Bankruptcy Exemptions in Nevada

Nevada has opted out of the federal exemptions. The federal bankruptcy exemptions in 11 U.S.C. 522(d) do not apply to property owned by a Nevada resident unless Nevada's own exemption list also provides them.

A homestead is protected up to $605,000 in equity. If allodial title has been established and not relinquished, all equity in the dwelling, its appurtenances and land is protected. The exemption does not apply to debts for the purchase of the property or improvements (including mechanic's liens), legal taxes, mortgages or deeds of trust (including refinances, home equity loans and lines of credit), or certain consented-to liens such as homeowners' association liens, unless allodial title applies. A dwelling the debtor occupies on land the debtor does not own (for example, a home on rented land) is protected up to $605,000 in equity. The statute sets an equity limit, not an acreage limit. A homestead is selected by a written declaration of homestead.

One vehicle if the debtor's equity is $15,000 or less, or if the creditor pays the debtor any equity above that amount. A vehicle equipped or modified to provide mobility for a person with a permanent disability is exempt without a dollar limit.

Any personal property not otherwise exempt, including equity in any property, money, stocks, bonds or funds on deposit with a financial institution, up to $10,000 in total value, selected by the debtor.

Money held in IRAs (traditional and Roth, including inherited IRAs), SEP plans, qualified cash or deferred arrangement plans such as 401(k)s, and qualified stock bonus, pension or profit-sharing trusts is exempt up to $1,000,000 in present value. Benefits and refunds from the Nevada Public Employees' Retirement System and Social Security retirement benefits are also exempt.

For each workweek, the greater of these amounts is exempt: 82% of disposable earnings if the debtor's gross weekly pay was $770 or less when the most recent writ of garnishment was issued (75% if it was more than $770), or 50 times the federal minimum hourly wage. 'Earnings' include wages the debtor has in hand or in a bank or other financial institution account. The exemption generally does not apply to support orders, orders of a bankruptcy court, or state or federal tax debts.