Nebraska State Exemption List
Only State Exemptions Allowed
In the state of Nebraska, you are not able to use the federal exemption list and you must choose the Nebraska state Exemption list. There may certain federal supplemental exemptions that you can choose. There also may be certain residency requirements you must meet to use the Nebraska state exemption list. It is important to discuss all exemptions with a Nebraska Bankruptcy Attorney.
The state of Nebraska has created their list of exemptions to allow individuals who are filing bankruptcy in Nebraska to maintain enough personal property, pensions, wages, homestead exemptions and public benefits that they may be able to get a fresh start after bankruptcy.
The following table will outline the Nebraska State Exemptions. Many of your assets may not have a matching exemption.
|
Exemptions
|
Exemption Amount
|
Statutes
|
| Homestead |
$12,500; cannot exceed 2 lots in city or village, 160 acres elsewhere; sale proceeds exempt 6 months after sale
May record homestead declaration |
40-101, 40-111, 40-113
40-105 |
| Wages |
Minimum 85% of earned but unpaid wages or pension payments for head of family; 75% for all others; bankruptcy judge may authorize more for low-income debtors |
25-1558 |
| Wild Card |
$2500 of any personal property, except wages, in lieu of homestead |
25-1552 |
| Tools of Trade |
Equipment or tools to $1500
Husband and wife may double |
25-1556
In re Keller, 5 0 B.R. 23
(D.Neb. 1985) |
| Public Benefits |
Aid to disabled, blind, aged, AFDC
Unemployment compensation
Workers’ compensation |
68-1013
48-647
48-149 |
| Insurance |
Fraternal benefit society benefits to $10,000 loan value
Life insurance or annuity contract proceeds to $10,000 loan value |
44-1089
44-371 |
| Personal Property |
Burial plot
Clothing needed
Crypts, lots, tombs, niches, vaults
Food and fuel to last 6 months
Furniture & kitchen utensils to $1500
Perpetual care funds
Personal injury recoveries
Personal possessions |
12-517
25-1556
12-605
25-1556
25-1556
12-511
25-1563.02
25-1556 |
| Miscellaneous |
Property of business partnership |
67-325 |
| Pensions |
County employees
ERISA-qualified benefits needed for support
Military disability benefits to $2000
School employees
State employees |
23-2322
25-1563.01
25-1559
79-1060, 79-1552
84-1324 |