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Nebraska Bankruptcy Exemptions

The chart below contains a summary of Nebraska state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of Nebraska bankruptcy exemptions laws.

Note: Federal bankruptcy exemptions are not available.

Personal exemptions allowed by Nebraska Bankruptcy Laws

Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.

ASSET EXEMPTION LAW
Nebraska Homestead For married debtor or head of household, up to $60,000. Property cannot exceed 2 lots in city or village, 160 acres elsewhere. 40-101; 40-111; 40-113
Wages Minimum 85% of earned but unpaid weekly disposable earnings or pension payments for head of family. For all others, minimum 75% of earned but unpaid weekly disposable earnings or 30 times the Federal hourly minimum wage (whichever is greater). Bankruptcy judge may authorize more for low-income debtors. 25-1558
Automobile None
Other property Life insurance proceeds or avails 44-371
Child support; alimony (to extent wages exempt) 52-352b(h); 52-352b(n)
Clothing 25-1556(2)
Furniture, household goods and appliances, household electronics, personal computers, books, and musical instruments to $1,500 25-1556(3)
Health aids 25-1556(5)
Burial plot 12-517
Equipment or tools including a vehicle used in or for commuting to principal place of business to $2,400 (husband and wife may double) 25-1556(4)
Wildcard $2,500 of any personal property (except wages), in lieu of homestead 25-1552

Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Nebraska bankruptcy court statutes.

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