What assets can I keep if filing for bankruptcy in Nevada?

Bankruptcy law varies by state and also falls under federal statutes as well. In Nevada Bankruptcy Court, assets may be repossessed in bankruptcy but certain assets are exempt. While residents of Nevada may not use federal exemptions, they do have a rights and protections while in bankruptcy.

A variety of assets are exempt in Nevada. They include real property such as a home valued up to $550,000.00, various personal property such as a car or furniture with a cap set on the maximum value of the personal property which is exempt, a portion of wages, retirement funds, alimony and child support, and various other benefits.

A complete list of exemptions is available on the web site listed below. In addition to state exemptions, under Nevada law, an individual may also use Federal Non-Exempt Bankruptcy Exemptions to supplement the assets that they may keep. These include certain military benefits, death benefits, retirement benefits and various other miscellaneous assets.

It is important that you use the exceptions that protect the most of your assets. It is not always clear what exemptions are the best for your situation. A bankruptcy attorney can help you determine which exemptions to use and can also assist you with creating a roadmap towards financial security.