| Like most of the other states, Nevada also | | | | are exempt include Health proceeds or avails, |
| follows specific set of Nevada bankruptcy laws. | | | | Group life or health policy or proceeds, fraternal |
| Therefore, if you are a permanent resident of | | | | benefit society benefits, etc. After the new |
| Nevada or the primary place of your business has | | | | bankruptcy laws have come into effect, you are |
| been Nevada, and you are planning to file court | | | | also allowed to exempt Life insurance policy or |
| petition for insolvency in the bankruptcy court, it | | | | proceeds, but only if the annual premiums do not |
| is important for you to be aware of the specific | | | | exceed one thousand dollars. |
| laws that the state follows. You should note that | | | | Personal Properties Exemptions |
| the liquidation code is all the same in all the states | | | | The Nevada bankruptcy laws have declared |
| of America. In particular, you must note the way | | | | motor vehicles and books as exempt personal |
| the various properties exemptions have been | | | | properties up to the amount of fifteen hundred |
| interpreted in the state. | | | | dollars each. However, if the vehicle has been |
| Nevada is one of those few states in America | | | | equipped to provide mobility for disabled person, |
| that follows a very liberal attitude towards | | | | there is no upper limit as the exempt amount. |
| debtors especially when it is about exempting the | | | | Other exempt personal properties include |
| various properties. Following are the various | | | | keepsakes and pictures, health aids, Funeral |
| exempt properties as per the impoverishment | | | | service contract money held in trust, burial plot |
| rules and regulations. | | | | purchase money held in trust, etc. |
| Residential Properties Exemption | | | | Wild Card And Wages Exemptions |
| The maximum amount that is exempt under the | | | | Nevada is one of those few states where wild |
| homestead properties category is $125,000. The | | | | card exemptions are not allowed. However, you |
| homestead properties include both real and mobile | | | | can still exempt a minimum of 75% of earned but |
| residential properties. However, here, you should | | | | unpaid wages. |
| note that even if you were filing bankruptcy as | | | | Tools Of Trade Exemptions |
| husband and wife, you would be able to exempt | | | | As per the state liquidation rules, the tools of |
| only up to $125,000. You will not get exemption | | | | trade exemptions include Library , equipment, |
| of the double amount. What is more, it is also | | | | supplies, tools and materials up to $4500; and |
| mandatory for you to declare the homestead | | | | farm trucks, stock, tools, equipment and seed up |
| properties before you go ahead and file for | | | | to $4500. The bankruptcy court in Nevada also |
| impoverishment. | | | | allows you to exempt any arms, uniforms and |
| Insurance Exemptions | | | | accouterments that you are required to keep. |
| As per the Nevada laws, the insurance funds that | | | | |