What Are the Nevada Bankruptcy Exemptions?

Bankruptcy is an option available to individuals and businesses who are dealing with debt and cannot find any other way to manage or pay it off. Knowing what property or assets can be kept in the process of filing for bankruptcy is important. As such, Nevada has its own set of bankruptcy exemptions that protect certain types of assets from being taken away by creditors.

The property exempt from creditors’ claims under the Nevada exemption statute includes things like a homestead up to $550,000, household furniture, clothing and appliances up to $12,000 total value, tools of trade up to $5,000 in value and money in pension plans or retirement accounts such as 401(k)s and IRAs. Additionally, alimony payments are also exempt from creditor claims under the bankruptcy code. Furthermore, life insurance benefits are not touched during a bankruptcy proceeding as well.

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