Stat. Ann. § 21.090 (1)(bb); Nev. Rev. Stat. Ann. § 78.746
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(bb); Nev. Rev. Stat. Ann. § 78.746 to cover stock in closely held corporations. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(c)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(c) to cover farm equipment, farm and fishing supplies, chemicals, and feed. For single debtors filing, it has a coverage limit of $4,500.
Nev. Rev. Stat. Ann. § 21.090 (1)(cc)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(cc) to cover trusts. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(d)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(d) to cover tools of trade. For single debtors filing, it has a coverage limit of $10,000.
Nev. Rev. Stat. Ann. § 21.090 (1)(dd)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(dd) to cover spendthrift trust. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(e)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(e) to cover mining assets. For single debtors filing, it has a coverage limit of $4,500.
Nev. Rev. Stat. Ann. § 21.090 (1)(ee)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(ee) to cover disability proceeds. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(f); Nev. Rev. Stat. Ann. § 21.090 (1)(p)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(f); Nev. Rev. Stat. Ann. § 21.090 (1)(p) to cover motor vehicle (unlimited if disabled). For single debtors filing, it has a coverage limit of $15,000. This exemption has a limit to the number of assets it can cover.
Nev. Rev. Stat. Ann. § 21.090 (1)(g)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(g) to cover wages - 82% or 50 times the federal min hourly wage or less than $770. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(gg)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(gg) to cover workers' compensation. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(hh); Nev. Rev. Stat. Ann. § 612.710
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(hh); Nev. Rev. Stat. Ann. § 612.710 to cover unemployment compensation. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(i)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(i) to cover arms, uniforms, one gun, required by law. For single debtors filing, it has no coverage limit. This exemption has a limit to the number of assets it can cover.
Nev. Rev. Stat. Ann. § 21.090 (1)(jj); Nev. Rev. Stat. Ann. § 615.270
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(jj); Nev. Rev. Stat. Ann. § 615.270 to cover vocational rehabilitation. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(k)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(k) to cover life insurance proceeds. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(kk); Nev. Rev. Stat. Ann. § 422.291; Nev. Rev. Stat. Ann. § 422A.325
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(kk); Nev. Rev. Stat. Ann. § 422.291; Nev. Rev. Stat. Ann. § 422A.325 to cover blind aged disabled, public assistance. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(ll); Nev. Rev. Stat. Ann. § 432.036
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(ll); Nev. Rev. Stat. Ann. § 432.036 to cover public assistance for children. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(q)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(q) to cover health aids (prescribed by doctor or dentist). For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(r)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(r) to cover erisa, iras, sep ira, roth ira, higher edu. savings plans. For single debtors filing, it has a coverage limit of $500,000.
Nev. Rev. Stat. Ann. § 21.090 (1)(t),(s)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(t),(s) to cover alimony and child support. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(u)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(u) to cover personal injury. For single debtors filing, it has a coverage limit of $16,150.
Nev. Rev. Stat. Ann. § 21.090 (1)(v)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(v) to cover wrongful death awards. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(w)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(w) to cover loss of future earnings. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(x)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(x) to cover crime victim's compensation. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(x)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(x) to cover restitution received for criminal act. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (1)(y)
Most people use Nev. Rev. Stat. Ann. § 21.090 (1)(y) to cover social security. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090(1)(n)
Most people use Nev. Rev. Stat. Ann. § 21.090(1)(n) to cover rental deposits. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.100
Most people use Nev. Rev. Stat. Ann. § 21.100 to cover geology and paleontology collections. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 286.670; Nev. Rev. Stat. Ann. § 21.090 (1)(ii)
Most people use Nev. Rev. Stat. Ann. § 286.670; Nev. Rev. Stat. Ann. § 21.090 (1)(ii) to cover public employees pensions. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 616C.205
Most people use Nev. Rev. Stat. Ann. § 616C.205 to cover industrial worker's insurance compensation. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 645A.170
Most people use Nev. Rev. Stat. Ann. § 645A.170 to cover escrow funds. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 645B.180
Most people use Nev. Rev. Stat. Ann. § 645B.180 to cover mortgage impound accounts. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 687B.260
Most people use Nev. Rev. Stat. Ann. § 687B.260 to cover uninsured life proceeds. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 687B.270
Most people use Nev. Rev. Stat. Ann. § 687B.270 to cover health proceeds. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 687B.280
Most people use Nev. Rev. Stat. Ann. § 687B.280 to cover group life policy or proceeds. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 687B.290
Most people use Nev. Rev. Stat. Ann. § 687B.290 to cover annuity proceeds. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 689.700; Nev. Rev. Stat. Ann. § 21.090 (1)(ff)
Most people use Nev. Rev. Stat. Ann. § 689.700; Nev. Rev. Stat. Ann. § 21.090 (1)(ff) to cover funeral or burial service trust money. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 695A.220
Most people use Nev. Rev. Stat. Ann. § 695A.220 to cover fraternal benefits. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 87.250
Most people use Nev. Rev. Stat. Ann. § 87.250 to cover partnership property. For single debtors filing, it has no coverage limit.
Nev. Rev. Stat. Ann. § 21.090 (z)
Most people use Nev. Rev. Stat. Ann. § 21.090 (z) to cover wildcard. For single debtors filing, it has a coverage limit of $10,000.
