Exempt property is property that is protected by law from the claims of creditors. In bankruptcy cases, property may be exempt under Nebraska state law.
Examples of Exempt Property
Examples of exemptions that can be used in a Nebraska Chapter 7 bankruptcy include:
- All or a portion of a person’s unpaid wages
- $60,000 in home equity
- Up to $5,000 in vehicle equity
- Household 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.
The Value of Legal Assistance
Your attorney can inform you as to the property that is exempt in your case and explain how to maximize your percentage of exempt property. At Steffens Law Office, we 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.