What are the bankruptcy exemptions for Las Vegas, Nevada? And what do you need to know about them?
1. Exemptions are the “necessities” that the bankruptcy law allows all debtors to keep to ensure they aren’t destitute following their bankruptcy case. Things like clothing, food, tools of the trade, a car, and a home up to a certain value.
2. Las Vegas, Nevada residents are limited to the exemptions laid out by Nevada state law. Some states give debtors the option of opting for the federal exemptions or state exemptions. However, Nevada is one of the states that does not give debtors the option of federal bankruptcy exemptions. This is not necessarily a bad thing as state exemption laws such as Nevada’s can be more beneficial to debtors.
3. The Homestead Exemption in Nevada is $550,000. That means if you have a home worth $550,000 or less, you can protect your home from creditors if you file for bankruptcy in Las Vegas or anywhere else in Nevada. There are a number of implications and other details associated with this exemption. Please consult an experienced Las Vegas bankruptcy lawyer about this topic.
4. The exemption for motor vehicles (i.e., cars) is $15,000. This means you can keep your car if it’s worth $15,000 or less.
5. The exemption for “tools of the trade” (i.e., tools and equipment you need to work and be able to continue to earn income) is $10,000. Additionally, there is an exemption of $4,500 for mining equipment and $4,500 for farm equipment.
6. The “wildcard” exemption is $5,000. This can be used to protect clothes, jewelry, works of art, musical instruments and other items.
Making appropriate use of your exemptions can be a complicated matter. But if working with an experienced Freedom Law Firm bankruptcy attorney, you can make sure to optimize the assets that you can protect. For your free consultation, call 702-745-8584.
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