What is Exempt Property in a Nebraska Bankruptcy Case?

August 1, 2019 | By Steffens Law Office
What is Exempt Property in a Nebraska Bankruptcy Case?

Exempt property is property that is protected by law from the claims of creditors. In Nebraska bankruptcy cases, property may be exempt under state law. Keep reading as our Omaha bankuptcy lawyer details what properties qualify as being exempt and how we can help you file bankruptcy in Nebraska.

Examples of Exempt Property

Examples of exempt property that can be used in a Nebraska Chapter 7 bankruptcy case include:

  • All or a portion of a person’s unpaid wages
  • $60,000 in home equity
  • Up to $5,000 in vehicle equity
  • exempt property bankruptcy nebraskaHousehold furniture
  • Clothing and other personal belongings
  • Tools of the trade used for your employment
  • Pensions and other retirement benefits
  • Life insurance proceeds 
  • Personal injury settlements
  • Workers' compensation, unemployment, and other public benefits
  • A wildcard exemption to cover items not specifically listed

Each class of exemptions has a dollar value, but married couples are allowed to each claim the full set of exemptions. This can drastically increase the amount of property you are able to keep.

Your Omaha bankruptcy lawyer can inform you as to the exempt property in your case and explain how to maximize your percentage of exempt property. At Steffens Law Office, our Omaha bankruptcy lawyers understand how difficult it can be to make the decision to file for bankruptcy. We are committed to helping you protect as many assets as possible, so you can begin your financial future with confidence. Call today to schedule a free, no-obligation case review.