What Are the Nevada Bankruptcy Exemptions?
Filing for bankruptcy in Nevada can be a confusing and daunting process, but understanding the state's bankruptcy exemptions can help make the process easier. Nevada's bankruptcy exemptions allow individuals to keep some of their assets when filing for Chapter 7 or Chapter 13 bankruptcy. Knowing what items are exempt from liquidation during a Chapter 7 Bankruptcy is essential in helping you preserve your financial future.
For residents of Nevada, there are several categories of property that are exempt from being sold off to pay creditors. Some common examples include up to $550,000 in equity on a home, up to $15,000 worth of motor vehicles and tools of trade used in business activities, clothing, jewelry under $1,000 in value and other personal effects such as furniture and appliances. Other exemptions may apply depending on individual circumstances including alimony payments received or health aids needed due to disability.
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