If you are considering filing for either Chapter 7 or Chapter 13 bankruptcy in Nevada, there are some exemptions specific to the state that you should be aware of. Although bankruptcy is largely governed by federal law, some exemptions and information are available on a state-by-state basis. Furthermore, while many exemptions are available across states, the maximum amount of the exemption is often determined by the specific state jurisdiction. These figures are updated by the state periodically. Here are three important exemptions you should learn about before filing for bankruptcy in Nevada.
1. The Nevada homestead exemption
For those filing for bankruptcy in the state of Nevada, the homestead exemption allows you to protect up to $550,000 of equity in your home. Different states provide different degrees of protection. While some states measure the exemption by acreage limitations, Nevada protects property up to a specified value.
2. The Nevada motor vehicle exemption
This exemption allows you to protect a maximum of $15,000 of equity in your car, truck, van or other vehicle. The Nevada motor vehicle exemption may enable you to claim even more if you are married and filing jointly, or if your car is equipped for a disability.
3. Nevada exemptions for married couples
Married couples who file for a joint bankruptcy in Nevada can “double” their exemption amounts. This means you and your spouse can each claim the full exemption amount for any property belonging to both of you, such as your home. Keep in mind that this exemption can only be claimed to protect property that both of you own.
Nevada updates its exemption figures periodically, so make sure you get the correct figures when you are estimating your exemptions. Verify the current exemption values by looking up the Nevada Revised Statutes on the Nevada Legislature website. For more information about Nevada bankruptcy, consider talking to Las Vegas bankruptcy lawyer Anthony Deluca.