nevada wild card exemption

[vegasbaby]

Hi can someone explain to what the nevada wild card exemption is,and how it can help me in filing chapter 7 ?

[Chowder]

http://www.chapter7.com/bankruptcy-attorneys/nevada-bankruptcy/?GCID=S26500x001&KEYWORD=bankruptcy+in+Nevada

[HHM]

As far as I know, Nevada doesn't have a wild card exemption.

[optimistic1]

As far as I know, Nevada doesn't have a wild card exemption.

Correct, they do not.

[quandmeme]

This is a good forum and comes up at the top of Google so I registered just to correct this.

In Nevada it is called the "z" exemption but it is a wildcard:

http://www.leg.state.nv.us/NRS/NRS-021.html#NRS021Sec090

(z) Any personal property not otherwise exempt from execution pursuant to this subsection belonging to the judgment debtor, including, without limitation, the judgment debtor’s equity in any property, money, stocks, bonds or other funds on deposit with a financial institution, not to exceed $1,000 in total value, to be selected by the judgment debtor.

To respond to OP, wildcards let you exempt part of the value of an asset so as to avoid its liquidation.

[BKDefender]

quandmeme is correct, it's NRS 21.090(z) and is usually used to exempt cash. We get $1k per debtor ($2k for married couple filing jointly.)

It is for this reason that I time the filing of cases a few days before clients get paid again so their account is always less than $1k /debtor.

It's also usable to exempt a 2nd firearm, or from January through May, a large portion of a debtor's expected or filed/not received tax return proceeds.

--William


p.s. Sorry - didn't realize this post was a year old, I stopped at the '07-05-' and missed the 2009 at the end.