Nevada Bankruptcy Exemptions

Nevada bankruptcy exemptions determine which of your assets you get to keep when you file for bankruptcy. Nevada has some of the most generous bankruptcy exemptions in the country — which means most people who file here walk away from the process with everything they own intact.

Understanding which exemptions apply to your situation is one of the most important steps in the bankruptcy process. Dan Riggs spent more than a decade as the senior attorney to a Chapter 13 Bankruptcy Trustee in Nevada, which means he understands exactly how trustees evaluate assets — and how to make sure your property is fully protected.

Nevada Bankruptcy Exemptions vs. Federal Exemptions

Unlike some states, Nevada does not allow bankruptcy filers to choose between state and federal exemptions. If you file bankruptcy in Nevada, you must use Nevada’s state exemptions. Fortunately, Nevada’s exemptions are among the strongest in the nation — in many cases exceeding what the federal exemptions would provide.

Nevada Bankruptcy Exemptions — Key Assets You Can Protect

Homestead (Primary Residence) — Up to $605,000

Nevada’s homestead exemption protects up to $605,000 in equity in your primary residence — one of the highest homestead exemptions in the United States. To claim it, you must have recorded a Declaration of Homestead with the county recorder’s office before your bankruptcy filing date. If you own your home and haven’t filed one, contact us immediately.

Motor Vehicle — Up to $15,000

Nevada protects up to $15,000 in equity in one motor vehicle per debtor. If you and your spouse both file, you can each claim the exemption on a separate vehicle. The exemption applies to your equity — meaning the vehicle’s current market value minus what you still owe.

Retirement Accounts — Fully Protected

ERISA-qualified retirement accounts — including 401(k)s, 403(b)s, pensions, and most IRAs — are fully exempt in Nevada with no dollar cap. Your retirement savings are completely protected. Filing bankruptcy will not put your future financial security at risk.

Household Goods and Furnishings — Up to $12,000

Nevada protects up to $12,000 in household furniture, appliances, and goods used in your home. Trustees value household goods at used/garage-sale prices, not replacement cost — so in practice, this exemption covers virtually everything in a typical Nevada home.

Clothing — Up to $2,000

Up to $2,000 in clothing for you and your dependents is fully protected. Ordinary clothing is almost never at risk in a Nevada bankruptcy.

Tools of Trade — Up to $4,500

If you are self-employed or rely on specific equipment for your livelihood, Nevada protects up to $4,500 in tools, equipment, and materials used in your occupation or trade.

Health Aids — Fully Protected

All professionally prescribed health aids — wheelchairs, hearing aids, CPAP machines, and similar equipment — are fully exempt with no dollar limit.

Social Security, Unemployment & Workers’ Compensation — Fully Protected

All Social Security benefits, unemployment compensation, and workers’ compensation payments are fully exempt in Nevada bankruptcy. These cannot be taken by a trustee or used to satisfy creditors.

When Nevada Bankruptcy Exemptions Don’t Cover Everything

In a Chapter 7 bankruptcy, the trustee reviews your assets and may liquidate any non-exempt property to pay creditors. In practice, the vast majority of Nevada Chapter 7 filers have no non-exempt property at all. If you do have valuable non-exempt assets, Chapter 13 may be a better path — it lets you keep everything while repaying creditors over three to five years.

How Nevada Bankruptcy Exemptions Apply in Chapter 13

In Chapter 13 bankruptcy, you keep all of your property and repay creditors through a structured plan. However, the value of your non-exempt equity determines how much unsecured creditors must receive — this is called the “best interest of creditors” test. Dan Riggs will run this analysis for you during your free consultation so there are no surprises.

For a complete list of federal exemptions you can compare, see the U.S. Courts bankruptcy exemptions overview. To understand how exemptions fit into the full filing process, visit our Chapter 7 bankruptcy Las Vegas page.

Frequently Asked Questions About Nevada Bankruptcy Exemptions

Do I need to file a homestead declaration before filing bankruptcy?

Yes. To claim the full $605,000 homestead exemption, you must have recorded a Declaration of Homestead with the county recorder before your bankruptcy petition is filed. If you own your home and have not done this, contact us immediately — there may still be time.

Are IRAs Protected by Nevada Bankruptcy Exemptions?

Yes. IRAs are protected in Nevada bankruptcy. For most filers, the entire IRA balance is exempt. Dan Riggs will review your specific situation during your free consultation.

What if I own two vehicles?

The motor vehicle exemption covers one vehicle per debtor. If you own a second car with significant equity, that equity may be non-exempt in Chapter 7. Chapter 13 may allow you to keep both vehicles while paying creditors through a repayment plan.

Can I protect my business equipment?

Nevada’s tools of trade exemption protects up to $4,500 in business equipment and materials. If your equipment is worth more, there may be additional planning options — contact the Riggs Law Firm to discuss before filing.

Ready to find out exactly what you can keep? Contact Las Vegas bankruptcy attorney Dan Riggs for a free consultation. He will review your assets, apply Nevada’s exemptions to your specific situation, and tell you exactly what to expect before you file. Schedule your free consultation or call 702-605-5070.