laz
10-13-2004, 11:49 AM
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
The equity in the homestead of a judgment debtor may be exempt from sale on execution and from process of court to the extent of $200,000.00 in value. (NRS 115.010.) Homestead may include a quantity of land, together with the dwelling house thereon and its appurtenances, a mobile home whether or not the underlying land is owned by the debtor, or a unit or real or personal property, with any appurtenant limited common elements, or its interest in the common elements of the common-interest community, selected by the debtor or his spouse, or either of them, or a single person. (NRS 115.005.)
Under NRS 21.090 some of the personal property of a judgment debtor which may be exempt from execution may include:
Private libraries not to exceed $1,500 in value, and
All family pictures and keepsake, necessary household goods and yard equipment not to exceed $10,000 in value,
Farm trucks, farm stock, farm tools, farm equipment, supplies and seed not to exceed $4,500 in value,
Professional libraries, office equipment, office supplies and the tools, instruments and materials used to carry on the trade of the judgment debtor for the support of himself and his family not to exceed $4,500 in value,
The cabin or dwelling of a miner or prospector, his cars, implements and appliances necessary for carrying on any mining operations and his mining claim actually worked by the debtor, not exceeding $4,500 in total value,
one vehicle if the judgment debtor’s equity does not exceed
$15,000,
all money, benefits, privileges or immunities accruing or in any manner growing out of any life insurance, if the annual premium paid does not exceed $1,000,
any prosthesis or equipment prescribed by a physician or dentist,
Money, not to exceed $500,000 in present value held in qualified retirement plans, employee pension plan or profit sharing plans,
money or other benefits held pursuant to the order of a competent jurisdiction for child or spousal support, education and maintenance.
The equity in the homestead of a judgment debtor may be exempt from sale on execution and from process of court to the extent of $200,000.00 in value. (NRS 115.010.) Homestead may include a quantity of land, together with the dwelling house thereon and its appurtenances, a mobile home whether or not the underlying land is owned by the debtor, or a unit or real or personal property, with any appurtenant limited common elements, or its interest in the common elements of the common-interest community, selected by the debtor or his spouse, or either of them, or a single person. (NRS 115.005.)
Under NRS 21.090 some of the personal property of a judgment debtor which may be exempt from execution may include:
Private libraries not to exceed $1,500 in value, and
All family pictures and keepsake, necessary household goods and yard equipment not to exceed $10,000 in value,
Farm trucks, farm stock, farm tools, farm equipment, supplies and seed not to exceed $4,500 in value,
Professional libraries, office equipment, office supplies and the tools, instruments and materials used to carry on the trade of the judgment debtor for the support of himself and his family not to exceed $4,500 in value,
The cabin or dwelling of a miner or prospector, his cars, implements and appliances necessary for carrying on any mining operations and his mining claim actually worked by the debtor, not exceeding $4,500 in total value,
one vehicle if the judgment debtor’s equity does not exceed
$15,000,
all money, benefits, privileges or immunities accruing or in any manner growing out of any life insurance, if the annual premium paid does not exceed $1,000,
any prosthesis or equipment prescribed by a physician or dentist,
Money, not to exceed $500,000 in present value held in qualified retirement plans, employee pension plan or profit sharing plans,
money or other benefits held pursuant to the order of a competent jurisdiction for child or spousal support, education and maintenance.