Bankruptcy in Nevada

$605,000 of equity in your home. The home can be a house and land, a mobile home (even if you do not own the land), or a condo or other common-interest unit. A home on land you do not own is also exempt up to $605,000 of equity.

One homestead is claimed by both spouses, either spouse, or a single person. To protect it under Nevada law you sign a written declaration of homestead and record it like a deed with the county recorder. You can record it yourself; the county recording fee is the only fee required. The exemption does not stop a mortgage, deed of trust, home equity loan, purchase-money or mechanic's lien, property taxes or HOA liens. If allodial title has been established, all equity is exempt.

Law: NRS 115.005, 115.010, 115.020; NRS 21.090(1)(l), (m)

$15,000 of equity in one vehicle. A vehicle equipped or modified for a person with a permanent disability is exempt with no dollar limit.

Law: NRS 21.090(1)(f), (p)

$12,000 total in necessary household goods, furnishings, electronics, clothing, other personal effects and yard equipment. Separately, $5,000 total in private libraries, works of art, musical instruments and jewelry, plus all family pictures and keepsakes. Prostheses and equipment prescribed by a doctor or dentist are exempt.

Law: NRS 21.090(1)(a), (b), (q)

$10,000 total in any personal property not otherwise exempt, including money in the bank, stocks and bonds

Law: NRS 21.090(1)(z)

$10,000 in professional libraries, equipment, supplies, tools, inventory and materials used in your trade or business. Separately: $4,500 in farm trucks, stock, tools, equipment, supplies and seed; and $4,500 for a miner's or prospector's cabin, equipment and worked claim.

Law: NRS 21.090(1)(c), (d), (e)

82% of weekly disposable earnings is exempt if your gross weekly pay is $770 or less; 75% if it is more than $770; or 50 times the federal minimum hourly wage, whichever is greater. Earnings held in a bank account are covered. The rule does not apply to support orders, bankruptcy court orders or tax debts.

Law: NRS 21.090(1)(g)

Up to $1,000,000 in present value is exempt in IRAs and Roth IRAs (including inherited IRAs), SEP plans, 401(k)-type plans and qualified pension or profit-sharing trusts. Nevada 529 college savings money is also covered, with exceptions. Public Employees' Retirement System benefits are exempt.

Law: NRS 21.090(1)(r), (ii)

Social Security (including SSI and disability), unemployment benefits, workers' compensation, public assistance, child welfare assistance, vocational rehabilitation money and private disability insurance proceeds are exempt.

Law: NRS 21.090(1)(y), (ee), (gg), (hh), (jj), (kk), (ll)

• Tax refunds from the earned income credit (federal EITC or a similar state credit) are exempt.
• Court-ordered child support and alimony you receive are exempt, including back payments owed to a former spouse.
• All money and benefits from life insurance are exempt.
• Personal injury compensation up to $16,150 (not counting pain and suffering or actual money loss), and a rental security deposit for your main home, are exempt.

Law: NRS 21.090(1)(aa); NRS 21.090(1)(s), (t); NRS 21.090(1)(k); NRS 21.090(1)(u), (n)