Bankruptcy Exemption Attorneys in Las Vegas

Direct Attorney Access for Nevada Bankruptcy Exemption Decisions

Our attorneys evaluate Nevada bankruptcy exemptions in the context of the property you own, its value, existing liens, your residency history, and the chapter you may file. With more than 50 years of collective legal experience, Troy Fox, Jason Imes, and David Crosby help individuals and businesses understand how bankruptcy may affect their assets.

We handle Chapter 7, Chapter 11, and Chapter 13 matters, with direct attorney access throughout the case rather than transferring your matter to a paralegal. Our goal is to identify potential exemption issues before filing so you can make an informed decision about your financial and legal options.

For an initial consultation with our team, call (702) 941-6320 or contact us online.

What Are Bankruptcy Exemptions?

Bankruptcy exemptions are laws that allow you to protect certain property and assets when you file for bankruptcy. These exemptions determine which property may be protected and which non-exempt property could be available for creditor repayment, subject to applicable limits, liens, ownership interests, and trustee review.

These protections can preserve the basic necessities you need to rebuild your life after bankruptcy.

Bankruptcy exemptions are not automatic. You must claim them in your bankruptcy case. If you don’t claim an available exemption, the bankruptcy trustee can take action concerning property that otherwise might have been protected.

An exemption analysis involves identifying your property interests, determining which law applies, establishing defensible asset values, and matching each asset to an available exemption. An exemption also doesn’t ordinarily eliminate a valid lien, so exempt equity and a secured creditor’s rights must be evaluated separately.

Which Exemption Law Applies in Nevada?

There are two types of bankruptcy exemptions: state and federal. Each state has its own set of exemptions. Some states allow you to choose between state and federal exemptions. Nevada has opted out of the general federal Bankruptcy Code exemption framework, so qualifying Nevada residents generally claim state exemptions.

Residency on the filing date isn’t the only consideration. Federal law generally examines where a debtor was domiciled during the 730 days before filing. Someone who recently moved to Las Vegas may need to analyze a prior state’s exemptions or another available framework before deciding when and where to file.

Property Nevada Bankruptcy Exemptions May Protect

Property that commonly requires exemption analysis under Nevada law includes:

• Your home
• Your car
• Household goods and furniture
• Retirement accounts
• Public benefits, such as Social Security and unemployment benefits
• Tools of the trade
• Life insurance policies
• Personal injury settlements
• Wages

The relevant figure is often the debtor’s equity rather than the asset’s gross market value. For a home or vehicle, equity generally requires comparing a supportable current value with valid liens. Original purchase prices and informal estimates may not provide the valuation needed for bankruptcy schedules.

Protection also isn’t determined by category alone. Retirement interests, insurance proceeds, settlements, wages, benefits, and personal property can each be subject to separate definitions, conditions, caps, or exceptions under Nevada law.

Nevada Exemption Statutes & Applicable Limits

Nevada exemption analysis generally begins with NRS 21.090, which addresses multiple categories of property exempt from execution, and NRS Chapter 115, which governs the Nevada homestead exemption. The applicable statutory language must be reviewed as of the filing date because exemption amounts and requirements can change.

Important issues under these statutes can include:

• Homestead Equity: The available protection depends on qualifying property, recorded documents, equity, liens, and statutory exceptions.
• Vehicle Equity: The exemption applies to eligible equity rather than automatically protecting every vehicle regardless of value or financing.
• Household Property: Furniture, furnishings, and other personal property must fit the applicable statutory categories and limits.
• Retirement and Benefits: Protection can depend on the type of account or benefit and the law governing it.
• Tools and Business Property: Work-related assets require analysis of their use, ownership, value, and the relevant statutory provision.
• Wages, Insurance and Settlements: Separate conditions and calculations may apply to each type of asset or payment.

We review the current statutes, the character of each asset, and the supporting records rather than relying on a general online list.

Bankruptcy Exemptions in Chapter 7 & Chapter 13

Exemptions affect Chapter 7 and Chapter 13 cases differently. In Chapter 7 liquidation, non-exempt equity can create a risk that a trustee may administer an asset, although liens, sale costs, exemption rights, and the specific circumstances of the case all affect that analysis.

In Chapter 13, a debtor generally remains in possession of property, but non-exempt equity can affect how much must be paid through the repayment plan. Exemptions therefore need to be considered alongside income, debt, ownership, and plan feasibility rather than treated as a separate property checklist.

Troy Fox has served as a court-appointed Chapter 7 Bankruptcy Trustee since 2019. That trustee perspective informs our case-level review of asset disclosures, valuations, claimed exemptions, and questions that may arise during administration.

How to Claim Bankruptcy Exemptions

When you file for bankruptcy, you must list all of your property in your bankruptcy schedules and identify the exemptions claimed for each item.

Schedule C is the official bankruptcy form used to identify property claimed as exempt. A complete filing may also require records supporting ownership, liens, current value, income, insurance interests, retirement accounts, or settlement proceeds. Property held jointly, through a business, or under another ownership arrangement may require additional review.

At Fox, Imes & Crosby, LLC, we help you identify available bankruptcy exemptions, understand what property may be protected, value your assets, and claim exemptions in your bankruptcy schedules. Our bankruptcy services are available in English and Spanish.

Nevada Bankruptcy Counsel for Asset Protection Decisions

Our attorneys understand Nevada-specific exemption rules and the procedures used in the local court system. We have represented clients before the Bankruptcy Court, Federal District Court, and the 9th Circuit Bankruptcy Appellate Panel.

Jason Imes is Board Certified in Business Bankruptcy Law by the American Board of Certification. Combined with direct attorney access and our Chapter 7 trustee perspective, this background supports a detailed review of the legal and practical issues affecting a proposed filing.

Get a Case-Specific Exemption Review

A general exemption list can’t determine whether your property is protected. An initial consultation allows us to review your assets, debts, liens, residency history, and potential filing chapter while identifying documents needed for a more complete analysis.

We provide representation in English and Spanish, and flexible payment plans are available for clients facing financial distress.

Our Las Vegas bankruptcy lawyers can evaluate the exemptions that may apply to your case. Call us today at (702) 941-6320 or contact us online to get started.