The property that is exempt, i.e. items you can keep if you file a Chapter 7 Bankruptcy, typically depends on what state you live in. In Nevada, it is common for persons who file a Chapter 7 Bankruptcy to keep almost all of their assets. Specifically, persons who file a Chapter 7 Nevada Bankruptcy can generally keep the following:
Up to $550,000 in equity in your home, however, you must have owned your home for at least 1,215 days prior to the filing of the petition, otherwise, the homestead exemption is limited to $125,000 The greater of 75% of disposable weekly earnings or 50x the minimum hourly wage Up to $500,000 in present value for any qualified retirement plan, including IRA's, applicable pensions, & certain annuities $15,000 in equity in your car, or any vehicle specially equipped for the debtor or dependent with a permanent disability Necessary household goods, furnishings, apparel, electronics, & other personal effects not to exceed $12,000 in value Private libraries, artwork, jewelry, & musical instruments not to exceed $5,000 in value All family pictures & keepsakes Professional libraries, equipment, office supplies & the tools, instruments & materials used to carry on the trade of the debtor not to exceed $10,000 in value One gun to be selected by the debtor All money, benefits, privileges or immunities accruing out of any life insurance if the annual premium paid is less than $15,000 All alimony & child support received Payments less than $16,150 for compensation for a personal injury All Social Security benefits All security deposits held by a landlord of the debtor's primary residence Any personal property (real property, personal property, money, stock, bond, funds on deposit,...) up to $1,000 in total value
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The value of property is not the amount you paid for it, but what it is worth when your bankruptcy case is filed.
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