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Nevada State Economy:

The Covid-19 global pandemic has hit the hospitality industry particularly hard. Despite efforts to diversify the state’s economy, Nevada’s economy continues to be largely dependent on service sector employment with mining being a close second.

Bankruptcy Court Locations in Nevada:

Las Vegas

111 7th Ave. SE, 6th Floor
Cedar Rapids, Iowa
(319) 286-2200
320 6th Street
Sioux City, Iowa
(319) 286-2200

Reno

C. Clifton Young Federal Building
and U.S. Courthouse
300 Booth Street
Reno, NV 89509

Nevada State Bankruptcy Exemptions:

Homestead
Up to $605,000 in equity in a home or mobile home. Nev. Rev. Stat. § § 21.090(1)(l), (m), 115.050. You must record a homestead declaration (a form filed with the county recorder’s office to put on record your right to a homestead exemption) before filing for bankruptcy to claim this exemption in bankruptcy.
Personal Property
Burial plot or funeral service money held in trust. Nev. Rev. Stat. § § 689.700; 21.090(1)(ff)
Health aids. Nev. Rev. Stat. § 21.090(1)(q)
Keepsakes and pictures. Nev. Rev. Stat. § 21.090(1)(a)
Up to $5,000 of equity in books, art, musical instruments, and jewelry. Nev. Rev. Stat. § 21.090(1)(a)
Up to $12,000 of equity in appliances, furniture, electronics, household goods, clothing, home, and yard equipment. Nev. Rev. Stat. § 21.090(1)(b)
Collections of ores, geological specimens, paleontological remains, which are numbered in reference books. Nev. Rev. Stat. § 21.100
Escrow and mortgage impound accounts. Nev. Rev. Stat. § § 645A.170, 645B.180
One gun and uniforms (if required by law). Nev. Rev. Stat. § 21.090(1)(i)
Up to $16,150 in personal injury awards. Nev. Rev. Stat. § 21.090(1)(u)
Victim crime restitution. Nev. Rev. Stat. § 21.090(1)(x)
Income tax refunds attributable to the state or federal Earned Income Credit. Nev. Rev. Stat. § 21.090(1)(aa)
Wrongful death awards to survivors to the extent necessary for support. Nev. Rev. Stat. § 21.090(v)
Future earnings compensation to the extent necessary for support. Nev. Rev. Stat. § 21.090(w)
Motor Vehicle
Up to $15,000 of motor vehicle equity, or unlimited equity in a motor vehicle equipped for a person with a disability. Nev. Rev. Stat. § § 21.090(1)(f), 21.090(1)(p).
Example. Holly owns a 2012 Honda Civic worth $18,000. She owes the dealership $12,000, leaving her $6,000 of equity in the car. If Holly files Chapter 7 in Nevada, she can protect all of the equity using the Nevada motor vehicle exemption.
Public Benefits
Aid to blind, aged, disabled, and public assistance. Nev. Rev. Stat. § § 422.291; 21.090(1)(kk); 422A.325; 615.270
Worker’s compensation (industrial insurance). Nev. Rev. Stat. § § 616C.205; 21.090(1)(gg)
Payments received under the Social Security Act. Nev. Rev. Stat. § § 21.090(1)(y)
Public assistance for children. Nev. Rev. Stat. § 21.090(1)(ll)
Unemployment compensation. Nev. Rev. Stat. § 612.710; 21.090(1)(hh)
Vocational rehabilitation benefits. Nev. Rev. Stat. § § 615.270; 21.090(1)(jj)
Retirement accounts and benefits
Public employees’ retirement benefits. Nev. Rev. Stat. § § 286.670; 21.090(1)(ii)
ERISA-qualified pension or stock bonus plan (up to $1,000,000). Nev. Rev. Stat. § 21.090(1)(r)
Qualified retirement accounts are exempt under federal law 11 U.S.C. § 522(b)(3)(C) in every state, regardless of the exemption scheme used.

Wages and Income
75% of wages or 50 times the federal minimum wage, whichever is more. Nev. Rev. Stat. § 21.090(1)(g)
Tools of the Trade
Up to $4,500 of equity in farm trucks, tools, stock, equipment, and seed. Nev. Rev. Stat. § 21.090(1)(c)
Up to $4,500 of equity in a miner or prospector’s dwelling, working mining claim, cars, tools, and appliances. Nev. Rev. Stat. § 21.090(1)(e)
Arms, uniforms, and accouterments that you are required to keep. Nev. Rev. Stat. § 21.090(1)(i)
Up to $10,000 in equity in library equipment, tools, inventory, and supplies. Nev. Rev. Stat. § 21.090(1)(d)
Wildcard
Up to $10,000 of any personal property. Nev. Rev. Stat. § 21.090(z).

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